Tracking the China reopening basket: HSI, Copper, KRW and AUD
Since early November, when China initially hinted at lifting statewide Covid restrictions, a basket tracking assets linked to the Chinese reopening story has surged by 22%.
In the last 11 weeks, the China reopening basket, which is equally weighted with
copper, 
Korean won, 
Australian dollar, and the 
Hang Seng index, has outperformed a global stock market (MSCI 
ACWI index) benchmark considerably.
The China reopening portfolio has gained 22.3% versus a 6.8% gain of the MSCI All-Country World index since November 1st. Because the total volatility of the China reopening basket has been lower (19.2% compared to 21.8%), the Sharpe ratio has been even more positively skewed (9.61 vs 1.89).
The Hang Seng index, which has climbed by 45% since November, has been the portfolio's best contributor with a weighted return of 11%, followed by copper with a weighted return of 5.3%.
In the last 11 weeks, the China reopening basket, which is equally weighted with
copper, Korean won, Australian dollar, and the Hang Seng index, has outperformed a global stock market (MSCI ACWI index) benchmark considerably.The China reopening portfolio has gained 22.3% versus a 6.8% gain of the MSCI All-Country World index since November 1st. Because the total volatility of the China reopening basket has been lower (19.2% compared to 21.8%), the Sharpe ratio has been even more positively skewed (9.61 vs 1.89).
The Hang Seng index, which has climbed by 45% since November, has been the portfolio's best contributor with a weighted return of 11%, followed by copper with a weighted return of 5.3%.
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