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Alternative Market Briefing

APS Greater China Long Short Fund outperforms benchmark in 2Q

Wednesday, July 27, 2016

Komfie Manalo, Opalesque Asia:

Singapore-based fund management firm APS Asset Management Pte Ltd., said that its APS Greater China Long Short Fund outperformed its benchmark and was up 2.14% net in 2Q 2016 (+3.12% MTD and -10.68% net YTD). The fund outperformed the Eurekahedge Greater China Long/Short Equities Hedge Fund Index by 3.08 percentage points in the quarter and underperforming by 4.58 percentage points YTD.

The A-share market was largely range-bound in the second quarter, a period dotted with surprises. In April, an article in the People's Daily by a mysterious "Authoritative Person" reined in speculation of loose credit expansion and drew a guarded outlook for the economy, APS said. It added that in June, MSCI inclusion of A-shares in the Global Emerging Markets Index was, yet again, a no-go this year, despite the efforts taken by the State Administration of Foreign Exchange (SAFE) and the China Securities Regulatory Commission (CSRC) to revise stock suspension rules and granting more QFII quota.

APS stated, "We have seen some commodity prices recover in the 1H of 2016. This is attributed to destocking and expectations that supply contraction would exceed demand decline. From the statistics in the first five months, the overcapacity industries did see negative investment growth, such as coal, railway, shipbuilding, chemical and paper mills, but the overall fixed asset size is still growing, albeit at......................

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