精选观点
A popular media narrative for the recent correction in Chinese equities was that it was caused by tightening of financial conditions in China.
Mar 31, 2021
Being the first-in-first-out, China has been the first one to reopen and recover from the pandemic last year. While the recovery has been uneven and is still underway going into 2021, in Q4 we observed sector and factor rotation started to kick in, with Value and LowRisk being the best performers toward the year end.
Mar 23, 2021
Economic policy settings between the United States and China – which have been diverging since the onset of the COVID-19 pandemic – are now on stark display as a result of the recent outcomes of the annual plenary session of the National People’s Congress.
Mar 18, 2021
The great divergence between economic growth in China versus the rest of the Emerging Markets post-COVID-19 has increased the likelihood of a parting of ways between China and EM in asset allocations.
Mar 9, 2021
US sanctions on trade, technology, and financial market access have done little to dampen foreign investor enthusiasm for China. There has been a surge in foreign investment flows, both portfolio and direct, into China over the course of 2020: All of which begs the questions “why” and “how sustainable is this”?
Feb 25, 2021
Little speculative manias are bubbling up to the surface in the US markets. But while financial instability is growing in the United States as a result of aggressive monetary expansion, a collapse in the equities market does not appear imminent given tame inflation and ultra-low rates and yields.
Feb 16, 2021
资讯主题
Premia 图说
赖子健 , CFA合伙人兼联合首席投资官
Covid-19 and lockdowns would have resulted in surging defaults in the past 12 months, but it did not happen anywhere. Both US and European high yield bonds are even trading close to their record low yield level as investors are willing to chase potential higher return in a low-rate environment. The attractive yield spread offered by Asian borrowers including Chinese ones over their peers in the US and Europe seems unjustified given the strong economic recovery in Asia. The recent tumble of China high yield bonds triggered by Huarong’s failure to publish 2020 preliminary earnings by the end of March may provide a buy-on-dip window to accumulate quality issues. Alternatively, Premia China USD Property Bond ETF (3001.HK) could be a handy instrument, which invests in a diversified basket of bonds issued by China real estate firms offering a yield of 7%. It mitigates risks by (1) eliminating all local government financial vehicle issues; (2) applying 5% cap at issuer group level; (3) cutting off the long tail with an effective duration around 2 years; (4) selecting secured and senior unsecured issues only; and (5) removing any non-rated bonds.
Apr 15, 2021