I think you'll find the swap would have been made across all the relevant funds. So Amazon has effectively replaced Tencent entirely across the total FUM.
I could be wrong, we shall have to wait and see, perhaps the High Conviction strategy is the first mover and the other funds follow in time. It's a prudent and solid move nonetheless and they are clearly aware of the speculative risks associated with China - Chris said on the call they don't want to be in the position of speculating with client's funds, a good call. Cheers.
MFG Price at posting:
$43.21 Sentiment: Hold Disclosure: Not Held
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