China Private Funds Shift to Stock Picking as A-Shares Waver

The signal here is about positioning, not direction: managers are framing the selloff as a crowding unwind rather than a change in the underlying thesis, and the rotation into utilities, banks and coal suggests the market is repricing where risk sits rather than exiting equities. This matters most for AI-linked telecom and electronics names, where concentrated positioning makes them vulnerable to further de-risking even if the broader view holds. Whether the shift toward stock-level alpha and portfolio structure persists, or reverts once the external disturbances fade, is the open question worth watching.