Christensen: Earning visibility and earnings growth are two of the most important factors. After the recent strong equity gains focus is now shifting a bit more toward valuation. There has also been focus on sectors which gain from the expansionary policies currently in place.
e-fundresearch: Which over- and underweight positions are currently implemented in China or Greater China funds?
Christensen: We have an overweight on consumer related stocks, internet stocks and real estate. We are underweight utilities and telecommunications stocks.
e-fundresearch: What is your general outlook for China and Greater China stocks over the coming 12-18 months? Where do you see opportunities and where are the risks?
Christensen: I think Chinese stocks will continue to outperform global stocks. The growth potential is so much stronger and valuation still not that expensive (probably fair after the recent strong market). The risk is represented by the trend in global equity markets, another round of policy tightening from the Chinese government and valuations (although we have not observed the latter yet).
e-fundresearch: Which impact do you expect from the comprehensive economic stimulus packages in China?
Christensen: With regards to the economic stimulus plan I think too many actors in the market are focusing on whether they are really new, and how large they are. I think the Chinese government will spend whatever is needed. Politics in the different sectors is equally important. There are a lot of stocks which have gained on this, e.g. real estate.
e-fundresearch.com: Thank you for the interview!
About Allan Christensen:
Allan Christensen holds a Graduate Diploma in business administration from Aarhus School of Business. He started working as an investment adviser in 1985. In 1990 he spent one year in Los Angeles as Assistant Manager for National Bank of Long Beach which was a subsidiary of Aktivbanken. Upon returning to Denmark Allan Christensen returned to his previous job in Aktivbanken as an investment advisor. In 1996 he moved to Luxembourg to take up a position as Senior Account Manager in Union Bank of Norway. On September 1st 2000 he moved to Jyske Invest and has since been responsible for running Jyske Invest’s Asian Portfolios. In addition hereto he is part of the team running the Global Equity Fund at Jyske Invest.
Eine Analyse zu "Die besten China Aktienfonds" (29.06.2009) finden Sie unter diesem Link!