In recent months, life insurance stocks also provided strong performance as people started to focus on the long-term product improvements offered by insurers rather than focusing on shorter-term investment returns. CITIC Securities (SHSE:600030), a leading brokerage, was the major absolute detractor as volumes in China’s domestic stock markets remained weak and investors remained unwillingly to look past what we believe is a short-term issue.
From Matthews Fund third-quarter 2016 commentary.