Sun, Jul 5, 2015
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. Opalesque Exclusive: New systematic strategy managed alongside research firm outperforms S&P500[more]

    Benedicte Gravrand, Opalesque Geneva for New Managers: An emerging CTA manager explains how he runs his strategy, which is based on an index produced by a research firm. Peter Turk is head of

  2. Opalesque Exclusive: New systematic strategy embraces machine learning[more]

    Benedicte Gravrand, Opalesque Geneva for New Managers: The founder of a New York-based systematic trading firm, which offers a hybrid between alpha strategies and alternative feta at lower fees, describes his approa

  3. Larry Robbins' hedge fund Glenview buys 1m Tenet Healthcare shares[more]

    Komfie Manalo, Opalesque Asia: Glenview Capital Management said it bought an additional 979,482 shares at Tenet Healthcare Corp valued at $53.80 million, raising its stakes in the healthcare services company to 15.16%, reported

  4. Legal - Grayson’s hedge funds under scrutiny for possible ethics violations, Court rejects hedge fund’s motion to block merger of Samsung affiliates[more]

    Grayson’s hedge funds under scrutiny for possible ethics violations From Freebeacon.com: Rep. Alan Grayson is finding himself in hot water over managing hedge funds that bear his name, actions that are in possible violation of House ethics rules. Sitting members of Congress are prohibite

  5. Hedge funds decline in June as stocks tumble on Greek woes[more]

    From Bloomberg.com: Hedge funds posted losses across strategies last month as uncertainty over whether Greece will remain in the euro sent global stock markets tumbling. Winton Capital Management declined about 3.1 percent in June in its $12.1 billion Winton Futures Fund, leaving it down 1.9 percent

 

banner