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Komfie Manalo, Opalesque Asia: Singapore-based fund management firm APS Asset Management (APS) saw its China Alpha Fund return 4.71% in February (+7.27% YTD) despite a shorter trading month due to the Chinese New year holiday, the fund said in a report.
According to APS, telecommunications and information technology were the star performers for the fund last month after the sectors gained more than 13% each. The China Unicom rallied on the expectation of mixed ownership reform, while IT rose due to potential transformation underpinned by the boom in mobile internet application and big data mining.
APS said in its monthly report to investors, "As for the real economy, the monthly PMI came in at 49.9% in February, 0.1 ppt higher than January. In response to Beijing’s call for an 'Opening-up Economy’, more than 20 provinces have released plans for the 'one belt and one road’ strategy at the provincial level. This development strategy aims to link China with Europe, Africa, Southeast Asia and Central as well as Western Asia. At the international level, China is in talks with 28 countries on high-speed rail projects."
The fund added that its portfolio outperformed the customized index in February. As expected, the market had discounted one to two more instances of monetary easing during the December rally, so the financials did not manage to continue outperforming, it said. APS added that another factor is that margi...................... To view our full article Click here
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