Quarterly Outlook
Equity outlook: The high cost of global fragmentation for US portfolios
Charu Chanana
Chief Investment Strategist
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Themes on the move: Chinese internet companies bouncing back
Anders Nysteen
Senior Quantitative Analyst, Saxo Bank
Summary: Chinese internet stocks made a strong comeback last week despite a weak sentiment in equities, and the theme was on top in our weekly thematic screener.
In our weekly publication series we monitor trends in a pool of more than 40 ETF equity themes. Every week we focus on one themes which have moved the most in the previous week relative to its usual trading pattern and volatility, and we provide an unbiased sample of companies within the theme.
Chinese internet companies made a strong comeback last week, ending with a rally Friday on lingering hopes that China will start rolling back some of its zero-covid policies. Additionally the long-running audit dispute over Chinese companies listed in the US is progressing as a US watchdog ended its inspection on Friday, although it was too early to tell whether the US audit was satisfactory.
Looser covid restrictions may on the short run be positive for Chinese equities and growth. But on the long run, common prosperity policy and leadership shuffle may be a headwind for Chinese equities, which is also why foreign investors have reduced their exposure to Chinese equities.
The list below illustrates 10 different companies within the theme. They are spanning a broad area of the theme and is intended as an inspirational list only:
How the list was created: Each theme consists of a number of companies from ETFs and indices within the given theme. The list above is created by sampling 10 different companies from the theme, making sure that the companies have a low mutual correlation within the theme, such that they span a broad part of the overall theme. Note that this is based on historical performance which is not an indicator for future returns. The list is for inspirational purpose only and should not be considered as trade recommendations in any way.
Price evolution of a thematic ETF within the theme - over 6 months and 5 years, respectively:
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