V. 22:9 (122, 110): Intermarket Review by David Penn

V. 22:9 (122, 110): Intermarket Review by David Penn
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V. 22:9 (122, 110): Intermarket Review by David Penn

The Intermarket Review looks at the China Fund (CHN), Thai Fund (TTF), India Fund (IFN), and Malaysia Fund (MF).

The China Fund (CHN) is a closed-end fund under the advisement of Asia Direct Capital Management. Traded on the New York Stock Exchange, the fund is geared toward providing investors with exposure to equities of companies based in or out of China. Founded in July 1992, the fund as of this writing had total net assets in excess of $271.30 million. Holdings in the China Fund include companies such as Chaoda Modern Agriculture (industrial), Sohu.com (information technology), and TCL International (electronics). By industry sector, the fund is diversified principally among industrials, information technology, and consumer discretionary.

Over the course of 2003, the China Fund was among the standout, country sector performers. Trading below $15 early in the year, the China Fund was over $45 by the fall. In recent months, however, the China Fund has corrected sharply, dropping below its 20-week exponential moving average (EMA) late in December 2003 and falling below its 50-week exponential moving average in the spring of 2004. Both moving averages are now likely to serve as resistance levels going forward.

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