Chanticleer
Magellan's Douglass sticks with China tech
Magellan Financial group, manager of a $15 billion global equities strategy, has raised its risk rating on Chinese tech stocks but says they are still fundamentally undervalued.
Hamish Douglass, the chief investment officer of Australia's largest international equities investor, is sticking with his $1.7 billion holdings in Alibaba and Tencent despite China's crackdown on Jack Ma and tech monopolies.
In his latest market update to clients, Douglass acknowledged making a mistake in assessing how Ma would respond to the signals sent to him by the Chinese Communist Party (CCP).
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