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Opalesque Roundup: Global hedge funds slash positions in Chinese companies: hedge fund news
Monday, August 21, 2023

Opalesque Roundup: Global hedge funds slash its position in Chinese companies: hedge fund news

In the week ending August 18th 2023, media reported that global hedge funds are "aggressively" selling Chinese stocks amid heightened concerns over the country's property sector and a weak batch of economic data, a Goldman Sachs report on Tuesday showed.

U.S.-based hedge fund investors including Coatue, D1 Capital and Tiger Global cut their exposure to Chinese companies in the second quarter, as the country's economic prospects seemed to wobble and geopolitical tension increased. Tiger Global slashed its position in JD.com by roughly 12%, to $719.3 million from $1.1 billion, while also reducing its numbers of shares in Kanzhun. Coatue Management LLC, founded by Philippe Laffont, formerly of Tiger Management, cut its positions in Alibaba, Baidu, JD.com, Kanzhun, KE Holdings, Li Auto and PDD Holdings, regulatory filings showed.

Meanwhile, Bridgewater Associates, the world's biggest hedge fund, liquidated nearly a third of its holdings in Chinese stocks during the last quarter as lacklustre markets and elevated geopolitical tensions slammed investor confidence.

In the meantime, trend-following hedge funds have piled into global equities as market volatility has fallen and stocks climb on investors' hopes that interest rate rises are close to their peak. Commodity trading advisers - hedge funds that rely on pattern-detecting algorithms and statistic......................

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