Sat, Feb 25, 2017
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. Legal - Fannie, Freddie shares dive after U.S. appeals court ruling[more]

    From Reuters.com: Shares of Fannie Mae and Freddie Mac tumbled more than 30 percent on Tuesday after a U.S. appeals court shut down efforts by hedge funds and other investors to pursue numerous legal claims accusing the U.S. government of seizing their profits following taxpayer bailouts. By a

  2. Institutional investors plan to raise allocations to alternative assets in 2017[more]

    Komfie Manalo, Opalesque Asia: A survey by Context Summits Miami showed that nearly 72% of institutional investors and family offices plan to raise their allocations to alternative asset managers this year, suggesting continued strong demand for the industry. "As many large, brand name f

  3. Comment - Mortgages, mergers and hedge fund fees, Fairholme's Berkowitz responds to court ruling against hedge fund suits of Fannie Mae[more]

    Mortgages, mergers and hedge fund fees From Bloomberg.com: Yesterday the U.S. Court of Appeals for the D.C. Circuit handed down an odd decision in a lawsuit over the government's nationalization of Fannie Mae and Freddie Mac. The key issue is what's called the "Third Amendment," the 2012

  4. Investing - Hedge funds continue to chase the herd in record Momentum wager, Marshall Wace bets grocer Sainsbury may need rights offering, Hedge fund net exposure has started to retreat, David Tepper's Appaloosa fund makes a huge buy, The 10,000-mile journey to Short Australia, Skeptical hedge fund investors grill Evan Spiegel about Snap's I.P.O.[more]

    Hedge funds continue to chase the herd in record Momentum wager From Bloomberg.com: Hedge funds can't get enough of momentum - even if it means embracing an investing strategy they hate. Loosely defined as betting on shares that went up the fastest over the preceding nine-to-12 months, h

  5. Opalesque Exclusive: Swiss investors take fund seeding and acceleration into their own hands[more]

    Benedicte Gravrand, Opalesque Geneva: Banque Bonhote, a 200-year old Swiss private bank, last year launched a community of investors - heads of Swiss family and advisory offices and wealth managers - with the aim of co-investing in the kind of managers they wanted to invest in, either by way of s