Sep
05
UBS Retreats to Cash in China But Sticks to Troubled Tencent
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Investors are overly pessimistic on Tencent: UBS Asset’s Shi
- About 19 percent of China opportunity fund allocated to cash
There’s a Chinese stock always worth owning even when you’re pulling out of the market, according to one of the world’s largest investors.
UBS Asset Management’s Bin Shi has been buying shares of Tencent Holdings Ltd. while also raising cash to a record, saying concern over China’s gaming clampdown has gone too far. Tencent, which is among the largest holdings in the $6.1 billion China fund that Shi helps to manage, can offset some of the worry anyway by growing overseas or selling more ads, he said. The stock dropped as much as 2.7 percent early Thursday in Hong Kong…
UBS Retreats to Cash in China But Sticks to Troubled Tencent
