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Opalesque Exclusive: Greater China Fund recovers in July after difficult first half year From the Opalesque team: In July, the APAC Greater China Fund gained 0.1% net of fees. The fund's equity universe recovered somewhat from its big losses in June, with the H share index gaining 5% and the Hang Seng Index 2.8% for the month, respectively. The Cayman-domiciled fund returned -15.8% YTD and +424.7% since its September 2004 inception. APAC Capital Advisors Ltd's offices are based in Hong-Kong.

The strategy presently is focused on capital preservation, while taking opportunities, as they appear, to participate in rallies and enhance returns. This means the Fund has moved its exposure very actively between defensive and aggressive positions. As perceptions in the markets have been greatly affected by developments in the US, often the managers' trades and positions have been triggered by news from New York as much as from China.

The long-term fund strategy is to invest in fast-growing Chinese companies, and 40-50% of the fund is focused on core holdings of Chinese companies listed in Hong Kong and NASDAQ. The rest of the portfolio (50-60%) trades long and short around themes. Some of these themes are near-term, like anticipating Chinese energy price normalization, weaker oil prices or the end of the recent rally in global financials. Some are longer-term, like fast growth in Chinese discretionary spending. T......................

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