It feels as though the rotation from ‘growth’ to ‘value’ that began last November regained some momentum in March. Having been amongst the best performers over 2020, sentiment towards Chinese funds has deteriorated, China appears to be withdrawing stimulus, clamping down on lending and is targeting many of its leading companies with anti-monopoly probes. We note that the Association of Investment Companies (AIC) has made some changes to its sector classifications, headlined by the introduction of China/Greater China, India and Property – UK Logistics as separate sectors (see Appendix 1 for a breakdown of how all the sectors have performed this year).
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