China A-Shares: The 3rd Wave

China A-Shares: The 3rd Wave


Exposure to China A-Share stocks continues to grow among both Asia Ex-Japan, GEM and Global equity funds. The first wave of investment occurred between 2016 and 2018, as international investors were granted greater access to the A-Share market and MSCI confirmed its decision to add A-Shares in to their global benchmarks. Since then, A-Share allocations have taken another leg higher, with a second wave of stocks gaining popularity among international investors.

In this report, we analyse the following fund groups:

125 Asia-Ex Japan Equity Funds, AUM $70bn

189 Global Emerging Market Equity Funds, AUM $350bn

250 Global Equity Funds, AUM $450bn

We look at the latest trends in positioning among Asia Ex-Japan, GEM and Global funds in China A-Share companies, highlighting the stocks that made up both the first and second waves of investment, and finally identifying 4 companies that have more recently captured the attention of GEM and Asia Ex fund managers - The 3rd Wave.

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