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Komfie Manalo, Opalesque Asia: APS China A Share Fund, the flagship fund of Singapore-based asset management firm APS Asset Management, outperformed its benchmarks, the Shanghai A-Share Stock Price and the Shenzhen A-Share Stock Price Indexes, with 9.41% YTD gains at end of April. The APS China A Share Fund outperformed the benchmark by 2.09 percentage points and 8.27 percentage points respectively during the period.
In its report to investors, APS said that the China A share market largely traded sideways in April as investors digested earnings reports and tried to grasp the development of several key issues affecting Chinese economy, which are credit growth, bad debts/defaults, and reform measures.
"Although clarity is still lacking and policy responses have so far been on a case-by-case or province-by-province basis according to their unique situations, an article in the People's Daily on the interview of an unnamed 'Authoritative Person’ shed some useful insights into the thinking at the top level," the report said. It added, "The article is partly a response to the resurgence of credit growth – it warns against unrestrained credit growth and rules out a repeat of 2009's RMB 4trillion stimulus. Such statements, deemed to be directly from the think-tank under President Xi, offer an encouraging sign that reform is not being neglected, although we still feel that drastic reform measures will be unlikely to ...................... To view our full article Click here
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