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Alternative Market Briefing

Hedge fund Northwest Investment gains 46% on cheaper valuation of Chinese firms

Friday, April 17, 2015

Komfie Manalo, Opalesque Asia:

The cheaper valuations of Chinese companies’ Hong Kong-quoted class-H shares have helped one of Northwest Investment Management (HK)’s hedge fund gain 46% so far this year, reported Bloomberg. Mark Smith, the head of Northwest’s business development, said that the firm’s $20m Northwest China Opportunities Fund also gained 18% as at end April 10.

George Philips, chief executive officer of the company that oversees about $700m of assets, dubbed the discounted China-listed, yuan-denominated class-A shares as "the trade of the year," and added he expected the cheaper valuation to persist between three and six months more.

Philips was quoted as saying, "We decided it was the trade of this year; it has proven to be right so far. Not only is this being profitable, most of it is still on the table. The opportunity is now not much smaller than a week and a half ago."

At the same time, he reported that the firm’s $435m Northwest Fund gained 15% YTD through April 10 and 12% this month. Comparatively, Eurekahedge reported that Asian and Japan-focused hedge funds returned 3.8% in the first quarter. The Eurekahedge Greater China hedge-fund index returned 6% during the same period. The Hang Seng China Enterprises Index of Chinese companies listed in Hong Kong has rallied more than 20% sinc......................

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