Chinese equities were moderately net bought (+0.5 SD) in April and are now net bought in four of the past five months.
Chinese domiciled equities (onshore and offshore combined were net bought with long buys exceeding short covers in a ratio of 5 to 1. Flows were risk on.Both single stocks and macro products were net bought, with singles leading the $ buying.
Buying was led by H-shares, with A-shares and ADRs leading the selling flows. Consumer Discretionary was by far the most net bought sector followed by Health Care and Energy.Communication Services,Materials and Info Tech were the most net sold sectors.
Both Gross and Net allocations to China increased in April, but continue to stay close to 5-year lows. Gross allocation to China increased to 5.1% (7th percentile five-year), while Net allocation increased to 7.5% (10th percentile five-year)
$中概互联网指数ETF-KraneShares(KWEB)$ $拼多多(PDD)$ $富时中国3倍做多ETF(YINN)$
