China stock fund that's up 618% since 2008 says stay in cash

BEIJING: China’s struggling stock market isn’t bottoming out just yet, judging by the holdings of a fund that’s made a 618 percent return since it started in 2008.

Beijing Longrising Asset Management Co., an equity-focused fund manager that oversees about 20 billion yuan ($2.9 billion), has 10 billion yuan of that in cash. The fund’s top executives are worried about China’s economic outlook and the trade conflict with the U.S., and expect that the extremely bearish sentiment toward equities may take years to recover.