Sat, Feb 13, 2016
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. Asia - Hedge fund manager Kyle Bass estimates China's foreign reserves below critical level[more]

    From Nasdaq.com: Investor Kyle Bass stepped up his attack on China's currency, arguing in an investor letter distributed Wednesday that the second-largest economy's foreign reserves are "already below a critical level." The comments mark the latest effort by hedge funds and other investors to raise

  2. Investing - Some hedge funds want to make subprime auto loans next big short, 11 hedge funds that are “all in” on the FANG stocks, Hedge funds short London luxury homes, Cynet raises $7 million from U.S. hedge fund[more]

    Some hedge funds want to make subprime auto loans next big short From Bloomberg.com: A group of hedge funds, convinced they have found the next Big Short, are looking to bet against bonds backed by subprime auto loans. Good luck finding a bank willing to do the trade. Money manage

  3. Investing - Hedge funds see selloff in European bank stocks as buying opportunity[more]

    From WSJ.com: The massive selloff in European bank stocks and bonds is overdone and presents a “phenomenal” buying opportunity, according to some of Europe’s top hedge-fund managers. Despite a 28% slump in European bank stocks this year, including a 38% fall in Deutsche Bank AG and a 34% drop in Soc

  4. Legal - Carlyle accused of fraud by ex-employee, Hedge funds win CDS breach of contract suit against Deutsche Bank, Hedge fund asks for OK on $27.5m Goldman CDO deal, SFO examines Barclays hedge fund profits[more]

    Carlyle accused of fraud by ex-employee From AI-CIO.com: A former portfolio manager claims he was fired for blowing the whistle on “crazy” and “irresponsible” investments. Carlyle Group has been sued by a former portfolio manager for one of its hedge funds, who accused the firm of “knowi

  5. Illiquid assets are all the rage for hedge funds[more]

    From Valuewalk.com: …Institutional investors are increasingly turning to illiquid assets and active management strategies to combat macroeconomic trends, anticipated market volatility and diverging monetary policy, according to a new survey by Blackrock. And this week, Bloomberg has reported that at