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China crash: hedgies’ winners, losers

In China on 22/07/2015 at 2:11 pm

Asian hedge funds’ 13-month winning streak came to an end in June.

Some of the region’s savviest investors such as Pine River Capital Management’s Dan Li and former Highbridge Capital Management Asia head Carl Huttenlocher were hit as a correction in Chinese equities spread to Hong Kong. The Eurekahedge Asian Hedge Fund Index slipped 1.3 percent last month, the first loss since April 2014, with 62 percent of the funds having reported …

Among the minority that made money in June was Owl Creek Asset Management’s $600 million Asia fund, which gained 2.9 percent, helped by long-short China investments, said a person with knowledge of the matter. The fund focused on corporate events such as mergers and led by Jeff Altman, returned 16 percent in the first half.

Nine Masts Capital, a Hong Kong-based fund expected to have more than $750 million of assets at the beginning of August, returned 0.6 percent in June for an 11.2 percent gain in the first half, according to updates sent to investors and seen by Bloomberg News.

The fund, run by former Deustche Bank AG’s Saba proprietary traders Wang Bing and Ron Schachter with co-founder James Tu, seeks to profit from pricing gaps between different securities including equity and credit sold by the same companies. It added another estimated 2.6 percent this month through July 10.

http://www.bloomberg.com/news/articles/2015-07-16/asia-hedge-funds-have-first-loss-in-14-months-on-china-crash?nl=business&emc=edit_dlbkam_20150717

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