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Alternative Market Briefing

Number of China-focused hedge funds losing money doubled to 32%

Tuesday, September 29, 2015

Komfie Manalo, Opalesque Asia:

The number of China-focused hedge funds that are losing money have more than doubled to 32% as of end August because of last month’s rout that shook the markets, according to Singapore-based data provider Eurekahedge.

A report by Bloomberg said that the figure dwarfed the 13% Greater China-focused hedge funds that lost money in July. Amongst the most well-known funds that posted losses were Pinpoint Asset Management and Greenwoods Asset Management.

The slowdown in the Chinese economy and Beijing’s decision to devalue its currency last month saw a reversal of fortune for a large number of China hedge funds after having led their global peers in performance at the start of this year.

The report added that the Eurekahedge Greater China Hedge Fund Index fell 7.1% in August (+2.3% YTD). Even some of the long-established and largest China-focused hedge fund managers were not spared the August rout.

Pinpoint Capital, which manages $539 million, shed 3.3% last month and declined lost 1.6% as of end August. The hedge fund reported its only annual loss in its 10-year history since its founding in 2008.

The $1 billion Greenwoods China Alpha Fund fell 15% in August and reported a 6.9% loss for the first eight months of 2015.

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