Richard Clode, Portfolio Manager on the Janus Henderson Global Technology Team, discusses his recent trip to Hong Kong, where he met with a number of Chinese internet companies.
While there are many exciting investment opportunities created by disruption and powerful internet-related trends in China, there are also many companies that are having to raise capital regularly and are, therefore, failing to develop sustainable business models. Richard highlights the importance of seeing through the ‘hype’ to uncover sustainable businesses that can benefit from long-term technology trends.
Key takeaways:China offers disruptive and powerful internet-related trends
Valuations and business models of some Chinese internet companies appear challenged, however
There is a huge amount of capital chasing small pockets of growth and this is supporting unsustainable business models
The team seeks to identify key technology trends and long-term ‘winners’
Glosario de términos
Negative gross (profit) margin: a negative gross profit margin indicates that the cost incurred to produce a company’s goods or services exceeds the revenue generated.
Fintech: a portmanteau of ‘financial’ and ‘technology’, fintech describes technology that supports or enables the delivery and use of financial services.
VC funds: Venture capital (VC) funds are investment funds that manage the money of investors who seek private equity stakes in startup and small- to medium-sized enterprises with high growth potential. These investments are typically high-risk/high-return opportunities.
Convertible bond: a type of bond that the holder can convert into a specified number of equity shares in the issuing company, or cash of equal value. The conversion from bond to stock can be made at specified times during the bond’s life and is usually at the discretion of the bondholder.
Estas son las opiniones del autor en el momento de la publicación y pueden diferir de las opiniones de otras personas/equipos de Janus Henderson Investors. Las referencias realizadas a valores concretos no constituyen una recomendación para comprar, vender o mantener ningún valor, estrategia de inversión o sector del mercado, y no deben considerarse rentables. Janus Henderson Investors, su asesor afiliado o sus empleados pueden tener una posición en los valores mencionados.
La rentabilidad histórica no predice las rentabilidades futuras. Todas las cifras de rentabilidad incluyen tanto los aumentos de las rentas como las plusvalías y las pérdidas, pero no refleja las comisiones actuales ni otros gastos del fondo.
La información contenida en el presente artículo no constituye una recomendación de inversion.
No hay garantía de que las tendencias pasadas continúen o de que se cumplan las previsiones.
Comunicación Publicitaria.