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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......................

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