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Alternative Market Briefing

New China fund bets on domestic demand-related companies
Monday, February 20, 2012

Benedicte Gravrand, Opalesque Geneva:

Mrs. Ching Shao, CEO of SMC China Fund, a fund management company head-quartered in Shanghai, was in Switzerland earlier this month to present the investment strategy for the Argos-SMC China Fund, a long-only Luxemburg-domiciled UCITS-compliant fund with weekly liquidity. The new fund will focus on A and H shares in high-growth Chinese domestic demand-related companies, and should be launched next month with around $50m. It uses a fundamental stock-picking approach, Shao said, and the managers invest their own money in the fund.

China, which became the second largest economy in the world in 2010, has been mainly led in the last years by exports, industries, infrastructure building, and by its emerging consumer economy.

"Now, nothing needs to be built any more," she said. "The economy needs to be dependent on other sectors. The government realised that Chinese people are not traditionally consumers, but rather are savers. So it provided economic reforms to support the private sector, free the financial markets. Growth has become very much government-led."

The share of global consumption in China rose from 5.3% in 2007 (compared to 30.2% for the US) to 9.3% in 2010 (compared to 27.4% in the U.S.) It is expected to rise to 21.1% in 2020 (compared to 20.8% in the U.S.)

She sees slower growth going forward, as now the economic structure is more robust, an......................

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