Beijing's rare stimulus blitz unleashed newfound optimism from hedge fund investors, who have been piling into beaten-down Chinese stocks like never before.
Hedge funds started flocking to Chinese stocks after the government announced a flood of stimulus measures in a bid to revive growth and avoid a deep slump in the world's second largest economy.
The high-profile investor even said he's raising his usual allocation limit and is not hedging his big China bet.
He dove into Chinese internet stocks last quarter as Burry's hedge fund, Scion Asset Management, made Alibaba its top holding at the end of June.
KWEB 5D mountain KraneShares CSI China Internet ETF Beijing's big stimulus also prompted BlackRock, the world's largest asset manager, to upgrade Chinese stocks to overweight — with a caveat.
Persons:
Goldman Sachs, David Tepper, Tepper, Burry It's, bullish, Nick Wilcox, Michael Burry, Stanley Druckenmiller, he's
Organizations:
Appaloosa Management, CNBC, China . Man, Man, Scion Asset Management, Baidu, CSI China, BlackRock, U.S
Locations:
China, Taiwan