Source: Bloomberg
Author: Abhishek Vishnoi, Ishika Mookerjee, Sangmi Cha
After a year after going through the Asian market, it is not considered a smooth and smooth water. The top fund managers in the region are being golden in Chinese stocks. At the same time, they have a choice of popular artificial intelligence (AI) theme.
In 2023, the MSCI Asia -Pacific Index's performance fell behind the global industry, and the 9%increase was less than half of the S & P 500 index.Now, the global environment seems more favorable.The expected Federal Reserve ’s interest rate cuts will blow warm wind to the Asian market, and the expectations of the Chinese stock market to bottom out will also be heating up.
However, the uncertainty of China's policies and the increase in volatility that the Indian and Taiwan elections may be caused, making the investment environment tricky.In the first week of 2024, the MSCI Asia -Pacific Index fell about 2%.
Looking forward to the future, the following is the investment view given by some top -flow fund managers focusing on the Asian stock market:
Looking for Chinese value
As one of the best -performing fund managers in China, Bao is indifferent to China's energy companies and medical equipment manufacturers.
According to the data compiled by Bloomberg, his Jingshun Great Wall value margin flexible configuration hybrid funds in the 2023 return rate of 16%, defeating 95%of the industry.In the context of the CSI 300 index fell 11%last year and fell for the third consecutive year, Bao's unable to achieve this achievement is particularly prominent.
As a fund manager of Jingshun Great Wall Fund Management Co., Ltd., Bao cannot be said to call China's energy industry high in high barriers and more valuations, while the medical equipment market has huge room for growth.
"In the early stages of the transformation from traditional energy to renewable energy, traditional energy investment will insufficient, which means that new supply in this field will be limited," he added.
Files show that as of the end of September last year, his heavy -duty energy stocks include CNOOC and Zijin Mining Group.Both stocks increased by more than 20%in 2023.Bao couldn't say that after the AI boom broke out, he made a profit on media stocks in the second quarter.
Selective AI betting
One year after giving a dazzling year in the AI field, Allianz Global Investors Taiwan Technology Fund became more picky about chip -related stocks.
According to the data compiled by Bloomberg, the fund's return rate last year was as high as 72%, winning 95%of the peers.The latest disclosure documents show that the fund's heavy stocks include Liwang Electronics and TSMC, and the former increased by more than 80%in 2023.
Benson Pan, the fund manager, said that as more new competitors entered the AI track, chip design service suppliers, such as high -entry barriers, and component manufacturers of heat dissipation technology and high -speed printing circuit boards shouldWill run.
He pointed out that the custom chip supplier has strong foreseeable foreseeableness until 2025 in the order of winning oversized large -scale operators or electric vehicle companies.He refers to the needs of large American technology companies for such products.
He has become more cautious about assembling companies and equipment manufacturers.In short, "AI will be a long -term trend, but last year's stock price rose was crazy," he said.
Japanese real estate, chemical stocks
ARCUS JAPAN Fund's fund manager still holds a super -assignment of real estate and chemical stocks, and believes that the valuation failed to fully reflect its potential.The fund's return last year was 40%, winning 98%of the peers.
Last year, the chemical and real estate classification indexes of the Japanese East Stock Index increased by more than 20%, but it was slightly inferior to the increase of 25%of the benchmark index.
Investment managers Mark Pearson and Ben Williams said that the fundamentals of the real estate industry are quite stable, and the vacancy rate, demand and financing environment are beneficial. "Many Japanese companies use special specials in high -tech industries such as semiconductors, medical and electric vehicles.The field of chemicals is leading."
The fund's November briefing shows that its heavy real estate stocks include Mitsubishi Land Institute and Sumitomo Real Estate. Both companies' stock prices have achieved a double -digit increase last year.
Indian Industrial Stock
The total market value of the Indian stock market in December last year exceeded 4 trillion US dollars. Stable performance and the country's role in the country's global supply chain increasingly attracted various funds.The poor performance of the Chinese stock market has become increasingly increasing to the Indian market.
"We continue to be optimistic about the entire capital section," said Samir Rachh, the fund manager of Nippon India Small Cap Fund.According to the data compiled by Bloomberg, the fund's return rate was 50%last year and 88%of similar funds.
"We believe that India's capital expenditure cycle is about to turn to a long -term, and the industry can benefit a lot from the trend of buying more products from Indian companies from Indian companies."
The fund's heavy warehouses include Bharat Heavy Electricals LTD. and Apar Industries LTD.. The stock price of the two rose more than double last year.
Small and beautiful market
As a fund manager of Asia Frontier Capital, Ruchir Desai is expected to continue with the increasing stability of the macro situation, the rise in the Asian frontier market will continue in 2024, and larger economies such as Vietnam will catch up.
In 2023, Pakistan and Laos's benchmark stock indexes rose more than 50%, ranking top five globally.Vietnam's stock market rose 12%.
"My biggest bet in 2024 is the economic recovery of Bangladesh, Pakistan and Sri Lanka. These markets will benefit from the stronger political situation, macroeconomic stability, loose monetary policy, and strong corporate profit recovery," DESAI said.
Bloomberg's data shows that in the 12 months as of November last year, his AFC Asia Frontier Fund returned 23%, exceeding 98%of the peers.
