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Alternative Market Briefing

Short book suppresses returns of some Asian managers – Part 2

Monday, July 07, 2014

Komfie Manalo, Opalesque Asia:

While majority of Asian hedge funds reported impressive returns in June, some of the managers saw their returns suppressed by losses on the short book, according to Singapore-based Asian hedge fund specialist GFIA.

The Monterey Japan Equity Fund inched 1.2% as most of the gains from long side was erased by losses from short side which also includes futures hedges. The APS Japan Alpha Fund returned 2.2% as two of their pharmaceutical portfolio companies recorded positive performance mounting expectations for higher earnings growth as a result of new products in pipeline. UMJ Kotoshiro maintained its positive streak with a 3.1% return as small and mid-caps position produced a considerable contribution on the long side.

GFIA noted, "UMJ’s short positions on biotechnology-related names have shifted to negative amidst the short covering during May. This short covering in biotechnology and pharmaceutical names also dragged Four Season’s (-2.8%) portfolio into the negative territory. The portfolio manager expects Japanese retail stocks to face disappointments due to bad summer weather caused by El Nino event as well as consumers’ failure to catch up with continuing price hike."

Akito had their fourth flat month with a reported 0.3%. The fund’s loss accumulated due to loss cutting of some of their names which had lower liquidity in the current market. Also, their short positions were affec......................

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