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Baillie Gifford funds bought more shares of China’s Pinduoduo, NIO in Q3
Global Banking & Finance Review®
Company
By Summer Zhen
HONG KONG (Reuters) – Baillie Gifford, one of the largest asset managers in Europe and a China bull in recent years, increased its holdings of some Chinese growth stocks in its portfolio in the third quarter despite rising policy uncertainty, exchange filings showed.
The Edinburgh-based investment group added 110,737 shares of e-commerce platform Pinduoduo and 50,039 shares of electric vehicle maker NIO Inc during the July to September period, the latest 13F filings to the U.S. Securities and Exchange Commission showed.
Baillie Gifford also sold 7,033,302 shares of Li Auto during the period.
Many money managers minimised their exposure to China ahead of the Communist Party’s twice-a-decade congress.
At end-September, Pinduoduo was Baillie Gifford’s 12th largest U.S.-listed holding with a market value of $1.77 billion and NIO was the 16th. Its biggest holding was Tesla Inc.
In an emailed reply to Reuters this week, the public relations representative for Baillie Gifford refused to comment on their latest positions in China, saying the firm does not focus on macro geopolitical issues but rather on the long term opportunities of the companies they are invested in.
(Reporting by Summer Zhen; Editing by Vidya Ranganathan and Muralikumar Anantharaman)
Asset management is the process of developing, operating, maintaining, and selling a portfolio of assets to meet specified investment goals for the benefit of investors.
Equity refers to the ownership value in an asset or company, often represented by shares of stock. It signifies the residual interest in the assets of a company after deducting liabilities.
Emerging markets are countries with economies that are in the process of rapid growth and industrialization. They typically have lower income levels than developed countries.
An investment philosophy is a set of beliefs and principles that guide an investor's decisions regarding asset allocation, risk management, and investment strategies.
A share purchase is the acquisition of ownership in a company through buying its shares, which represents a claim on the company's assets and earnings.
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