Aberdeen’s Young adds Tencent, keeps China bets during selloff

VETERAN fund manager Hugh Young said his firm bought the dip in Tencent Holdings Ltd. and kept most of its other big-tech holdings in China largely unchanged during the recent selloff on expectations these stocks will emerge as winners despite policy crackdowns.

While keen on Chinese tech, Aberdeen Standard Investments, which oversees about $639 billion in assets globally, is avoiding the education sector, according to the Singapore-based chairman of its Asia unit. In fact, bellwethers in most industries offer upside opportunities, including property developer China Vanke Co., said Young, who has been with Aberdeen for three decades.