Disclosure – Non-substantive Research
This is not substantive investment research or a research recommendation, as it does not constitute substantive research or analysis. With this commentary, Kepler Partners LLP does not intend to influence your investment firm's behaviour.
China was the world’s leading stock market in 2020, and the rally continued into the new year. Yet between 28 February 2021 and 1 October 2021, the market fell 28%. NAV returns in the investment trust sector have been strongest in those trusts with little or no exposure to China, although discounts do not reflect recent relative performance for the most part. We ask what is really going on in China and what it means for investors in that country, and consider whether the better opportunities are in the less developed EM countries.
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