Ping An adds alts, HK stocks and cash amid return drop

China’s Ping An Insurance continued to build up its foreign asset portfolio in the second half of last year largely by adding Hong Kong stock exposure, but it also increased its cash position. Over the course of 2016 the firm also saw its allocations rise to preferred shares, infrastructure, private equity, property and equity wealth management products, while its overall exposure to bonds, equity funds and debt plan investments shrank. This came as Ping An posted a gross return…