Some of Asia's large China-focused hedge funds are buying more non-China stocks as regulatory scrutiny, policy uncertainties and a slowing mainland economy force them to cut exposure to offshore Chinese assets.
China-focused Tairen Capital reported four out of five top buys in the second quarter were non-China names, while eight out its top 10 U.S.-listed holdings were non-Chinese companies.. In the second quarter of 2021, the firm's largest U.S.
However, some investors doubt this is a sustainable way to hedge risks particularly for funds that had posted disappointing returns in their home market. Pierre Hoebrechts, CIO at Hong Kong-based Arowana Asset Management who has been investing in China for 12 years, said most China funds had faced challenges picking stocks in their market of expertise in the past 18 months, and hence there were fair doubts about their ability to navigate a market where they have little long-term experience.
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