"While it's a good company and we obviously still like it, at the moment it's the proxy of all the things investors want to avoid," said Virginie Robert, the founder and president of Paris-based Constance Associes, whose global tech fund beat 99 percent of peers tracked by Bloomberg this year. Robert, who has an underweight position in Tencent, said she'll refrain from adding to holdings until the company provides more clarity on its business outlook. Jane Yip, a spokeswoman for Tencent, didn't respond to requests for comment.