Fidelity: Opname Chinese A-aandelen in MSCI-index vooral voordelig voor consumentensector, IT en industrie

Begin juni worden ongeveer 230 Chinese A-aandelen opgenomen in de MSCI-index voor opkomende markten. Volgens Raymond Ma, portefeuillebeheerder bij Fidelity International, zullen daar vooral die sectoren van profiteren, die nu al baat hebben bij de structurele langetermijntrends in China.

“Momenteel wordt de Chinese A-aandelenmarkt nog hoofdzakelijk gedomineerd door particuliere beleggers, die zich vaak laten drijven door kortstondige marktgeluiden en kuddegedrag”, zegt Ma. “De opname van A-aandelen in de MSCI-indexen daarentegen zal waarschijnlijk de participatie van buitenlandse institutionele beleggers vergroten.”

“Doorgaans zijn die institutionele beleggers meer gefocust op het vinden van winnaars op de lange termijn. Op de middellange tot lange termijn zal dit de markt voor A-aandelen helpen om geavanceerder te worden, de liquiditeit te verbeteren en deze in toenemende mate te laten leiden door fundamentals.”

“Na de MSCI-integratie ben ik daarom het meest positief over de consumentensectoren, informatietechnologie en industrie. Dankzij de toenemende consumptie en de ontwikkeling van de industrie in China zullen deze sectoren waarschijnlijk de komende drie tot vijf jaar een duurzame en solide groei opleveren. We verwachten dat ze op de middellange tot lange termijn beter zullen presteren.”

EXISTING LONG-TERM WINNERS WILL BE THE BENEFICIARIES OF A-SHARE INCLUSION: FIDELITY’S RAYMOND MA

• MSCI inclusion expected to attract more institutional investors
• Improves liquidity and brings sophistication to market
• Sectors such as consumer, information technology and industrials expected to benefit

Hong Kong: The inclusion of A-shares into the MSCI emerging markets index will most positively impact those sectors already benefiting from long-term structural trends in China, according to Raymond Ma, portfolio manager at Fidelity International.

In June, index provider MSCI will add around 230 China-listed stocks, known as A-shares, to its emerging market benchmark. The two-step process will occur in June and September.

Raymond Ma has been covering China as an analyst and portfolio manager for more than 15 years has witnessed the development of the A-share market. He comments: “The inclusion of A-shares in the MSCI indices is likely to increase the participation of foreign institutional investors. In the medium to long term, this will help the A-share market to become more sophisticated, improve liquidity and see it increasingly driven by fundamentals rather than short-term market noise.

“I am most constructive on consumer, information technology and industrials sectors after the MSCI inclusion. With the Chinese A-share market primarily dominated by retail investors currently, market movements tend to be driven by short-term market noise and herding behaviour. However, as the proportion of institutional investors increases over time, we expect this to change.

“Institutional investors tend to be more focused on finding long-term winners. Thanks to ongoing consumption and industrial upgrading in China, these sectors are likely to deliver sustainable and solid growth in the next three to five years. We expect them to outperform in the medium to long term.”

The announcement by MSCI that it will include A-shares in its indices follows steps already taken by China to open up its capital markets. Ma comments: “China has kicked off a slew of measures in recent years to open up its capital markets to foreign investors. These include the launching of the Stock Connect programs, the removal of foreign ownership caps for banks, allowing foreign investors to take controlling stakes in brokerage firms, futures companies and asset management companies. As a portfolio manager investing in China’s equity markets, it is pleasing to see this progress which can only be beneficial to the markets in the long run.”

Fidelity International has been investing in China for 20 years. In 2017, it became the first global asset manager to launch a private fund in China through its Shanghai-based Wholly Foreign-Owned Enterprise (WFOE) private fund management company. This qualification allows Fidelity International to manage private funds in China. Fidelity International has a quota of US$1.2 billion under the Qualified Foreign Institutional Investor (QFII) scheme, which is one of the largest amounts held globally. This allows Fidelity to invest in Chinese capital markets.

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