Fri, Sep 19, 2014
A A A
Welcome Guest
Free Trial RSS
Get FREE trial access to our award winning publications
Alternative Market Briefing

Boom in China’s internet propels U.S. hedge fund Passport Capital to double-digit gains

Thursday, December 05, 2013

Komfie Manalo, Opalesque Asia:

The surge in China’s internet sector has helped U.S, hedge fund Passport Capital to register double-digit gains of 18.3% this year after posting a 2.4% profits in October, the firm said on Wednesday.

In a report, SCMP.com said that the $3.1bn San Francisco-based hedge fund manager outperformed the average hedge fund which gained an estimated 6% this year based on industry data.

Passport Capital posted its highest gains in 2007 a year before the global financial crisis when it generated 219% profits by investing offshore with its flagship fund, Global Strategy, bought stocks from China and Saudi Arabia.

This year, Passport’s strong performance came from China’s real estate internet portal Soufun, which saw its shares rose by 196% after announcing plans to launch a financial services platform in late November.

The hedge fund’s positions in gold, copper and other mining stocks also contributed to its strong performance, the firm said.

Background In August this year, Passport sold its entire portfolio of mortgage debt backed by the U.S. government in the second quarter.

"When we recognized prospects in the agency space had changed, we cut risk," Passport wr......................

To view our full article Click here

Today's Exclusives Today's Other Voices More Exclusives
Previous Opalesque Exclusives                                  
More Other Voices
Previous Other Voices                                               
Access Alternative Market Briefing


  • Top Forwarded
  • Top Tracked
  • Top Searched
  1. SEC charges 19 investment firms and one trader for breach of Rule 105[more]

    Benedicte Gravrand, Opalesque Geneva: The Securities and Exchange Commission (SEC) started a push to enhance the enforcement of Rule 105 of Regulation M last year to uncover hedge funds and private equity firms that have illegally participated in an offering of a stock after short selling it duri

  2. Fund managers, bullish on Europe, anticipate monetary policy separation of Fed and ECB[more]

    Komfie Manalo, Opalesque Asia: At least 202 fund managers with $556bn of assets under management said that while the European Central Bank (ECB) has eased its monetary policy that sent sentiments towards Europe to pick up, the Fed is expected to hike its rate in the spring of 2015. Investor

  3. News Briefs - Limited partners of investment managers may be subject to self-employment taxes, Just one week left until NYC's Rocktoberfest[more]

    Limited partners of investment managers may be subject to self-employment taxes On September 5, 2014, the Internal Revenue Service (“IRS”) issued Chief Counsel Advice 201436049, concluding that members of an investment manager were subject to self-employment taxes with respect to their e

  4. Institutions - Adviser's faith in hedge funds unshaken by CalPERS' move Advisers weigh in on CalPERS’ decision, Gina Raimondo sees no reason to follow California’s lead, exit hedge funds, Danish pension funds step up 'alternative investments'[more]

    Adviser's faith in hedge funds unshaken by CalPERS' move From WSJ.com: Financial advisers who use hedge funds in their clients' portfolios say they aren't rethinking that approach after a huge California pension fund announced plans to exit the hedge-fund market. The decision by the Cali

  5. Short Selling - Notorious U.S. short-seller targets Alibaba[more]

    From Wantchinatimes.com: A notorious American short-seller appears to have "targeted" Chinese internet giant Alibaba on the eve of its historic public listing on the New York Stock Exchange, reports Chinese web portal Hexun. Alibaba's highly-anticipated listing on Friday could potentially be the big