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B. G., Opalesque Geneva:

The APS All China Long Short Fund returned over +7% net in July 2021 - compared to -10% for the MSCI Golden Dragon index, and +3% for the Eurkahedge Greater China Long/Short Equities index. APS's returns were driven by significant contributions from the short book while longs also outperformed the market. It is up 5% YTD, compared to the MSCI's -5% and Eurekahedge's +10%.

The Cayman-domiciled Fund mainly invests in stocks of companies established or operating in the People's Republic of China that are listed on exchanges in China, Taiwan, Hong Kong, and Singapore. It manages $305m and is up 4.8% since its July 2008 inception. It is run by APS Asset Management Pte Ltd, based in Singapore.

China's market sentiment

According to a manager commentary from APs seen by Opalesque, China's market sentiment was dampened in July 2021 by fears of an economic recovery slowdown and policy tightening in industries such as education, e-commerce, real estate, and healthcare. The Eurekahedge index rose 3.3% for the month, but there was wide dispersion in the market ... Industrial sectors such as non-ferrous metals, steel, electrical equipment, and chemicals saw gains while consumer-oriented sectors such as e-commerce, education, leisure, food & beverage, media, and real estate saw the largest declines.

"The major event for the month occurred on 21 July," the comment......................

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