2024 High Conviction Idea: The Case for a Rotation Out of Japan into Hong Kong - Part 2

Since we published this piece, The HSI is up 12%, the HSCEI is up 16% and the HSCCI is up 17%. Since January's bottom, when we reiterated BUY, these markets are up 24%, 30% and 26% respectively.  PARADOXICALLY, AFTER THE RISE IT IS LESS RISKY TO INVEST IN THESE MARKETS.  Global and EM funds underweight China will return as sentiment follows price. Any dip is to be bought.