Page 21 - DIY Investor Magazine | Issue 30

GLOBAL MARKETS HAVE SEEN A FEW CRISES OVER THE LAST 25 YEARS
Source: Fidelity International, Refinitiv Eikon Data-stream, 30 June 2021
‘WHAT HAS HAPPENED IN CHINA IN LAST 25 YEARS IS NOTHING SHORT OF A MIRACLE’
THE LAUNCH AND THE FIRST FEW YEARS
The trust was launched in 1996 under the stewardship of John Morrell as Chairman of the board and K.C. Lee as portfolio manager.
It was originally expected to invest primarily only in Singapore, Korea, Thailand, Hong Kong and Malaysia.
To think of an Asian portfolio without China, India, Indonesia, Philippines and Vietnam - the five largest population blocks in Asia - may seem strange today, but this change of mindset encapsulates Asia’s journey over last 25 years. Indeed, it’s been a journey where capitalist policies (with different twists and turns in individual countries) have unleashed immense productive capacity leading to economic growth and social welfare in these countries.
What has happened in China in the last 25 years is nothing short of a miracle. Furthermore, based on what we currently see on the ground, this journey in Asia still has further to go as newer population blocks seek to imitate the Chinese economic policy play book.
GLOBAL GDP VERSUS ASIAN GDP OVER THE LAST 25 YEARS
Source: World Economic Outlook Database, April 2021
21 DIY Investor Magazine | Sept 2021