China Fund Slashes ADR Exposure, Boosts Holdings of A-Shares
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Noah’s Gopher China equity fund cuts exposure to ADRs
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Fund also adds tactical traders in preparation for volatility
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Noah Holdings Ltd., which manages the best-performing emerging markets fund of hedge funds, has cut China-related American depository receipts by about one-third this year after shares surged, while adding to yuan-denominated shares listed on the mainland.
The $73 million Gopher China Equity Selection Fund cut ADRs after a rally led by a few large stocks, William Ma, co-chief investment officer of the Chinese wealth manager’s Hong Kong unit, said in an interview. Since the second-quarter, the fund has been boosting investments in so-called A-shares, which are comparatively cheap and have higher expected profit growth than U.S.-listed counterparts, said Ma…
China Fund Slashes ADR Exposure, Boosts Holdings of A-Shares
