Yuliang Chang of China International Capital Corp. debuts in second place. “I like Yuliang’s clear and logical reasoning, which is based on very solid fundamental analysis,” applauds one supporter. Chang describes his near-term stance as “relatively cautious,” given waning macroeconomic growth and softening earnings gains for listed companies. However, in contrast to what he calls “prevailing investor skepticism,” he is “a bit more upbeat” about the prospects for ongoing structural improvements and thinks the Communist Party’s Central Committee will unveil a comprehensive reform program at its meeting this month. Investors should rely heavily on bottom-up analyses, he contends, because he anticipates only “relatively muted upside” in the overall market. Visibility of growth and exposure to markets that are likely to benefit from a new economic agenda are key in selecting sectors and stocks, Chang adds. He prefers cyclical names, including brokerages, construction companies and real estate outfits, as well as such consumption-related segments as autos, home appliances, Internet and software. Some of the most heavily weighted stocks in his top-15 portfolio are Hong Kong–based China Overseas Land and Investment, a property developer that also invests in infrastructure; Beijing-based general contractor China Railway Construction Corp.; Baoding’s Great Wall Motor Co., which manufactures sport utility vehicles and trucks; Beijing-based Huaneng Renewables Corp., a multinational wind-power developer; and Shenzhen’s Tencent Holdings, which provides online gaming, social networking and web portal services. — Carolyn Koo |
Beijing Carolyn Koo Yuliang Chang China Tencent Holdings
