Henderson's Awdry narrows focus on China Opportunities

Charlie Awdry has cut the number of holdings in his Henderson China Opportunities fund to create a more focused portfolio, while selling his last Chinese property holding as the indebted sector continues to struggle.

Awdry (pictured) closed out the last position he had in the sector, Chinese Overseas Land, earlier this year. He described the property companies as “particularly poorly run”, and added they have also been impacted by a weaker renminbi. He pointed to the trend of firms issuing debt in either Hong Kong or US dollars, while relying on profits in the local currency. “I am watching the Chinese property market very closely for signs of stress,” he said. “These companies appear to be very cheap, but there are a lot of liabilities there. Those that have access to the Hong Kong markets, ar...