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Alternative Market Briefing

Foundation China Fund posts gains in July

Tuesday, August 12, 2014

Bailey McCann, Opalesque New York:

Foundation China Fund, the flagship vehicle of Hong Kong-based Foundation Asset Management reported positive net of fees gains of 5.7% for July, according to performance information obtained by Opalesque. The vehicle slightly underperformed the MSCI China Index which returned 7.3% for the same period.

Foundation Asset Management is a value investor that relies on a long-biased absolute return equities strategy.

The Foundation China Fund invests primarily in securities issued by companies listed in Hong Kong, China, and Chinese companies listed elsewhere. Portfolio highlights included in the investor letter note investments in an internet media company, electrical appliance retailer, insurance company and a wind turbine company.

Investments within the portfolio are heavily weighted toward Hong Kong which represents 75.6% of invested companies. The US comes in second at 20.6%, Europe at 3.5%, and Asia at 2.5%.

Overall, the fund is up 6.5% year-to-date, despite posting negative returns in the first quarter. The fund is up 120.6% since its inception in 2007, compared to the MSCI China Index which returned 26.3% over the same period.

Chinese hedge funds are down as a cohort for the first half of the year, posting returns of -1.38% according to data from Eurekahedge. The MSCI Golden Dragon Index, which captures the equity market performance of large and mid-cap China securities and non-domestic China securities listed in Hong K......................

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