In general, Lapey expressed being pleased with what he saw. In particular, however, he repeatedly noted the discount to NAV that the fund's Hong Kong investments are selling at, the speed at which they're compounding NAV, and the strength of store traffic at particular locations in HK.
Check out the interview for more. There's video and a full transcript, with highlights, at the fund's web site.
I have just one question, however: If Lapey is so pleased, why did the fund recently decrease its position in Cheung Kong Holdings (by 3.4 million shares), and Henderson Land Development Company (by 14.3 million shares), and Wharf Holdings (by 1.2 million shares)?
Perhaps it's just portfolio rebalancing. Holders of the fund should be on the lookout, however, to see if the trend continues.
I have just one question, however: If Lapey is so pleased, why did the fund recently decrease its position in Cheung Kong Holdings (by 3.4 million shares), and Henderson Land Development Company (by 14.3 million shares), and Wharf Holdings (by 1.2 million shares)?
Perhaps it's just portfolio rebalancing. Holders of the fund should be on the lookout, however, to see if the trend continues.
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