'The future belongs to the optimists.' Chinese fund managers turn poetic to urge patience after stock maelstrom.
Hong Kong has faced a record surge in Covid-19 cases and the world’s highest death rate, prompting authorities to impose strict restrictions. WSJ’s Diana Chan reports on how everyday life has changed in the city, from panic buying to an exodus of residents.
“In the violent fluctuations, we feel the panic and suffering of our fundholders, but we believe that winter will eventually pass and the future belongs to the optimists,” wrote Bank of Communications Schroder Fund Management Co. in a Thursday letter to its investors. The mutual-fund manager is a joint venture between the Chinese state-owned bank and British money manager Schroders , and has the equivalent of $87 billion in assets under management, according to data provider Wind.
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