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Massimo Bonansinga's picture
Submitted by Massimo Bonansinga on

Jim, thank you for your comment.

I personally think that consensus, based on current macro conditions, is right and we will see roughly 10% growth in auto sales. Therefore China will continue to be the highest growth, large market in the world.

There are many ways to invest in the Chinese auto growth theme. The beauty of our Signature model is that our mandate does not restrict us to a single stock market and we can instead invest globally. But not all investors have the same flexibility and, over time, have developed ways to express bets outside their home stock markets by investing in global companies. For example, Suzuki in Japan is considered the proxy to invest in Indian auto, while Daihatsu is more a play on Indonesia, while Mazda is the way to bet on the North American market and Nissan to play China.

We have a number of investments across the automotive sector and many have direct and/or indirect exposure to China. For example, we are currently invested in Great Wall that is directly exposed to the booming Chinese SUV market as well as in Delphi (a U.S. supplier) that has large exposure to Europe and a fast growing Chinese presence.


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