HONG KONG : Large Asian hedge funds added Chinese education companies to their portfolios in the first quarter of 2023, and bought stocks in U.S. tech giants expected to benefit from ChatGPT and other artificial intelligence systems, regulatory filings showed. Investors poured money into private tutorin
HONG KONG : Large Asian hedge funds added Chinese education companies to their portfolios in the first quarter of 2023, and bought stocks in U.S. tech giants expected to benefit from ChatGPT and other artificial intelligence systems, regulatory filings showed.
TAL was also on Singapore-based FengHe’s shopping list. The fund run by ex-Alibaba CTO John Wu bought a further 2.1 million shares of the tutoring giant to build an existing position. It took some profit from New Oriental during the quarter, although the latter remains its second largest exposure in the U.S. market.
“The past quarter was the turning point for both New Oriental and TAL which offered very positive guidance for the next quarter and FY24,” Tina Li, an education analyst at BOCI research said in a note this week. Another consensus buy during the first quarter was the big artificial intelligence players in the United States.
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