The winners and losers from China’s changing economy
Mark Tinker
AXA Investment Managers
Emerging market debt had a torrid time in May/June, certainly reflecting continued unwinding of leveraged bond trades generally, but also hit by sovereign credit stories on Turkey, worries about Indonesia and India and a slowdown in China- a key source of demand for many emerging market countries and companies. To be clear, I don’t believe that the slowdown in China is a problem for global growth, but it is going to create some clear winners and losers, as the shape of the economy changes, particularly in emerging markets that had previously relied on exporting raw materials. Production, notably heavy, energy intensive production, is slowing rapidly, but consumption is rising fast. The Chinese authorities are actively targeting lower energy intensity in economic growth, which suggests that the old energy and resource focussed exporters to China will continue to struggle, regardless of top line GDP growth. Read my weekly note here: (VIEW LINK)
Never miss an update
Enjoy this wire? Hit the ‘like’ button to let us know.
Stay up to date with my current content by
following me below and you’ll be notified every time I post a wire
AXA Framlington takes an active, fundamental approach to investing. We are high conviction investors with an entrepreneurial mindset that is grounded in intensive company research and bottom-up stock selection as a primary source of added value. Our organisation and investment approach relies on the following investment principles: Dedicated to Proprietary Research: Fundamental research is at the heart of our idea generation and stock selection process Experienced team with significant resources: 50 portfolio managers with over 16 years investment experience supported by dedicated specialist teams and shared resources High Active Share: Portfolio construction reflecting strong conviction within a solid risk framework Accountability: Portfolio Managers are fully empowered to make decisions and fully accountable for results Integrated Risk Management: Direct support from dedicated Specialist Risk Team throughout our investment process
4 topics
Mark Tinker
Fund Manager
AXA Investment Managers
AXA Framlington takes an active, fundamental approach to investing. We are high conviction investors with an entrepreneurial mindset that is grounded in intensive company research and bottom-up stock selection as a primary source of added value. ...
Expertise
No areas of expertise
Mark Tinker
Fund Manager
AXA Investment Managers
AXA Framlington takes an active, fundamental approach to investing. We are high conviction investors with an entrepreneurial mindset that is grounded in intensive company research and bottom-up stock selection as a primary source of added value. ...
Expertise
No areas of expertise
Comments
Comments
Sign In or Join Free to comment
most popular
Equities
How to choose excellent fund managers
Livewire Markets
Macro
The RBA should warn that it could raise rates again
Coolabah Capital