A shares to go into US$69b market fund
Print Edition
VANGUARD Group, the world’s largest mutual fund company, has said it will include Chinese mainland-listed shares in its US$69 billion emerging market fund, ahead of MSCI’s decision on whether to include A shares next week.
The Vanguard Emerging Markets Stock Index Fund will benchmark a broader FTSE index that has a 5.6 percent weighting of A shares, the US-based fund manager said in a statement. Vanguard’s FTSE emerging markets exchange-traded fund, the largest emerging markets ETF by assets, will also include mainland shares.
Investors will then have access to 1,411 mainland-listed shares, according to the statement.
The inclusion of A shares will “provide investors with a more complete exposure to a key emerging economy and the second-largest stock market in the world by market cap,” Vanguard, which manages US$3.3 trillion in mutual fund assets, said in the statement.
“As the first major emerging markets fund to add exposure to China A shares, the fund will benefit investors with more diversification, deeper emerging markets exposure, and greater access to the growth potential of Chinese equities,” said Vanguard CEO Bill McNabb.
In an e-mailed note yesterday, Z-Ben Advisors, a Shanghai-based financial consultancy, pointed out that Vanguard’s inclusion of A shares “is a bold move, especially given the level at which China’s A shares are currently trading.”
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