Stephen K. Chang
Portfolio Manager, Asia
Mr. Chang is a managing director and portfolio manager in the Hong Kong office, managing Asia portfolios and developing PIMCO’s business in this space. He is also a member of the PIMCO Multicultural Global Steering Committee. Prior to joining PIMCO in 2018, he was a managing director and head of Asian fixed income for JPMorgan Asset Management, responsible for managing bond portfolios in the region and setting macro and asset allocation strategy as part of the broader emerging market debt team. Previously, Mr. Chang was a senior interest rates and derivatives trader with the Royal Bank of Scotland in Hong Kong and a global fixed income portfolio manager at Fischer Francis Trees & Watts, Inc. in New York. He has 26 years of investment experience and holds a master’s degree in management science from Stanford University and an undergraduate degree in computer science from Cornell University.
Reading the Road Ahead: Behind the Scenes at PIMCO’s Economic Forums
19 October 2021
Before Economic Forums were mainstream on Wall Street, our investment professionals were gathering to identify economic and market trends for our clients. Decades later, the cornerstone of our process is stronger and more important than ever.
China’s regulatory crackdown focuses on specific sectors. Market volatility will likely be temporary, and long-run prospects for active investors remain robust.
We are constructive on the macroeconomic picture in Asia as the global economy gradually recovers.
China expected to boost demand for some commodities as it transitions to a carbon-neutral economy.
Active management appears especially important during this fast-moving cycle when dislocations are likely and capturing resulting opportunities can be key to producing alpha.
China’s introduction of comprehensive support for its real estate sector could provide some cyclical relief amidst longer-term headwinds, but new COVID-19 waves cloud the outlook.
We do not expect widespread contagion across China’s real estate or banking sectors despite the challenging outlook.
Pro-competition policies aim to foster healthy development in the tech industry.
Stability, security and self-reliance were overarching themes from China’s twice-a-decade leadership reshuffle. With few details disclosed on near-term supporting policies, we remain cautious on the Chinese market.
08 February 2023
As the COVID-19 recovery continues, we expect Asia’s growth-inflation dynamics to diverge from the rest of the world, led by China’s long-awaited economic reopening.
17 March 2023
China’s central government puts high-quality growth as top priority, along with continued support for business and opening-up.