With China announcing its first interest rate cut in about four years, Kenneth Fisher says he expects good things from Chinese equities.

“We’re overweight China and optimistic on China relative to both emerging markets and the world as a whole,” Fisher told Bloomberg. “We see this as part of a broader Chinese effort to stimulate, loosen and deregulate.”

China represents about 6% of Fisher Investments’ portfolio, according to Bloomberg. The firm had begun upping its China stake in last year’s fourth quarter, and at the end of last quarter was the largest holder in the iShares FTSE China 25 Index Fund, which is the biggest U.S.-listed China exchange-traded fund, Bloomberg reports.