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Alternative Market Briefing

Shanghai-based hedge fund crosses $50m assets

Tuesday, March 25, 2014

Komfie Manalo, Opalesque Asia:

CSV China Opportunities Fund, L.P. gained 3.2% in February (+2.4% YTD) with the fund’s holdings in the travel and technology sectors contributed the most to its positive performance, accounting for gross return contributions of +135 bps and +102 bps, respectively. Since its inception in January 2010, the fund has achieved a cumulative return of 68.0%, or 13.3% on an annualized basis.

The fund returned 14.7% in 2013 (after gaining 1.7% in December).

In its monthly report to investors, CSV said that as of February 28th, the fund's weighted harmonic average 'portfolio P/E’ of its long position was 11.6x on a trailing 12 month basis, with an implied weighted average annual dividend yield of 2.6%. Over the same period, various China equity indices generated cumulative returns ranging from -37% to +36%.

The hedge fund, which is managed by Shanghai-based CSV Capital Partners, has $51.6m in assets under management and is domiciled in Delaware. Mr. Earl Yen is the founder and managing director of the firm.

CSV said in its monthly report, "Chinese stocks experienced a rebound in February 2014, as all indices achieved positive results for the month. The Halter USX Index’s performance was especially strong, boosted by the recovery of U.S.-listed China equities from a be......................

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