South African fund manager with $47 billion AUM reduces holdings in AI chip stocks and increases exposure to Indian equities

According to Jinse Finance, South African asset management firm Coronation Asset Management Ltd., which has $47 billion in assets under management, has reduced its investments in chip manufacturers and increased its allocation to the Indian market as market expectations for artificial intelligence (AI) concept stocks have reached nearly insurmountable levels. The company’s $3.1 billion global emerging markets fund lowered the combined holdings in SK Hynix and TSMC from around 8% at the end of December last year to about 5% in the second quarter. (Bloomberg)