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Seth Golden posted an update 4 years, 6 months ago
1. Chinese A shares have been a bright spot in the global equity arena, losing only 1% and outperforming its peers (MSCI AC World) by 17pp since the peak of global equities on Feb 19.
2. Strong policy flexibility in terms of monetary and fiscal easing, potential support from the “National Team”, less extended starting valuations relative to US equities, and low return sensitivity to global equities are commonly-cited reasons for A shares’ outperformance.
3. we also believe the developments of COVID-19 remain a key factor driving the divergence: we note a fairly tight relationship between the relative returns of CSI300 vs. SPX and the newly confirmed cases inside and outside of China.
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