Call it the latest chapter of the Great Leap Forward. The Chinese government is in the midst of a new round of efforts to reboot its decelerating economy, including cutting interest rates, boosting spending on infrastructure and opening up the Shanghai stock exchange to overseas investors. Investors have responded enthusiastically. Over the past year, the Hong Kong and Shanghai markets soared 34% and 146%, respectively.
AllianzGI China Equity Fund D (ALQDX) has participated in the rally more than most China funds. The fund, which invests mostly in Hong Kong–listed shares, benefited from holdings in industrial stocks, such as rail maker CRRC Corp. Exposure to small and midsize firms helped as well. Among Hong Kong–traded stocks, smaller companies are generally more attractive than larger ones, says manager Christina Chung. “And these companies can grow at similar or better growth rates than large-cap companies.”
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