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Alternative Market Briefing

Emerging markets-focused hedge funds outperform in July, Part One

Monday, September 08, 2014

Komfie Manalo, Opalesque Asia:

Asian hedge funds specialist GFIA said in its latest market Insight that emerging markets hedge funds outperformed in July with the exception of Russia developed markets in both equities and credit. The MSCI AC Asia Pacific ex Japan finished up 3.5%, with the majority of Asian country indices positive. In many markets, notably China/Hong Kong, Korea and Taiwan, out-of-favor stocks led returns, causing losses on shorts and underperformance on longs.

The four emerging ASEAN markets of Indonesia (Indonesia JKSE: 4.3%), Philippines (Philippines PSEi: 0.3%), Thailand (Thailand SET: 1.0%) and Vietnam (Vietnam VN Index: 3.1%) all ended positive this month.

"MPA Asia Fund’s (-1.1%) portfolio was hurt by shorts, predominantly from a reversal in cyclicals caused by a near-term change in macro sentiment in China and a rotation away from Technology names in Taiwan. Good two way contributions in India coupled with positive long performance in China/Hong Kong were the primary positive contributors to Flowering Tree’s Ashoka Fund (2.9%)," GFIA said in its latest report.

It added that the Dalton Asia Fund (1.0%) underperformed the benchmark as their short positions in Japan did not play out well in the upward-driven market. Nezu Asia registered 2.5% return in July with positive contributions from its Japan and China books. The Japan book was the most active amidst the earnings reporting season an......................

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