Lei Yang has been associated with 13D since 2005. Lei heads up 13D’s China thematic research as well as individual stock selection. Lei has a deep understanding of the Chinese economy and how the Chinese leadership impacts both the economy and the stock markets. Lei endeavors to tell the genuine story of China to 13D’s clients all over the world.

Lei writes on a wide range of China-related topics, such as loneliness/demographics, ESG, manufacturing/productivity (TFP), infrastructure, deep value and high-dividend-yielding SOE stocks, SOE reform, etc. His understanding of macro-economic themes specific to the Chinese markets has greatly enhanced 13D’s insights into China.In 2020, Lei constructed the 13D China Index, an index comprising a wide selection of Chinese companies covered as part of 13D’s most important secular themes.

On November 11, 2021, Lei recommended clients shift into Chinese equities that represent deep value and have a high dividend yield. Since that time, during an ugly bear market in Chinese equities, our 13D China Deep Value & High Dividend Yield Index has generated a return of 105.6% versus 59.7% for the S&P 500.

Lei’s most significant market calls are:

• Issued buy calls on the Chinese equities in October 2012;
• Identified major political shifts such as President Xi’s anti-corruption campaign in 2012;
• Called to buy upstream Chinese stocks as they broke out against the downstream stocks in November 2020.

In 2012, Lei assisted Kiril Sokoloff, the founder and Chairman of 13D, in a beauty contest at one of the mainland’s top financial institutions, where 13D came in first place out of 38 global competitors.

Lei earned his Master’s degree in International Business from Norwegian School of Economics (NHH) in Bergen, Norway. Lei is a CFA charter holder.