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 Eurekahed