Prior to its recent 180, you would’ve been hard pressed to find anyone saying that Chinese stocks were a buy except for Goldman Sachs. Well, it seems like they finally have some company.
Asset management behemoth Fidelity has just joined Goldman’s bullish call on China, with Robert Bao – one of its Hong Kong-based portfolio managers – telling Bloomberg that they’ve pretty much loaded up on Chinese shares the past few weeks:
“As far as the fundamentals are concerned, we are actually quite confident,” Robert Bao, a Hong Kong-based money manager at Fidelity, which oversees more than $2 trillion globally, said in a telephone interview. “We are fully invested.”
With the SHCOMP soaring 11% over the past two sessions, Bao’s $2 billion Fidelity China Region Fund probably made out like a bandit. As for Goldman, well, Zero Hedge remains unimpressed:
Goldman is now selling its prop China exposure to muppets https://t.co/OehLu9RBRH
— zerohedge (@zerohedge) July 9, 2015
Photo credit: groucho via Flickr