This Millennial China Stock Guru Has Banker Parents, But Won't Touch Banks

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#1
This Millennial China Stock Guru Has Banker Parents, But Won't Touch Banks

by Kana Nishizawa
March 14, 2017, 5:00 AM GMT+8 Updated on March 14, 2017, 5:28 PM GMT+8

Baijing Yu was raised by two generations of Chinese bankers and talks with pride about her family’s contributions to the nation’s financial system over nearly seven decades.

But would the 32-year-old stock picker risk a penny of her clients’ assets on shares of a Chinese lender? Not a chance.

Yu, whose Comgest Growth Greater China fund has returned an annualized 22 percent over the past three years, says growing up in a house of Chinese bankers has only reinforced her view that the sector is un-investible. Lenders in China are often policy tools of the government, she says, with “black box” balance sheets that provide little clarity on their exposure to non-performing debt.

“As a bottom-up stock picker, it’s hard to find franchise value,’’ said Yu, who co-manages the 189 million euro ($202 million) fund for Paris-based Comgest with David Raper and Jasmine Kang. “These banks don’t fit the quality criteria that we look for.’’

More details in https://www.bloomberg.com/news/articles/...-buy-banks
Specuvestor: Asset - Business - Structure.
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#2
hmm nowadays more and more these kind of news being reported

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