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Komfie Manalo, Opalesque Asia: Singapore-based asset management firm APS Asset Management said that its APS Greater China
Long Short Fund gained 11.34% YTD as of last month. However, for
October, the fund fell -0.11% but still outperformed the Eurekahedge
Greater China Long/Short Equities Hedge Fund Index by 1.19 percentage
points. In 2015, the fund was up 42%.
APS said that the A-share market continued its run higher in October on
a reflation theme, as economic data – notably railway freight volume,
total power consumption, bank loans for working capital, capex, PPI, and
PMI – broadly showed stabilization.
It cited the latest Financial Stability Report released by the
International Monetary Fund, where it noted that "uncertainty over
China’s near term prospects has reduced, though its rapid credit growth
may result in new risks/challenges".
APS said, "Supportive government policy has succeeded in firing up the
economy and housing market, which in turn has alleviated the stress
borne by the previously distressed materials sector – for instance, with
the rebound in steel prices, crude steel output has risen seven months
in a row now. However, where we go from here is important. With home
purchase restrictions being put into effect in multiple cities, and the
government seeking to rein in speculative and investment demand by
tightening mortgage loans (to buyers) and credit (to developers), the
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