Rajiv Jain is unimpressed by China stock mania sweeping globe
Chinese stocks as Beijing’s stimulus blitz sets off an epic rally. Just don’t count Rajiv Jain among them.
The manager of the top-performing $23 billion GQG Partners Emerging Markets Equity Fund has kept his holdings in Chinese stocks at about 12% of the fund — roughly half of the weighting of its benchmark. As a result, the fund’s outperformance this year has been wiped out as the MSCI China Index ripped more than 30% higher in just 10 days.
Despite the swift turn in fortune, the stock picker is steadfast and unfazed because he sees the rally as fleeting. The latest run-up reminds Jain of the so-called “reopening trade” in late 2022, when a similar buying spree took place after China lifted Covid restrictions. That rally fizzled within a few months because the economic recovery disappointed.
“How many times in the last three years have we seen these excitements” only for them to dissipate, said Jain, whose fund beat 92% of its peers tracked by Bloomberg over the same period.
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