Blacklisted Chinese stocks have helped an asset manager in Norway beat 90% of peers this year, report says
A portfolio manager in Norway has been buying Chinese stocks from Americans forced to sell them due to US sanctions, and those assets are helping him outperform the market and his peers,Fredrik Bjelland, the head of Skagen AS's emerging market fund, has taken big positions in companies like China National Offshore Oil Corp. and China Mobile. In fact, Chinese stocks make up more than one-third of the firm's $1.5 billion portfolio.
An executive order set a November 2021 deadline for US investors to divest the blacklisted companies. So far, that strategy has paid off. CNOOC's stock jumped 24% last year, and Bjelland sees 40% more upside.
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