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Our Chindia Fund declined 2.4% against the emerging market universe which fell 4.7%.
In stark contrast to 2018, December 2019 saw a Santa Claus rally with global equities performing strongly and many markets reaching new all-time highs.
The performance of the China portion of the portfolio was strong especially that from Alibaba, an 8% position, which returned 18% during the month
The Chindia strategy is being aligned more closely with that used in the successful Global Leaders strategy.
Chinese equity markets were flat on the month, trade war rhetoric de-escalated with trade talks being put back on the table.
Chinese equity markets continue to see heightened volatility and falling returns as trade wars between the world’s two largest economies escalate.
Chinese equity markets generally went sidewards, with the MSCI China Index finishing the month slightly lower and little commentary on trade tensions.
China increase tariffs on a number of US products being sent to China
Geopolitical tensions reignite following Trump’s escalation of China trade war
Trump’s trade narrative with China continues and India’s long-term domestic demand story remains intact
When walking investors through the quantitative process we adopt within our China strategies, one topic that is frequently discussed is how often we ‘override’ our models.
Chinese equities continue to rally while Indian real gross capital formation rose YoY
Catalysts for the Chinese equities rally in January include expectations for a positive outcome to the US-China trade impasse as well as a softening rhetoric on further US Federal Reserve rate rises.
The governor of the Reserve Bank of India’s sudden resignation took the markets by surprise.
Five Indian states are in the process of voting with results due early December