A top-performing Chinese macro hedge fund blamed global capital for sinking the country’s stocks to the lowest levels since November.
Foreign funds are primary drivers of Chinese stocks’ recent selloff, said Li Bei, founder of Shanghai Banxia Investment Management Center. Overseas investors stirred up market volatility and, “taken together, they are a bunch of aimless flies,” she said in an article posted on social media platform WeChat.
Li’s comments came right after Hong Kong’s benchmark Hang Seng Index and the onshore CSI 300 both set fresh 2023 lows. Doubts over China’s commitment to support its ailing housing market have been on the rise as the government refrained from pouring on mass stimulus. On Monday, mainland banks surprisingly kept a key interest rate tied to mortgages on hold.
Initiatives to recharge shantytown redevelopment and address risks from local government financing vehicles are more effective in stimulating the economy than rate cuts, Li said. Based on the central bank’s recent policy moves and foreign funds’ retreat, it’s likely “another good buying point,” she said.
Li’s flagship Banxia Macro Fund ranks the best performer among multi-asset funds running at least 10 billion yuan for the past five years, and is second for all hedge fund strategies as of May, according to Shenzhen PaiPaiWang Investment & Management Co., which compiles results of Chinese hedge funds.Foreign investors had loaded up mainland Chinese stocks following Politburo’s pro-growth policy statement last month, but that buying spree proved fleeting.
Heeding calls from authorities to bolster the market, China’s largest mutual fund houses promised to buy their own equity-focused products. Meanwhile, state television CCTV said investors should be vigilant against commentary that dents confidence and disrupts market order.
France Dernières Nouvelles, France Actualités
Similar News:Vous pouvez également lire des articles d'actualité similaires à celui-ci que nous avons collectés auprès d'autres sources d'information.
Hedge Fund Sculptor Rejects Unsolicited Bid by Weinstein, AckmanSculptor Capital Management Inc. spurned an unsolicited bid from a group of hedge fund giants including Boaz Weinstein and Bill Ackman.
Lire la suite »
Sculptor CEO Levin’s Pay Set to Be Cut Under Rithm Deal TermsHedge fund firm Sculptor Capital Management Inc. said its deal to be acquired by Rithm Capital Corp. will cut Chief Executive Officer Jimmy Levin’s pay, a flash point in the long-running dispute between the publicly traded hedge fund firm and its founder.
Lire la suite »
How hedge funds are positioning themselves for a soft landingBy Nell Mackenzie, Carolina Mandl and Summer Zhen LONDON (Reuters) - Bond, stock and currency market bears with portfolios designed to gain from a ...
Lire la suite »
How hedge funds are positioning themselves for a soft landingA look at ideas for soft-landing scenarios from five firms
Lire la suite »
Turkish Investors Hunting for Inflation Hedge Rush Back to IPOsTurkish stock buyers are again piling into new share offerings by companies, lured by the promise of jumbo returns as they clamor for ways to shield against resurgent inflation.
Lire la suite »
Taiwan details China drills, VP says election not China's to callBy Ben Blanchard TAIPEI (Reuters) -Taiwan's election next year is a choice between democracy and autocracy, Vice President William Lai said in comments ...
Lire la suite »