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Alternative Market Briefing

Asian fund managers end January with low net exposures (Part 1)

Tuesday, March 04, 2014

Komfie Manalo, Opalesque Asia:

Asian hedge fund specialists GFIA said Asian fund managers ended January with low net exposures, with selective net short exposures in countries such as Thailand, Indonesia and Malaysia.

GFIA founder Peter Douglas said, "MPA Asia ended its sixth straight positive month with a remarkable 1.32%, with most of its returns derived from its short exposure in China and ASEAN. Dalton Asia (4.8%) also benefited from its short positions in Japan and Australia, which took up -32% and -11% of the fund’s short exposure respectively. Despite a higher than normal long-short ratio, Ashoka’s (0.5%) short positions also contributed a handsome 4.4% to the fund’s return."

He said, the current market environment plays into the strength of a stock picking long-short strategy with meaningful stock price dispersion between strong and weak underlying businesses and sovereign environments, and this presents some managers a valid opportunity to build their portfolios.

Most of the major Asia markets, Japan, China and India were down

GFIA noted that the global equity markets had a weak start for the year due to concerns about the Fed’s tapering. Emerging markets took the largest hit with MSCI Emerging Markets Index falling 6.6%. More specifically in Asia, investor sentiment declined further following negative headlines in China relating to the liquidity crunch, a surge in short term funding rates, an......................

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