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The New Capital China Equity Fund is designed to tap into the powerful macro forces driving the growth of the country’s enormous economy.
While some might worry that China’s GDP growth this year or next might be lower than has been the case over the last decade, we take a different view – namely that growth is still much higher than in western economies while the size of the economy is also bigger than most.
At the same time, we focus on future potential as China attempts to make the leap from being a middle income to a high income country.
Driven by the all-powerful government, we see far-reaching reforms taking effect that will make the largest state-owned businesses more focused on profit and less on accumulating assets for their own sake.
Backing these reforms, we believe generous monetary and fiscal stimulus will power growth from the country’s fast-expanding middle class at home and place less emphasis on low-value exports.
While much of our China outlook is driven by New Capital’s macro emphasis, the fund also has a careful screening process to pick stocks with the most potential to benefit from this exciting economic backdrop.
We look to buy stocks on modest valuations but with strong growth potential and then wait for the market to catch up and re-rate the companies we hold.
Mansfield Mok, Senior Portfolio Manager, and Claudia Ching, Senior Equity Analyst, discuss their current investment themes and portfolio positioning
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Issued by EFG Asset Management (UK) Limited. Registered in England and Wales 7389736.Registered Office: Leconfield House, Curzon Street, London, W1J 5JB. Authorised and regulated by the Financial Conduct Authority.
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