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Alternative Market Briefing

APS Greater China hedge fund outperforms benchmark with 9.82% gains in October (+37.15% YTD)

Friday, November 27, 2015

Komfie Manalo, Opalesque Asia:

Singapore-based fund management firm APS Asset Management has reported that its APS Greater China Long Short Fund gained 9.82% in October 2015 and 37.15% YTD, outperforming the benchmark by 4.72% and 28.2% respectively.

APS told investors in its monthly report, "There is now growing evidence that China has reached the 'deep water’ phase of President Xi Jinping’s reform. Not only has fixed asset investment slowed down rapidly, the impact of which is felt most by bleeding steel mills and coal miners, domestic consumption also softened as consumer staple companies struggle to catch up with the escalating demands of more affluent consumers seeking sophisticated, high-quality goods."

It added that Chinese consumers who amused themselves by shopping for toilet covers in Japan certainly know this better. Demand stimulus measures, which China often resorted to in the past, have been insufficient to upgrade the economy; the firm said that it is very encouraging to see "supply side reform" getting more emphasis in the central government.

Reform measures a success

APS added, "Supply side reform will entail many aspects, including improving efficiency, reducing transaction costs, enhancing labor quality, closing down zombie corporations and releasing resources for more value-added, more innovation driven industries. It may possibly also involve tax policy reforms. The capital market ......................

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