China: Construction Materials slump
Materials
Ownership levels among active China A-Share funds in the sector are approaching their lowest levels on record. Since the last peak in ownership (Feb 2022), Construction Materials have been the victim of some aggressive manager rotation. All 4 of Steven Holden’s ownership measures fell over the period, most notably the percentage of funds invested (-21.6%) and average weights (-0.54%), both among the largest moves of any industry group. Stock ownership is spread across 13 companies, though exposure is heavily skewed towards the top 2 names. Despite heavy selling, Anhui Conch Cement and Beijing New Building Materials account for >60% of the total industry allocation.
Edition: 167
- 18 August, 2023