HONG KONG : Should global portfolios reflect China's true economic weight, or be adjusted down for its opacity and riskiness? That question seems to be dividing global investors and forcing index curators such as JPMorgan to pander to both camps.JPMorgan has so far only proposed an alternative index to it
HONG KONG : Should global portfolios reflect China's true economic weight, or be adjusted down for its opacity and riskiness? That question seems to be dividing global investors and forcing index curators such as JPMorgan to pander to both camps.
A key concern has been China's property sector, whose bonds comprise a big chunk of global high-yield debt and have been whipsawed by Beijing's policies since 2020 aimed at reducing excesses and leverage. Ng believes index providers are just trying to offer more options to investors who feel uncomfortable tracking certain types of assets.
Fund managers had already been carving China out, and 2022 saw many of them launch emerging market or Asia products with no exposure to China, to meet increasing demand for such strategies from global investors wary of the rising risks in the world's second-biggest economy. The fund's top holding at the end of last year was an Australian company although China remains the largest exposure by region.
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