Vietnam: 2024 Rotation Drives Record Fund Ownership
Vietnam has reached a new milestone, with over a third of Asia Ex-Japan funds now invested in the country. Average fund weights have hit a record high of 1.01%, led by a rotation into Financials and Technology stocks. Key players like JP Morgan and Fidelity have boosted their exposure, signaling increased confidence in the Vietnamese market.

Real Estate: India/China Rotation Sparks Sector Growth
Real Estate exposure among Asia Ex-Japan funds has increased in 2024, with the percentage of funds invested rising from 73.5% to 81.6%. This shift is driven by a rotation out of Chinese Real Estate and into Indian Real Estate, leading stocks like Phoenix Mills, Macrotech Developers, and DLF Limited to reach new ownership highs. In contrast, China and HK Real Estate continue to experience outflows.

Hong Kong Exchanges & Clearing: Position Cuts Deepen Among Asia Ex-Japan Funds
Asia Ex-Japan fund managers are reducing their positions in Hong Kong Exchanges & Clearing, with both fund participation and average stock weights on a steady decline since early 2023. The stock has fallen to the 7th most widely held in the Financials sector, reflecting a broader shift towards South Korean financial stocks.