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Alternative Market Briefing

Chinese hedge funds recover from early losses

Monday, October 17, 2016

Komfie Manalo, Opalesque Asia:

China-focused hedge funds, particularly the largest, are enjoying good returns as the recovery in the stock market has helped them reverse losses they posted early this year, Bloomberg reported.

Greenwoods Golden China Fund, with $1.5bn in asset and the $728m Pinpoint China Fund both reported positive gains last month, extending their growth which started to trickle in in the second half of this year after posting losses in the early part of 2016. Records from data provider Eurekahedge showed that China-focused hedge funds are having their toughest year since 2011, with around 63% of them in the red through September.

Joseph Zeng, the partner in charge of the Hong Kong office at Greenwoods Asset Management, commented, "We have seen signs of stabilization with both China’s macro economy and equities market. The forthcoming Shenzhen-Hong Kong Connect is expected to be a catalyst for Hong Kong-listed equities." The Shenzhen-Hong Kong Connect intends to link both markets beginning November that will facilitate cross-border investments.

Like their Western peers, hedge fund managers, including Ken Griffin and Izzy Englander, saw their hedge fund firms, Citadel and Millennium Management post gains over the past months due to upswings in the stock market that helped them recover from earlier losses.......................

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