Ann: Funds Under Management - October 2021, page-82

Investing significantly in major Chinese stocks, let alone those that are targets of potential regulatory impact (which of course is much broader as a general rule to begin with) as a fund that prides itself on its skill at defensive allocation is a virtually unforgivable mistake in my opinion.

All I can think is that people involved look at the situation and think they're going to be the ones to see through the hysteria and politics and approach Chinese companies as they would any American or Australian stock. And what an absolutely moronic understanding that is, where there is smoke there is fire, and in this case there is an AWFUL lot of smoke involved when it comes to investing in Chinese companies. Absolutely horrendous decision making for a company that as I mentioned and others have mentioned considers itself to take seriously a defensive approach.