Amundi Asset Management

2018 Top 400 ranking: 9

Request More Information


MSCI China A-share inclusion along the way of China’s transition to quality growth

• In June 2017, MSCI announced the partial inclusion of China’s domestically traded, yuan-denominated stocks, or so-called A-shares to MSCI China, MSCI Emerging Markets (EM), and MSCI All Country indices, which is to be implemented from June 2018.

• A-share inclusion was previously rejected in any indices due to limited market accessibility to global investors and restrictions on repatriation of capital, among others things. Then, the Chinese authority addressed these issues gradually, in particular by launching the Stock Connect schemes.

• At 5% inclusion factor,2China A-Shares will account for roughly 0.8% of the MSCI EM Index, 1.1% of the MSCI Asia Index, and 0.1% of the MSCI AC World Index. The inclusion of China A-shares this year will take effect through a two-step process of 2.5% each, effective on June 1, 2018 and September 3, 2018.

• While inclusion has symbolic significance, there should be limited financial implications for other Emerging Markets, at least in the short-term.

• We are looking at the opportunities that the A-share market presents, with a clear preference for sticking to strict valuation criteria and good corporate governance. However, A-shares trade at a large premium over H-shares, so we currently prefer the latter in the Chinese market.

Read the complete white paper at the link beneath Related Links

Head Office
90, boulevard Pasteur
Company website:
Year Founded:
No. of investment offices worldwide:

Browse this manager's…

What’s new

  • screen shot 2019 01 10 at 13.55.59

    Brexit muddle-through towards the approaching parliamentary vote

    White papersTue, 8 Jan 2019

    The Brexit-related newsflow since the UK/EU agreement on 25 November 2018 has been quite intense. In our view, it has slightly increased the probability that the UK remains in the EU beyond March 2019, thus prolonging the uncertainty over how (and even whether) Brexit will happen.

  • screen shot 2019 01 10 at 12.12.54

    Focus on fundamentals to ride turbulent markets

    White papersThu, 3 Jan 2019

    Investors are facing an unsettled environment. For 2019 we think it will be key to look at three areas:

  • screen shot 2019 01 10 at 11.55.01

    Central banks in focus: assessing the path ahead for the Fed

    White papersMon, 31 Dec 2018

    US economy: We expect the US economy to grow above potential in 2019 and to gradually converge to its long-term growth rate of around 2% in 2020 as the boost provided by fiscal expansion in 2018 will gradually lose steam.

  • screen shot 2018 12 18 at 16.31.43

    European Asset -And Mortgage- Back Securities Ten Years On

    White papersFri, 14 Dec 2018

    How do the European asset- and mortgage-backed securities fare today a decade after the financial crisis they have been incriminated in? We make an assessment of the asset class, comparing today’s market conditions with those of ten years ago.

  • screen shot 2018 12 18 at 16.15.20

    Cross Asset Investment Strategy - December 2018

    White papersThu, 13 Dec 2018

    This year has proven to be challenging for portfolio construction, as well as regarding returns. To put this into perspective, for 2009-17, our analysis shows that each year, on average, 76% of major asset classes (including different regional government bonds, equity, inflation-linked, currency and commodities) recorded positive performances.

Search all our content