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Premia 观点洞察
Premia 观点洞察
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精选观点 & Webinar
premia headline
Chinese stocks took a rollercoaster ride in Q4, as the immediate lacklustre reaction to October’s National Congress gave way to a rally on the back of policy support in November. Investors finally cheered Beijing’s abrupt dismantling of its restrictive zero-COVID policies, as the year came to a close. By the end of December, the CSI 300 Index was up 2% on the quarter. Below in this article, Dr. Philip Wool, Managing Director and Head of Investment Solutions of Rayliant Global Advisors, would explore critical developments in the macro picture at the turn of the year, discuss fourth-quarter performance and factor rotation pattern through the period, and also provide our thoughts as to what reopening has in store for Chinese stocks in 2023.
2023年2月4日
Chinese stocks took a rollercoaster ride in Q4, as the immediate lacklustre reaction to October’s National Congress gave way to a rally on the back of policy support in November. Investors finally cheered Beijing’s abrupt dismantling of its restrictive zero-COVID policies, as the year came to a close. By the end of December, the CSI 300 Index was up 2% on the quarter. Below in this article, Dr. Philip Wool, Managing Director and Head of Investment Solutions of Rayliant Global Advisors, would explore critical developments in the macro picture at the turn of the year, discuss fourth-quarter performance and factor rotation pattern through the period, and also provide our thoughts as to what reopening has in store for Chinese stocks in 2023.
2023年2月4日

Why Bedrock Outperformed?
In 2022, our Premia CSI Caixin China Bedrock Economy ETF (“the Bedrock ETF”) outperformed most of the market benchmarks, such as FTSE A50, CSI 300, CSI 500 and ChiNext, by around 10-24% points. In a backdrop of weak equity performance, investors favored low beta and volatility stocks with significant economic value and good financial health, which coincided with the Bedrock ETF’s underlying index methodology and broadly explained why the ETF outperformed in 2022. In this article, we would have a more in-depth look at the portfolio holdings’ companies and decipher drivers of the outperformance and whether this multi-factor approach of low volatility, value, quality and size tilts would continue to power outperformance in 2023.
2023年2月3日
In 2022, our Premia CSI Caixin China Bedrock Economy ETF (“the Bedrock ETF”) outperformed most of the market benchmarks, such as FTSE A50, CSI 300, CSI 500 and ChiNext, by around 10-24% points. In a backdrop of weak equity performance, investors favored low beta and volatility stocks with significant economic value and good financial health, which coincided with the Bedrock ETF’s underlying index methodology and broadly explained why the ETF outperformed in 2022. In this article, we would have a more in-depth look at the portfolio holdings’ companies and decipher drivers of the outperformance and whether this multi-factor approach of low volatility, value, quality and size tilts would continue to power outperformance in 2023.
2023年2月3日

End of Negative Yielding Bonds – What Lies Beyond
Big, long-term trends could drive Developed Market bond yields much higher than the cyclical peaks that the market is currently pricing in. There are cycles and there are secular trends. If the super cycle of rates and yields has turned – off deep negative inflation-adjusted levels – then the lesser cycles could mean- revert a lot higher around long-term uptrends. And we are at this juncture at the moment, as the negative yielding bonds have literally disappeared - the global stock of negative yielding bonds had gone from a peak of US$18.4 trillion late in 2020 to zero recently. What are the true implications behind this abrupt turn of tides? In this article, our Senior Advisor Say Boon Lim discusses the big drivers for potentially much higher rates and yields for this year, and areas we are spending a lot more time monitoring, as the longer-term outlook could be far worse than just a mean reversion in nominal rates and yields as we may also be in the midst of a secular mean reversion in real government bond yields and corporate credit yields.
2023年1月17日
Big, long-term trends could drive Developed Market bond yields much higher than the cyclical peaks that the market is currently pricing in. There are cycles and there are secular trends. If the super cycle of rates and yields has turned – off deep negative inflation-adjusted levels – then the lesser cycles could mean- revert a lot higher around long-term uptrends. And we are at this juncture at the moment, as the negative yielding bonds have literally disappeared - the global stock of negative yielding bonds had gone from a peak of US$18.4 trillion late in 2020 to zero recently. What are the true implications behind this abrupt turn of tides? In this article, our Senior Advisor Say Boon Lim discusses the big drivers for potentially much higher rates and yields for this year, and areas we are spending a lot more time monitoring, as the longer-term outlook could be far worse than just a mean reversion in nominal rates and yields as we may also be in the midst of a secular mean reversion in real government bond yields and corporate credit yields.
2023年1月17日

2023 Market Outlook - Part 4: Is China tech investible?
If we agree China may offer outperformance in 2023, then the next step is to figure out the right positioning to capture the alphas. Investors are now at a crossroad to decide whether China tech is still investible. On one hand, the Internet platforms, used to be the market leaders, may no longer be the high-growth candidates in future as shown by the recent sluggish financial results. On the other hand, technological advancement remains one of the government’s key agendas that should help support the sector. In this article, we would like to share how to identify the “right” tech exposure to capture the opportunities in China market.
2022年12月13日
If we agree China may offer outperformance in 2023, then the next step is to figure out the right positioning to capture the alphas. Investors are now at a crossroad to decide whether China tech is still investible. On one hand, the Internet platforms, used to be the market leaders, may no longer be the high-growth candidates in future as shown by the recent sluggish financial results. On the other hand, technological advancement remains one of the government’s key agendas that should help support the sector. In this article, we would like to share how to identify the “right” tech exposure to capture the opportunities in China market.
2022年12月13日

2023 Market Outlook – Part 3: ASEAN on the tailwinds of China’s reopening recovery
2023 will likely present investors with a stark economic divergence – between a West in recession and an East where growth will be boosted by recovery in China. ASEAN-5, which already enjoyed its own reopening rebound in 2022, will likely ride the tailwinds of China’s turn at a reopening recovery in the coming year. In this article, we would discuss how ASEAN-5 will likely continue to be in a sweet spot in 2023, offering some of the highest economic growth rates with relatively moderate inflation.
2022年12月12日
2023 will likely present investors with a stark economic divergence – between a West in recession and an East where growth will be boosted by recovery in China. ASEAN-5, which already enjoyed its own reopening rebound in 2022, will likely ride the tailwinds of China’s turn at a reopening recovery in the coming year. In this article, we would discuss how ASEAN-5 will likely continue to be in a sweet spot in 2023, offering some of the highest economic growth rates with relatively moderate inflation.
2022年12月12日

Calibrating for the new normal: Opportunities in the Asia innovation and metaverse space
With the more positive sentiments from the G20 meetings and market expectations of earlier pivot for China’s zero covid policy, growth including technology strategies also started to see varying degree of positive swings and rallies along more sustained upward trajectory. Contrary to the US tech peers, Asia innovative technology and metaverse leaders having started massive corrections earlier also appear to be first in first out and are emerging to resume growth on the back of multiple tailwinds. As investors revisit the investment case for the metaverse and innovative technology space, how would we configure for the opportunities in Asia and fill the gaps that the US oriented global tech strategies typically miss? In this video, we would recap the construct of Premia Asia Innovative Technology & Metaverse Theme ETF (3181/ 9181 HK), which is designed to capture opportunities in Digital transformation, Robotics & Automation, Innovative Green Technology as well as Metaverse which have been transforming the enterprise and consumer space (including with virtual influencers). The strategy was first introduced in 2018, and given the sector and geographic diversification has been outperforming other global, US and China focused peers in 2-year, 3-year and 5-year periods. It was also able to hold at -7% last year after the strong rally of 40% and 60% in 2019 and 2020 outperforming in both bull and bear market cycles. For investors looking for strategic growth opportunities in this space, this would be a good, balanced tool for implementation.
2022年12月9日
With the more positive sentiments from the G20 meetings and market expectations of earlier pivot for China’s zero covid policy, growth including technology strategies also started to see varying degree of positive swings and rallies along more sustained upward trajectory. Contrary to the US tech peers, Asia innovative technology and metaverse leaders having started massive corrections earlier also appear to be first in first out and are emerging to resume growth on the back of multiple tailwinds. As investors revisit the investment case for the metaverse and innovative technology space, how would we configure for the opportunities in Asia and fill the gaps that the US oriented global tech strategies typically miss? In this video, we would recap the construct of Premia Asia Innovative Technology & Metaverse Theme ETF (3181/ 9181 HK), which is designed to capture opportunities in Digital transformation, Robotics & Automation, Innovative Green Technology as well as Metaverse which have been transforming the enterprise and consumer space (including with virtual influencers). The strategy was first introduced in 2018, and given the sector and geographic diversification has been outperforming other global, US and China focused peers in 2-year, 3-year and 5-year periods. It was also able to hold at -7% last year after the strong rally of 40% and 60% in 2019 and 2020 outperforming in both bull and bear market cycles. For investors looking for strategic growth opportunities in this space, this would be a good, balanced tool for implementation.
2022年12月9日

2023 Market Outlook – Part 2: Zoom-in on China
It was challenging for global investors to find a market that could offer a positive return in 2022. China market can’t escape from the selloff, with H-shares, A-shares and ADRs down by 20% to 29% in dollar return in the first eleven months of the year. The market turnover was shrinking whilst foreign investors were net selling. Internally, the frequent COVID-lockdowns, a property market slump, an ongoing Internet scrutiny, and the deteriorating bilateral relationship between China and the US all contributed to the bearish sentiment in Chinese equities. Externally, the Ukraine-Russia war, high inflationary pressure, an accelerated rate hike cycle, and strengthening dollar have further weakened investors’ confidence towards risky assets.
2022年12月6日
It was challenging for global investors to find a market that could offer a positive return in 2022. China market can’t escape from the selloff, with H-shares, A-shares and ADRs down by 20% to 29% in dollar return in the first eleven months of the year. The market turnover was shrinking whilst foreign investors were net selling. Internally, the frequent COVID-lockdowns, a property market slump, an ongoing Internet scrutiny, and the deteriorating bilateral relationship between China and the US all contributed to the bearish sentiment in Chinese equities. Externally, the Ukraine-Russia war, high inflationary pressure, an accelerated rate hike cycle, and strengthening dollar have further weakened investors’ confidence towards risky assets.
2022年12月6日

2023 Market Outlook - Part 1: Positioning to Benefit from Rebalancing
In a discordant world, there are no overarching investment themes. The different parts of the world are marching to different drums – their economies and markets are driven by different cycles, different prior policy choices and factors beyond their control. The US economy and market are paying back for the extreme policy stimulus of 2020-2021. Europeans are paying back for the same, with the added pain of a war outside their control. Japan is battling a chronic ailment – extreme debt – made acute by sharply higher cost of US funds. China is at the bottom of its policy cycle, at the beginning of a path out of COVID health controls.
2022年12月5日
In a discordant world, there are no overarching investment themes. The different parts of the world are marching to different drums – their economies and markets are driven by different cycles, different prior policy choices and factors beyond their control. The US economy and market are paying back for the extreme policy stimulus of 2020-2021. Europeans are paying back for the same, with the added pain of a war outside their control. Japan is battling a chronic ailment – extreme debt – made acute by sharply higher cost of US funds. China is at the bottom of its policy cycle, at the beginning of a path out of COVID health controls.
2022年12月5日

Q3 2022 China A-shares factor review
After finishing Q2 as the only emerging market in positive territory, the effects of zero-COVID policy, a continued slump in the property market, and weakening global demand pushed Chinese stocks to the bottom of the EM index in Q3. The CSI 300 Index dropped by -14.3% over the three months from July to September 2022. Below, we offer deeper insights into third-quarter performance—including some bright spots among state-owned enterprises and technology with a policy tailwind—along with our thinking on October’s National Congress and what the rest of the year might have in store.
2022年10月31日
After finishing Q2 as the only emerging market in positive territory, the effects of zero-COVID policy, a continued slump in the property market, and weakening global demand pushed Chinese stocks to the bottom of the EM index in Q3. The CSI 300 Index dropped by -14.3% over the three months from July to September 2022. Below, we offer deeper insights into third-quarter performance—including some bright spots among state-owned enterprises and technology with a policy tailwind—along with our thinking on October’s National Congress and what the rest of the year might have in store.
2022年10月31日

China healthcare: taking stock of growth drivers inside Premia China new economy strategy
Unlike in developed markets, healthcare is actually a growing “new economy” sector in China that offers tremendous opportunities for global investors. As the Chinese economy evolves, the sector also enjoys fundamental tailwinds such as rising demand for healthcare and wellness services as living standards improve, and an aging population with low birth rates. Meanwhile being a growth sector with public interest concerns that is also popular among retail investors, the healthcare sector also experiences volatility swings and regulation tailwinds from time to time such that taking a diversified approach with consideration for fundamentals may be more optimal. In this article, we would take a closer look at the various underlying sub-segments, review their characteristics and also highlight some of the leading A-share companies driving the growth opportunities in their respective space.
2022年9月20日
Unlike in developed markets, healthcare is actually a growing “new economy” sector in China that offers tremendous opportunities for global investors. As the Chinese economy evolves, the sector also enjoys fundamental tailwinds such as rising demand for healthcare and wellness services as living standards improve, and an aging population with low birth rates. Meanwhile being a growth sector with public interest concerns that is also popular among retail investors, the healthcare sector also experiences volatility swings and regulation tailwinds from time to time such that taking a diversified approach with consideration for fundamentals may be more optimal. In this article, we would take a closer look at the various underlying sub-segments, review their characteristics and also highlight some of the leading A-share companies driving the growth opportunities in their respective space.
2022年9月20日
Premia 图说
  • 赖子健
    赖子健 , CFA

    合伙人兼联合首席投资官

Foreign investors increased their holdings of onshore yuan-denominated bonds in December, ending a ten-month losing streak and posting a net inflow of RMB 60 billion before entering 2023. Analysts explain the change is a result of the relaxation of Covid measures in the mainland, the announcement of border reopening, coupled with the narrowing of yield differentials between China and the US treasuries. The strengthening of Chinese yuan is another catalyst driving the return of international funds. The currency has appreciated against the dollar by 8% since the trough at the end of October, and the upward momentum may continue in medium-term given dollar weakening is almost inevitable. According to SAFE, foreign participation in the domestic capital market has remained active, with net purchases of onshore A-share and Chinese bonds totaling about USD 12.6 billion in the first half of January this year. Premia China Treasury and Policy Bank Bond Long Duration ETF (2817.HK) has posted a positive return of 3% year-to-date.
2023年1月26日
来自合作伙伴
Premia 图说
  • 赖子健
    赖子健 , CFA

    合伙人兼联合首席投资官

Foreign investors increased their holdings of onshore yuan-denominated bonds in December, ending a ten-month losing streak and posting a net inflow of RMB 60 billion before entering 2023. Analysts explain the change is a result of the relaxation of Covid measures in the mainland, the announcement of border reopening, coupled with the narrowing of yield differentials between China and the US treasuries. The strengthening of Chinese yuan is another catalyst driving the return of international funds. The currency has appreciated against the dollar by 8% since the trough at the end of October, and the upward momentum may continue in medium-term given dollar weakening is almost inevitable. According to SAFE, foreign participation in the domestic capital market has remained active, with net purchases of onshore A-share and Chinese bonds totaling about USD 12.6 billion in the first half of January this year. Premia China Treasury and Policy Bank Bond Long Duration ETF (2817.HK) has posted a positive return of 3% year-to-date.
2023年1月26日
精选观点 & Webinar
premia headline
Chinese stocks took a rollercoaster ride in Q4, as the immediate lacklustre reaction to October’s National Congress gave way to a rally on the back of policy support in November. Investors finally cheered Beijing’s abrupt dismantling of its restrictive zero-COVID policies, as the year came to a close. By the end of December, the CSI 300 Index was up 2% on the quarter. Below in this article, Dr. Philip Wool, Managing Director and Head of Investment Solutions of Rayliant Global Advisors, would explore critical developments in the macro picture at the turn of the year, discuss fourth-quarter performance and factor rotation pattern through the period, and also provide our thoughts as to what reopening has in store for Chinese stocks in 2023.
2023年2月4日
Chinese stocks took a rollercoaster ride in Q4, as the immediate lacklustre reaction to October’s National Congress gave way to a rally on the back of policy support in November. Investors finally cheered Beijing’s abrupt dismantling of its restrictive zero-COVID policies, as the year came to a close. By the end of December, the CSI 300 Index was up 2% on the quarter. Below in this article, Dr. Philip Wool, Managing Director and Head of Investment Solutions of Rayliant Global Advisors, would explore critical developments in the macro picture at the turn of the year, discuss fourth-quarter performance and factor rotation pattern through the period, and also provide our thoughts as to what reopening has in store for Chinese stocks in 2023.
2023年2月4日

Why Bedrock Outperformed?
In 2022, our Premia CSI Caixin China Bedrock Economy ETF (“the Bedrock ETF”) outperformed most of the market benchmarks, such as FTSE A50, CSI 300, CSI 500 and ChiNext, by around 10-24% points. In a backdrop of weak equity performance, investors favored low beta and volatility stocks with significant economic value and good financial health, which coincided with the Bedrock ETF’s underlying index methodology and broadly explained why the ETF outperformed in 2022. In this article, we would have a more in-depth look at the portfolio holdings’ companies and decipher drivers of the outperformance and whether this multi-factor approach of low volatility, value, quality and size tilts would continue to power outperformance in 2023.
2023年2月3日
In 2022, our Premia CSI Caixin China Bedrock Economy ETF (“the Bedrock ETF”) outperformed most of the market benchmarks, such as FTSE A50, CSI 300, CSI 500 and ChiNext, by around 10-24% points. In a backdrop of weak equity performance, investors favored low beta and volatility stocks with significant economic value and good financial health, which coincided with the Bedrock ETF’s underlying index methodology and broadly explained why the ETF outperformed in 2022. In this article, we would have a more in-depth look at the portfolio holdings’ companies and decipher drivers of the outperformance and whether this multi-factor approach of low volatility, value, quality and size tilts would continue to power outperformance in 2023.
2023年2月3日

End of Negative Yielding Bonds – What Lies Beyond
Big, long-term trends could drive Developed Market bond yields much higher than the cyclical peaks that the market is currently pricing in. There are cycles and there are secular trends. If the super cycle of rates and yields has turned – off deep negative inflation-adjusted levels – then the lesser cycles could mean- revert a lot higher around long-term uptrends. And we are at this juncture at the moment, as the negative yielding bonds have literally disappeared - the global stock of negative yielding bonds had gone from a peak of US$18.4 trillion late in 2020 to zero recently. What are the true implications behind this abrupt turn of tides? In this article, our Senior Advisor Say Boon Lim discusses the big drivers for potentially much higher rates and yields for this year, and areas we are spending a lot more time monitoring, as the longer-term outlook could be far worse than just a mean reversion in nominal rates and yields as we may also be in the midst of a secular mean reversion in real government bond yields and corporate credit yields.
2023年1月17日
Big, long-term trends could drive Developed Market bond yields much higher than the cyclical peaks that the market is currently pricing in. There are cycles and there are secular trends. If the super cycle of rates and yields has turned – off deep negative inflation-adjusted levels – then the lesser cycles could mean- revert a lot higher around long-term uptrends. And we are at this juncture at the moment, as the negative yielding bonds have literally disappeared - the global stock of negative yielding bonds had gone from a peak of US$18.4 trillion late in 2020 to zero recently. What are the true implications behind this abrupt turn of tides? In this article, our Senior Advisor Say Boon Lim discusses the big drivers for potentially much higher rates and yields for this year, and areas we are spending a lot more time monitoring, as the longer-term outlook could be far worse than just a mean reversion in nominal rates and yields as we may also be in the midst of a secular mean reversion in real government bond yields and corporate credit yields.
2023年1月17日

2023 Market Outlook - Part 4: Is China tech investible?
If we agree China may offer outperformance in 2023, then the next step is to figure out the right positioning to capture the alphas. Investors are now at a crossroad to decide whether China tech is still investible. On one hand, the Internet platforms, used to be the market leaders, may no longer be the high-growth candidates in future as shown by the recent sluggish financial results. On the other hand, technological advancement remains one of the government’s key agendas that should help support the sector. In this article, we would like to share how to identify the “right” tech exposure to capture the opportunities in China market.
2022年12月13日
If we agree China may offer outperformance in 2023, then the next step is to figure out the right positioning to capture the alphas. Investors are now at a crossroad to decide whether China tech is still investible. On one hand, the Internet platforms, used to be the market leaders, may no longer be the high-growth candidates in future as shown by the recent sluggish financial results. On the other hand, technological advancement remains one of the government’s key agendas that should help support the sector. In this article, we would like to share how to identify the “right” tech exposure to capture the opportunities in China market.
2022年12月13日

2023 Market Outlook – Part 3: ASEAN on the tailwinds of China’s reopening recovery
2023 will likely present investors with a stark economic divergence – between a West in recession and an East where growth will be boosted by recovery in China. ASEAN-5, which already enjoyed its own reopening rebound in 2022, will likely ride the tailwinds of China’s turn at a reopening recovery in the coming year. In this article, we would discuss how ASEAN-5 will likely continue to be in a sweet spot in 2023, offering some of the highest economic growth rates with relatively moderate inflation.
2022年12月12日
2023 will likely present investors with a stark economic divergence – between a West in recession and an East where growth will be boosted by recovery in China. ASEAN-5, which already enjoyed its own reopening rebound in 2022, will likely ride the tailwinds of China’s turn at a reopening recovery in the coming year. In this article, we would discuss how ASEAN-5 will likely continue to be in a sweet spot in 2023, offering some of the highest economic growth rates with relatively moderate inflation.
2022年12月12日

Calibrating for the new normal: Opportunities in the Asia innovation and metaverse space
With the more positive sentiments from the G20 meetings and market expectations of earlier pivot for China’s zero covid policy, growth including technology strategies also started to see varying degree of positive swings and rallies along more sustained upward trajectory. Contrary to the US tech peers, Asia innovative technology and metaverse leaders having started massive corrections earlier also appear to be first in first out and are emerging to resume growth on the back of multiple tailwinds. As investors revisit the investment case for the metaverse and innovative technology space, how would we configure for the opportunities in Asia and fill the gaps that the US oriented global tech strategies typically miss? In this video, we would recap the construct of Premia Asia Innovative Technology & Metaverse Theme ETF (3181/ 9181 HK), which is designed to capture opportunities in Digital transformation, Robotics & Automation, Innovative Green Technology as well as Metaverse which have been transforming the enterprise and consumer space (including with virtual influencers). The strategy was first introduced in 2018, and given the sector and geographic diversification has been outperforming other global, US and China focused peers in 2-year, 3-year and 5-year periods. It was also able to hold at -7% last year after the strong rally of 40% and 60% in 2019 and 2020 outperforming in both bull and bear market cycles. For investors looking for strategic growth opportunities in this space, this would be a good, balanced tool for implementation.
2022年12月9日
With the more positive sentiments from the G20 meetings and market expectations of earlier pivot for China’s zero covid policy, growth including technology strategies also started to see varying degree of positive swings and rallies along more sustained upward trajectory. Contrary to the US tech peers, Asia innovative technology and metaverse leaders having started massive corrections earlier also appear to be first in first out and are emerging to resume growth on the back of multiple tailwinds. As investors revisit the investment case for the metaverse and innovative technology space, how would we configure for the opportunities in Asia and fill the gaps that the US oriented global tech strategies typically miss? In this video, we would recap the construct of Premia Asia Innovative Technology & Metaverse Theme ETF (3181/ 9181 HK), which is designed to capture opportunities in Digital transformation, Robotics & Automation, Innovative Green Technology as well as Metaverse which have been transforming the enterprise and consumer space (including with virtual influencers). The strategy was first introduced in 2018, and given the sector and geographic diversification has been outperforming other global, US and China focused peers in 2-year, 3-year and 5-year periods. It was also able to hold at -7% last year after the strong rally of 40% and 60% in 2019 and 2020 outperforming in both bull and bear market cycles. For investors looking for strategic growth opportunities in this space, this would be a good, balanced tool for implementation.
2022年12月9日

2023 Market Outlook – Part 2: Zoom-in on China
It was challenging for global investors to find a market that could offer a positive return in 2022. China market can’t escape from the selloff, with H-shares, A-shares and ADRs down by 20% to 29% in dollar return in the first eleven months of the year. The market turnover was shrinking whilst foreign investors were net selling. Internally, the frequent COVID-lockdowns, a property market slump, an ongoing Internet scrutiny, and the deteriorating bilateral relationship between China and the US all contributed to the bearish sentiment in Chinese equities. Externally, the Ukraine-Russia war, high inflationary pressure, an accelerated rate hike cycle, and strengthening dollar have further weakened investors’ confidence towards risky assets.
2022年12月6日
It was challenging for global investors to find a market that could offer a positive return in 2022. China market can’t escape from the selloff, with H-shares, A-shares and ADRs down by 20% to 29% in dollar return in the first eleven months of the year. The market turnover was shrinking whilst foreign investors were net selling. Internally, the frequent COVID-lockdowns, a property market slump, an ongoing Internet scrutiny, and the deteriorating bilateral relationship between China and the US all contributed to the bearish sentiment in Chinese equities. Externally, the Ukraine-Russia war, high inflationary pressure, an accelerated rate hike cycle, and strengthening dollar have further weakened investors’ confidence towards risky assets.
2022年12月6日

2023 Market Outlook - Part 1: Positioning to Benefit from Rebalancing
In a discordant world, there are no overarching investment themes. The different parts of the world are marching to different drums – their economies and markets are driven by different cycles, different prior policy choices and factors beyond their control. The US economy and market are paying back for the extreme policy stimulus of 2020-2021. Europeans are paying back for the same, with the added pain of a war outside their control. Japan is battling a chronic ailment – extreme debt – made acute by sharply higher cost of US funds. China is at the bottom of its policy cycle, at the beginning of a path out of COVID health controls.
2022年12月5日
In a discordant world, there are no overarching investment themes. The different parts of the world are marching to different drums – their economies and markets are driven by different cycles, different prior policy choices and factors beyond their control. The US economy and market are paying back for the extreme policy stimulus of 2020-2021. Europeans are paying back for the same, with the added pain of a war outside their control. Japan is battling a chronic ailment – extreme debt – made acute by sharply higher cost of US funds. China is at the bottom of its policy cycle, at the beginning of a path out of COVID health controls.
2022年12月5日

Q3 2022 China A-shares factor review
After finishing Q2 as the only emerging market in positive territory, the effects of zero-COVID policy, a continued slump in the property market, and weakening global demand pushed Chinese stocks to the bottom of the EM index in Q3. The CSI 300 Index dropped by -14.3% over the three months from July to September 2022. Below, we offer deeper insights into third-quarter performance—including some bright spots among state-owned enterprises and technology with a policy tailwind—along with our thinking on October’s National Congress and what the rest of the year might have in store.
2022年10月31日
After finishing Q2 as the only emerging market in positive territory, the effects of zero-COVID policy, a continued slump in the property market, and weakening global demand pushed Chinese stocks to the bottom of the EM index in Q3. The CSI 300 Index dropped by -14.3% over the three months from July to September 2022. Below, we offer deeper insights into third-quarter performance—including some bright spots among state-owned enterprises and technology with a policy tailwind—along with our thinking on October’s National Congress and what the rest of the year might have in store.
2022年10月31日

China healthcare: taking stock of growth drivers inside Premia China new economy strategy
Unlike in developed markets, healthcare is actually a growing “new economy” sector in China that offers tremendous opportunities for global investors. As the Chinese economy evolves, the sector also enjoys fundamental tailwinds such as rising demand for healthcare and wellness services as living standards improve, and an aging population with low birth rates. Meanwhile being a growth sector with public interest concerns that is also popular among retail investors, the healthcare sector also experiences volatility swings and regulation tailwinds from time to time such that taking a diversified approach with consideration for fundamentals may be more optimal. In this article, we would take a closer look at the various underlying sub-segments, review their characteristics and also highlight some of the leading A-share companies driving the growth opportunities in their respective space.
2022年9月20日
Unlike in developed markets, healthcare is actually a growing “new economy” sector in China that offers tremendous opportunities for global investors. As the Chinese economy evolves, the sector also enjoys fundamental tailwinds such as rising demand for healthcare and wellness services as living standards improve, and an aging population with low birth rates. Meanwhile being a growth sector with public interest concerns that is also popular among retail investors, the healthcare sector also experiences volatility swings and regulation tailwinds from time to time such that taking a diversified approach with consideration for fundamentals may be more optimal. In this article, we would take a closer look at the various underlying sub-segments, review their characteristics and also highlight some of the leading A-share companies driving the growth opportunities in their respective space.
2022年9月20日
来自合作伙伴