Inflationary pressures in China are a serious risk to Asia-Pacific markets, especially if expectations of further price rises get embedded in the popular psyche, says Angus Tulloch, manager of the £5.39bn ($8.8bn) First State Asia Pacific Leaders fund.
In line with this view, Mr Tulloch is taking a cautious approach and positioning the fund conservatively.
He attributes recent underperformance to this caution, saying the fourth quartile positioning in the IMA Asia ex Japan sector over the three months to April 30 was due to the lack of exposure to Australian, Chinese, Hong Kong, Korean or Taiwanese banks, which performed strongly up until the end of March.
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