HEAD-TO-HEAD: Fidelity versus Schroders

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Manager review

Jing Ning has 21 years of experience, most of which has been focused on Chinese equities and has led the Fidelity strategy since November 2013.

“She is a capable manager who has consistently impressed us with her well thought-out investment theses over the years,” said Share.

Ning proved her worth “with an attractive five-year track record on BGF China, which she ran with the same investment philosophy, and has continued to deliver at Fidelity,” she said.

Ning is supported by a large and growing team of 22 analysts, 14 of which are dedicated to China equity research and eight with regional responsibilities.

The China team has recently hired three analysts, and plans to further ramp up its small-cap and A-share research capabilities by adding more headcount.

At Schroders, head of Greater China equity investments Louisa Lo has managed the strategy since August 2013.

She brings 26 years of investment experience, and has spent 23 of those years with Schroders.

“Lo is savvy investor and has consistently impressed us with her market knowledge and clearly articulated investment cases,” said Share.

She is supported by a large 16-member Greater China team, but it has suffered five departures since the beginning of 2017, and “we are cognisant about the impact that the team turnover may bring to the quality of research,” said Share.

“Nonetheless, we encouraged to see that the team has been continually expanding its China A-shares research capability as the onshore stock market becomes an increasingly accessible and important part of the overall Chinese equity investable universe,” she said.

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