Posted October 30, 2022 7:25 am by Comments

  • Looking at the specific holdings that have been impacting our Asia ex-Japan strategy’s performance, the three largest positive contributors over the past 12 months to 30 September 2022 were Jardine Cycle & Carriage, a holding company for automotive and commodity operations predominantly in Indonesia, Indian bank ICICI, and Chinese property developer China Overseas Land & Investment. 
    The largest detractors from performance over the same period were Samsung Electronics, Taiwan Semiconductor Manufacturing, and Tencent.
    It’s worth reflecting on those top contributors and detractors. To reiterate, one of our top three contributors was a Chinese property developer, in fact, two of our top 10 contributors were Chinese property developers. While on the negative side, the two positions that hurt performance the most were Korean and Taiwanese tech companies, which were both sold off on concerns around softening global demand.
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