China’s defeated fund managers are adjusting their portfolios to turn around their performance after a rotten year in 2022. Pushing into the renewable-energy sector has become a common thread in their strategy, according to recent disclosures, reports the South China Morning Post.
The clean-energy sector, which is thriving on China’s intention to transition to carbon neutrality by 2060 to stem climate-change effects, has policy tailwinds behind it. Solar and wind power installations are being accelerated under the current five-year plan to 2025, pushing the nation ahead of its 2030 target.
The CSI New Energy Index, which tracks 80 top industry players, has rallied 174% since end-2018 despite a slump last year. Managers at Manulife Teda Fund Management, China International Fund Management and Aegon-Industrial Fund Management have recently bought equipment makers, lithium producers and engineering contractors, according to local exchange filings.
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