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Alternative Market Briefing

APS China A Share Fund outperforms benchmark with 11.55% YTD gains in August

Tuesday, September 22, 2015

Komfie Manalo, Opalesque Asia:

Singapore-based fund management firm APS Asset Management (APS) saw its APS China A Share Fund gain 11.55% YTD in 2015 (-13.51% in August), outperforming the benchmark by 2.33% and 5.51% respectively.

August saw the China A-share market taking a risk on stance as the China Securities Finance Corp., announced a soft exit from its one-month stock purchases and the central bank unexpectedly devalued the RMB, which some investors construed as an attempt to boost a weakening economy. Selling pressure resumed after the Shanghai Composite index broke 3,500, which has been perceived as the "support level" since the China Securities Regulatory Commission (CSRC) initiated its stock market rescue program on 3 July. The Shanghai Composite index finished the month down by 12.49%, and the CSI300 was lower by 11.79%.

Trading volume shrank notably, almost by half, showing early signs of risk easing off. Banks outperformed in the month, supported by government purchases, whereas small caps, IT, non-bank financials and media sectors declined the most. The People’s Bank of China (PBOC) came up with the 4th interest rate cut and 50 bps RRR cut within the year after the market fell by 25% within the month.

"At the end of August, margin financing provided by stock brokers dropped to RMB 1.05 trillion, down by RMB 0.29 trillion MoM," APS said. It added, "Alternative share financing, i.e. those backed by u......................

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