Posted inHead To Head

HEAD-TO-HEAD: Fidelity vs Pinebridge

FSA compares two Greater China equity products: the Fidelity Greater China Fund and the Pinebridge Greater China Equity Fund.
by Rupert Walker

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Manager review

Raymond Ma has spent his professional career as a China equities specialist, and has managed the Fidelity Greater China Fund since July 2012.

Although his style is biased towards growth stocks, and to identifying companies which generate operating cash while having solid working capital, he is also flexible in his approach.

“Ma’s flexibility allows him to take advantage of opportunities that an otherwise orthodox growth-oriented strategy might miss,” said Ng.

“He also believes that the market often underestimates the earnings growth potential of many companies, and he is confident enough to back his view with his stock selections,” he added.

Pinebridge has a less individualist management approach. Investment decisions are more centralised, based on the firm’s global research model and methodology, according to Ng.

The Greater China Equity fund is managed by Cynthia Chen and Mabel Wong, but Ng is not familiar with either of them.

“The quality of a fund’s management team is obviously important, but in the case of the Pinebridge fund, the process is more critical,” said Ng.

“The long-term tenure of a key individual is less significant than it is with the Fidelity fund, where the manager’s flair has greater significance.”

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