China Fund Slashes ADR Exposure, Boosts Holdings of A-Shares
- Noah’s Gopher China equity fund cuts exposure to ADRs
- Fund also adds tactical traders in preparation for volatility
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Noah Holdings Ltd., which manages the best-performing emerging markets fund of hedge funds, has cut China-related American depository receipts by about one-third this year after shares surged, while adding to yuan-denominated shares listed on the mainland.