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We’ve been gradually reducing our US-listed Chinese names for some time now. We’ve done it largely because of the rhetoric from the US side, but now it looks like the stronger message is coming from China. As of now, almost all of our US-listed Chinese names are dual-listed on the Hong Kong exchange, and when we buy new shares, we usually do it in Hong Kong. We believe that hedges us from the regulations that could follow. We’re also being very selective with our Chinese IPOs (Initial Public Offerings) and largely try to avoid any US listings, given most of the regulation is pointed towards new listings. It’s no secret that China is becoming a tougher place to invest. We need to remember that even though China allows and promotes innovation and improvement, government regulations can be unpredictable.
Overall the family of Grandeur Peaks have done well. Many of their funds are closed to new investors. At closed funds are held at brokerages, investors cannot invest more $.
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