Investors caught off-guard by China's dramatic COVID policy pivot are betting on both greed and fear as the economy starts to gradually reopen, snapping up shares in businesses from travel agencies and casinos to funeral companies.
The positioning for both the bright and dark side of China's COVID pivot reflects growing concerns from investors surprised by the rapid policy change, especially as COVID vaccination rates among the elderly remain relatively low.
While Swan is not convinced there will be a big revival in consumption, the global hedge fund is looking to add exposure to China on the long side. "Initially we were cautious on China. Over the last 10 days, we got more signs of definitive easing of dynamic zero policy," Neto told Reuters. For long-term plays, he prefers consumer, insurance and internet stocks, which will benefit from an eventual economic reopening.
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