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However, by the end of 2020, both firms had dropped out of the fund’s largest top five holdings and it now held no exposure. In a webcast, chief investment officer, Nick Griffin, said: “Regulatory threats are going through in China and that is concerning. “Alibaba was our largest position, we were very excited about the Ant Financial IPO and we also held Tencent. But we put a stop loss in place in February where we monitored the stocks for 30 days and every time we looked at it, we couldn’t say what would happen. “We are not saying we dislike China but we will stick to the sidelines for now.” ....