In the week-ending 29 November, 2013, according to Vestment hedge funds saw seven months of consecutive positive performance as at end October as assets gained $59.7bn; Diamond Age Russia Fund reported a strong returns of +18.78% for September and October combined; the Dalton Greater China Fund beat peers with a 25% returns this year; and Monte Capital’s long/short equity fund gained 12% YTD thanks to active management of options portfolio.
Global banks and asset managers, including Goldman Sachs, UBS and GLG said they would launch hedge funds in Asia. Specifically, former Goldman Sachs trader Andrew Wang said he would launch and Asia fund that will bet on Chinese and Japanese shares; emerging manager Strategis launched several structured products linked to a market neutral strategy; two former Eminence Capital executives said they would launch their own hedge fund; and NewSmith announced plan to roll out existing funds onto platforms and the same time launch funds for retail clients.
The Morningstar MSCI Composite EW Hedge Fund Index was up 1.6% for October (+7.2% YTD);
The Parker FX Index was up 0.32% (-0.74% YTD);
And the Scotiabank Canadian Hedge Fund Index gained 0.90% (-1.70% YTD) on asset weighted basis.
Assets of direct lending fund Czech AM hits $3bn as investors piled in as it closed his second fund to new capital; the assets of the once $14bn FX Concepts are now reduced to $2m and $79m in liabilities; and net inflows into UCITS funds almost trebled in the third quarter of the year compared with Q2.
Among investments made by hedge funds, it was reported that hedge funds’ net shorts of the Japanese yen rose to its highest since July 2007
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