Wells Fargo veteran sees China stocks joining MSCI in 2017

LONDON: Wells Fargo Asset Management is betting Chinese local stocks are the big opportunity in emerging markets this year.

Anthony Cragg, a senior portfolio manager who oversees US$2bil of assets and has a 35-year history of investing in equities, is buying shares on the local market after China took steps to ease investor access. MSCI Inc is scheduled to make a ruling in June as to whether the changes are enough to win inclusion in its benchmark indexes. Cragg’s fund, the Wells Fargo Emerging Equity Income Fund, has beaten 85% of peers over the past three years.