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November 17, 2020 | Global Equity
How COVID-19 Changes China

PORTFOLIO MANAGER

Vivian Lin Thurston, CFA, partner, is a portfolio manager for the Emerging Markets Growth, China A-Shares Growth strategies, and China Growth Fund. Previously, she was a global equity research analyst covering the China A-shares market and large-cap consumer companies. Before joining William Blair, Vivian was vice president and consumer sector head at Calamos Investments. Before that, she was an executive director and senior investment analyst at UBS Global Asset Management/Brinson Partners, where she was responsible for stock selection and research for consumer sectors in the United States and emerging markets. Vivian also held roles at Mesirow Financial, China Agribusiness Development Trust and Investment Corporation, and Vanke. She is a member of the CFA Institute and the CFA Society Chicago. She is also the founder and chairman of the board of the Chinese Finance Association of America, a 501(c) nonprofit organization. Vivian received a B.A. in sociology from Peking University and an M.A. in sociology and M.S. in finance from the University of Illinois Urbana-Champaign.

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We have consistently been attracted to three investment themes in China—healthcare, consumer, and technology—and believe COVID-19 enhances the opportunities they present.

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We have consistently been attracted to three investment themes in China: consumer, healthcare, and technology. All three themes are further enhanced by COVID-19 developments.

Consumer. As China continues to shift to a domestic consumption-driven economy, we believe emerging middle-class consumption will remain the strongest driver of domestic economic growth and bottom-up investment opportunities.

Healthcare. Healthcare has also become a bigger focus of the general public in China in light of the COVID-19 pandemic, and China is vastly underpenetrated and underspending in terms of healthcare compared to many countries in the world. We believe this shift will help put China on the map for healthcare investment going forward.

Technology. Last but not least is technological development. As an example, China has recently accelerated investment in semiconductors, increasing support to domestic companies that offer technologies along the semiconductor value chain.

We believe the overall crossover between these three areas will continue to drive quality growth investment opportunities in China. Therefore, we remain very positive about China and believe that the pandemic further enhanced our opportunities there.

Vivian Lin Thurston, CFA, partner, is a portfolio manager and research analyst on William Blair’s Global Equity team.

PORTFOLIO MANAGER

Vivian Lin Thurston, CFA, partner, is a portfolio manager for the Emerging Markets Growth, China A-Shares Growth strategies, and China Growth Fund. Previously, she was a global equity research analyst covering the China A-shares market and large-cap consumer companies. Before joining William Blair, Vivian was vice president and consumer sector head at Calamos Investments. Before that, she was an executive director and senior investment analyst at UBS Global Asset Management/Brinson Partners, where she was responsible for stock selection and research for consumer sectors in the United States and emerging markets. Vivian also held roles at Mesirow Financial, China Agribusiness Development Trust and Investment Corporation, and Vanke. She is a member of the CFA Institute and the CFA Society Chicago. She is also the founder and chairman of the board of the Chinese Finance Association of America, a 501(c) nonprofit organization. Vivian received a B.A. in sociology from Peking University and an M.A. in sociology and M.S. in finance from the University of Illinois Urbana-Champaign.

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