Pimco Quant Fund That Picked China Stock Winners Turns to Tech [BNN Bloomberg (Canada)]
CHINA CONSTR BK UNSP/ADR (CICHY)
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Source: BNN Bloomberg
“We're getting closer to the point where we would put those positions into our portfolios,” as valuations have become cheap, said Chris Brightman — chief investment officer at Research Affiliates LLC — who co-manages some Pimco funds. Internet platform companies such as Alibaba Group Holding Ltd. and Tencent Holdings Ltd. have become attractive after years of regulatory crackdown reduced valuations to historical lows, he said in an interview last week. Slower growth and intense competition have also battered these once high-flying stocks. Brightman's view echoes that of his peers. Some funds have begun accumulating shares in China, given the potential for a rebound once the right catalysts arrive. Further signs that the country's economic recovery is building momentum and recent gains in Chinese equities have raised hope that the market is bottoming out. Significant holdings in Chinese stocks have helped the $1.6 billion Pimco RAE Emerging Markets fund beat 94% of peers over th
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