All China Equity Fund

Blending human intelligence and machine learning insights to fully access the China markets.

Why choose the All China Equity Fund?
  1. All China approach
    Multi-factor, style-agnostic approach to China equities, ready to tap into shifts in the market regime.
    Access to the broadest opportunity set to maximise exposure the best ideas in both mainland and offshore China.
  2. Blended style
    Our fundamental analysis blends growth, value, quality and momentum characteristics.
    Well positioned to navigate style rotations and market volatility given balanced exposures to styles through the cycle.
  3. Collaborative intelligence
    Combined intelligence of machine learning alpha model and fundamental research.
    Seek to generate risk-adjusted alpha through the cycle through bottom-up stock picking, outperforming by 4.2% annualised since inception1
All China approach

A holistic approach which includes China A shares, B shares, H shares and ADR for the broadest opportunity set and maximises exposure to best ideas.

Why choose the All China Equity Fund?

Explore where we see long-term value in China’s evolving market

As geopolitical risk rises and global trade dynamics evolve, investors are reassessing their exposure to Chinese equities. But could structural shifts within China be laying the groundwork for long-term opportunity?

Joanna Yang, Chinese equities portfolio manager at Ninety One, argues that beyond short-term uncertainty, the market is undergoing a transformation that’s not yet fully priced in.

Why All China Equity now?
  1. Attractive valuations of Chinese equities, with dispersion vs. developed markets the highest in history
  2. Long-term structural case for China remains strong – significant potential in technology self-sufficiency, consumption growth, energy transition, continued reform and opening up of the economy
  3. Sentiment near peak negativity with foreign ownership near historical lows
  4. Early signs of stabilisation with record level of share buybacks and dividends

Chinese companies annual buybacks (Rmb bn)2

Chinese companies annual buybacks (Rmb bn)

Chinese companies dividend payout (Rmb bn)2

Chinese companies dividend payout (Rmb bn)

Literature

1 Source: Morningstar, 30 April 2025. Performance is net of fees (NAV based, including ongoing charges, excluding initial charges), gross income reinvested, in USD. Inception date 29 June 2015. Fund: All China Equity Fund (A Acc USD). This Fund is actively managed and is a sub-fund of the Ninety One Global Strategy Fund (GSF). Benchmark: MSCI China All Shares NR (MSCI All China Net Return pre 31 October 2019), is used for performance comparison. The benchmark may vary. As such the performances of the “composite” benchmark may consist of a combination of the old benchmark prior to the change and the current benchmark post the change.

2 Source: Ninety One, December 2024.

Past performance figures shown are not indicative of future performance. Investors are reminded that investment involves risk. Investors should refer to the offering documents for details, including risk factors. This website has not been reviewed by the SFC. 

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Issuer: Ninety One Hong Kong Limited
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