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Komfie Manalo, Opalesque Asia: Singapore-based fund management firm APS Asset Management said that most of its hedge funds outperformed their benchmarks in May with its flagship returning APS Japan Alpha Fund 7.93% (gross) during the month compared to the TOPIX Net Index's return of 3.21%, outperforming the index by 4.72 percentage points.
The APS Far East Alpha Fund returned 0.90% (gross) during the same period compared to the MSCI Daily TR AC Far East ex Japan Index's return of 4.64%, underperforming the index by -3.74 percentage points. The APS China A Share (Cayman) Fund outperformed the customized benchmark by 3.52 (gross) percentage points.
However, the APS Asia Pacific Long Short (Cayman) Fund and the APS Greater China Long/Short Fund registered losses of -0.80% and -2.74% (net) respectively for the month.
APS said in its monthly report, "In May, we continued to exploit 'perception gaps' between APS' and the market's assessment of specific stocks. We visited many companies during the month and found clear winners and losers. For example, we initiated a position in NuFlare Technology after our rigorous research suggested that its intrinsic value is substantially above the current market value. On the other hand, we took profit on positions that reached our target price and we will continue to sell off stocks with narrowing 'perception gaps'".
The top contributor in May was Digital Arts, ...................... To view our full article Click here
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