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Alternative Market Briefing

CSV China long/short equity fund returns 64% in four years, sees future opportunities in A-share markets

Monday, January 27, 2014

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Mr. Earl Yen
Benedicte Gravrand, Opalesque Geneva:

The CSV China Opportunities Fund, L.P. a long/short equity fund solely focused on China, has just completed its fourth year with a return of 14.7% in 2013 (after returning 1.7% in December), annualizing 13% and gaining a cumulative return of 64% since its January 2010 inception, thus outperforming all relevant benchmarks.

Comparatively, the Hang Seng China Enterprises returned -5.4% in 2013 and a cumulative -15% over the last four years; the MSCI China was up 0.4% last year and down 2.5% in the last four years; and the Eurekahedge China Long/Short Equity Index was up 17.7% in 2013 and up 22% for the last four years.

The hedge fund, which is managed by Shanghai-based CSV Capital Partners, has $51.6m in assets under management and is domiciled in Delaware. Mr. Earl Yen is the founder and managing director of the firm.

It seeks to invest in companies that are reasonably valued and that have more than one and preferably all of these characteristics: (1) Significant barriers to entry; (2) Recurring revenue; (3) Pricing power and high margins; (4) High returns on equity and assets; and (5) Revenue growth. The investment managers conduct their own thorough, private equity-style fundamental research, in all sectors.

In December 2013, the Fund’s holdings in the Internet and education sectors contributed the most to its positive performance and its industrial and real estate......................

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