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By the Opalesque Team: Greenwoods Asset Management, a China equity fund house based in Hong Kong, reported that its Golden China Fund, an equity Long/short fund focusing exclusively on China equities (H, B, and A shares, and ADRs) using bottom-up stock picking through thorough fundamental research, had returned 52.15% YTD (as of May 28, 2009, before fees), vs. 24.67% for the H-share index and 23.02% for the MSCI China Free Index. The fund has annualised 32.25% from July-04 to May-09.
The Golden China Plus Fund, which is long-biased on China equities plus less liquid assets (CBs, high-yields, PIPEs) returned 56.54% YTD (as of May 28, 2009, before fees). The fund offers an opt-in/Opt-out of the side-pocket on less liquid investments. Partners invested around $30m, and added several million dollars during 2008. And there is now a new class offering 15% return hurdle over a 2-year initial lock-up period.
Better than expected PMI
According to Greenwoods, China’s May manufacturing Purchasing Managers Index (PMI) fell slightly to 53.1%, better than market expectation and a clear indication of an economic rebound. In May, orders received by export-related sectors (including clothing, furniture, electronics and telecom equipment) rebounded notably, driven by stabilization of the external environment. All sub-indices of the PMI index fell ...................... To view our full article Click here
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