Man Group's discretionary fund unit turns 'underweight' on China
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HONG KONG : Man GLG, the discretionary investment unit of the world's largest publicly traded hedge fund, has gone "underweight" on China after cutting holdings there since January, while pursuing opportunities such as India and AI, a senior fund manager said.
As China's recovery prospects fade, dashing the high hopes that followed last year's post-pandemic reopening, the unit of Man Group is finding it hard to spot long-term, high-growth China stocks worth investing in, said Andrew Swan, Man GLG's head of Asia equities excluding Japan.
"It's a bit tricky to find ideas," Swan said in a phone interview from his Sydney office this week.
"Fundamentally, India surprises positively and China surprises negatively in our view, so naturally investors will take more money out of China and put it into India," he said.
