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Alternative Market Briefing

APS Greater China hedge fund gains 11.34% YTD as of end October

Friday, November 25, 2016

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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