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China funds to cut equity allocations in next three months
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CHINESE fund managers will cut the proportion of their portfolios invested in stocks over the next three months, following July’s upward trend, as hopes for a quick economic recovery falter, a Reuters poll shows.
“China’s recovery is not at all stable. It is still possible that things will get worse, so market sentiment is volatile,” a fund manager based in south China said.
Chinese fund managers reduced their suggested equity allocation for the next three months to 77.2 percent from 81.9 percent a month earlier, according to a poll of nine China-based fund managers conducted last week.
Funds sharply increased their suggested bond allocation to 10.1 percent from 4.5 percent a month ago, while lowering their cash weightings to 12.7 percent from 13.6 percent in July.
Eight of the fund managers said their most serious short-term concern was the cooling of the domestic real estate market, which could have knock-on effects on the financial system and potentially cause a spike in bad debts.
Suggested allocations to financial services and real estate fell sharply, while consumer and electronic technology stocks were in favor.
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