Hedge fund winners and losers turn extreme in wild Asian markets

24/01/2022 8:38:00 AM

The Eurekahedge Asian Hedge Fund Index advanced 5.7 per cent, trailing global peers by 3.6 percentage points after outperforming in seven of the past 10 years.

The Eurekahedge Asian Hedge Fund Index advanced 5.7 per cent, trailing global peers by 3.6 percentage points after outperforming in seven of the past 10 years.

The Eurekahedge Asian Hedge Fund Index advanced 5.7 per cent, trailing global peers by 3.6 percentage points after outperforming in seven of the past 10 years.

Franchise Fund slumped 39 per cent last year, according to a newsletter sent to investors. The hedge fund soared 203 per cent before fees in 2020 on concentrated bullish bets on growth stocks. Last year, it suffered as companies including short-video platform Kuaishou Technology and cloud-based commerce services provider China Youzan saw business deteriorate. Investor greed turned to extreme fear on overvalued growth stocks amid global inflation and Chinese regulatory tightening concerns, founder Simon Wang wrote in the commentary.

Read more:
Financial Review »

Flash flooding, damaging winds, hail and rain on the radar for NSW

More wild weather is on the way for NSW as parts of the state battle a flood emergency. Read more >>

ANZ predicts a return to debt markets in 2022The bank’s markets team has tipped more activity in debt capital markets this year So selling debts to other companies that have different rules for defaulting etc?

University’s wild list of banned wordsA university has published a list of not-to-be-used words which as well as obvious suggestions also lists “grandfather,” “minority.” and even “red”. ... well that's just 'double plus ungood' Orwell That's going to save the HeraldSun a lot of money in ink, they would just about have nothing to say What a disgusting WOKE decision … grandfather banned ? Ffs… !!

ASX dips after global markets slump; Fortescue acquires Williams Advanced EngineeringAustralian shares fall in early trading, tracking a lower finish on Wall Street, amid fears of inflation and policy tightening by the US Federal Reserve.

Wild week rocks key industryThe value of Australia’s coalminers has rattled around violently as investors weigh sky-high commodity prices and strong demand against a wet Queensland summer and corona-fuelled supply chain woes.

Australian Open 2022 | Why the tennis is better than the races in Melbourne | escape.com.auOnce upon a time, the Spring Racing Carnival was *the* social sporting event to attend in Melbourne. But the tide has turned. This is why tennis is the new races. Tennis? Maybe because it's the only event to go ahead during the pandemic with crowds? Or were there no crowds last year? Spring carnival has been crowdless 2 years now. It's a fantastic event.

Below is a selection of returns from some of the region’s notable funds: Advertisement Tech Turmoil Franchise Fund slumped 39 per cent last year, according to a newsletter sent to investors.to save article Share Australia and New Zealand Banking Group expects a return to more normal levels of debt market issuance this year, led by the banks returning to commercial funding markets.Fox News .Australian shares have fallen in early trading, tracking a lower finish on Wall Street, amid fears of inflation and policy tightening by the US Federal Reserve.

The hedge fund soared 203 per cent before fees in 2020 on concentrated bullish bets on growth stocks. Last year, it suffered as companies including short-video platform Kuaishou Technology and cloud-based commerce services provider China Youzan saw business deteriorate. ANZ’s head of capital markets Paul White and head of markets Shayne Collins. Investor greed turned to extreme fear on overvalued growth stocks amid global inflation and Chinese regulatory tightening concerns, founder Simon Wang wrote in the commentary.” “This word is offensive, even when it’s used in slang for uncool because it’s using a disability in a negative way to imply that the opposite, which would be not lame, to be superior,” the guide states. Sylebra Capital’s older global hedge fund dropped 35 per cent in 2021, according to a person with knowledge of the matter. “A lot of that senior funding expires or matures in 2023 and 2024, so this year will be more transitional and next year we expect we’ll see another leg higher in terms of volumes. The stock picker was hurt by its bias toward technology, mid-cap stocks, deep fundamental research and a large book of bearish wagers, the person said.6pc) and Novonix (-8.

Investors shifted to cyclical and mega-cap stocks, markets were driven by macroeconomic headlines, and retail traders derailed hedge fund short-selling, the person added. Advertisement winding back the “committed liquidity facility” (CLF), there would be a knock-on effect for credit spreads. Inclusive language guide at the US University of Washington Staff advised against using the term ‘Grandfather’ The guide considers “grandfather” a “problematic word” because the term was “used as a way to exempt some people from a change because of conditions that existed before the change. The loss almost wiped out the fund’s 48 per cent gain in 2020. It represented a setback for the firm that raised about $US900 million from investors in 2021 looking to profit from a wider performance gaps of stocks. “Spreads moved wider during the last three months of last year and to a certain extent in the last few months,” he said. A December gain helped the Greater China-focused Brilliant Partners Fund narrow its full-year loss to 23.” Phrases with “man” such as “manpower,” “man hours,” or “man-in-the-middle” is considered “not inclusive” and “thus sexist.6 per cent, according to three people with knowledge of the matter. Mr White said Australia had followed the global trend with volumes falling sharply last year, after a rush to issue in 2020 off the back of massive central bank stimulus measures.4pc), and Coles (+1pc) were among the top movers.

Brilliance Asset Management founder Shi Lin apologised to investors in July for misjudging the impact of Beijing’s reforms of the after-school tutoring sector. The Benjamin Fuchs-led multi-strategy BFAM Asia Opportunities Fund saw its nine-year winning streak come to an end, with an almost 11 per cent loss in 2021. “It’s no real surprise that volumes dropped off last year,” Mr White said. ‘Racist tropes’ According to the language guide, using “red,” white,” or “yellow” to separate different teams is based on “racist tropes. It suffered as investors dumped bonds of , people with knowledge of the matter said. Former prolific issuers China Evergrande Group and Kaisa Group Holdings roiled the markets for months before defaulting on debt obligations.” But he said the market was down only 8 per cent if you stripped out government issuance. Advertisement CloudAlpha Master Fund ended a volatile year down 24 per cent, after losing 25 per cent in December, according to an update sent to investors. Employees within the University of Washington information technology department are also encouraged to contact vendors who use the “problematic words and phrases” and ask them to avoid terms that come from “racist, ableist and/or sexist origins. Fortescue has been working with WAE since last year to develop a battery system that could power its mining haul trucks as part of its ambition to slash carbon emissions.

Kintor Pharmaceutical, one of its core positions, dived 78 per cent in Hong Kong that month, after announcing its COVID-19 drug failed to meet certain “statistical criteria” in the phase III trial for efficacy and safety. “Corporate volumes were up $21. The hedge fund is Kintor’s largest outside shareholder. CloudAlpha, which can invest in technology companies globally, soared 137 per cent in 2020 and took a positive spin on last year’s results.” Advertisement ANZ’s head of global markets, Shayne Collins, said while there was a rush of monetary and fiscal stimulus underpinning record issuance in 2020, many issuers were already well capitalised and had no need to tap public markets last year. “Can you let us know what efforts you are undertaking to move away from this language so as to create a more inclusive product/service?” Originally published as. It’s not all doom and gloom. Och-Ziff Capital Management alumnus Hermes Li’s Aspex surged at least 31 per cent for the year, said two people with knowledge of the matter. Going into this year, Mr Collins said signs were emerging of a rise in demand for debt, following interest rate hikes in New Zealand, and ANZ recently decided to enter the US private placement market directly, rather than through a partnership it had with JP Morgan. Oil prices slid last week, pressured by an unexpected rise in US crude and fuel inventories, while investors took profits after global oil benchmarks touched seven-year highs.

Aspex’s assets have mushroomed to about $US8 billion, the people said. The roughly $US500 million Infini Master Fund surged 96 per cent last year. “The private market has taken a bit of a back seat with the sharp contraction in interest rates and lower yields, it’s also had an impact. China’s regulatory tightening and US rules affecting Chinese companies listing there created lucrative opportunities to short the nation’s education, real estate and internet firms, founder Tony Chin said. It also gave a chance to exploit pricing gaps between mainland China, Hong Kong and US markets, he added. Mr Collins said the move to end the partnership with JP Morgan reflected ANZ’s desire to get closer to the big US insurers on the investor side of the market, and it expected more Australian corporates to conduct private placements in 2022. Energy Transition The latest global distressed asset fund of Alp Ercil’s Hong Kong-based ARCM gained 28 per cent in 2021, said a person with knowledge of the matter. On Wall Street, the Dow Jones Industrial Average slid 1.

Paying off was the timely rotation out of 2020’s winning credit positions, in favour of distressed equities related to cyclical industries and commodities, according to the person. The move was intended to capture investment opportunities in areas such as base metals, energy and industrial stocks amid the global transition toward cleaner energy, the person added. Advertisement Grace Lu’s GH China Century Master Fund was up 17 per cent for the year, according to a newsletter. It thrived on environment-friendly investments such as rare earths and battery makers that supply to the electric vehicle industry , as well as solar power companies and inverter manufacturers, Lu said. Tribeca Global Natural Resources Fund jumped 58 per cent, said Ben Cleary, its Asia chief executive officer. In Europe, the German, French and Italian indices fell almost 2 per cent, with the broad Euro STOXX index of 600 leading regional companies closing down 1.

The returns were largely driven by investments in carbon credits and other beneficiaries of global decarbonisation policies such as battery feedstocks, cell makers and clean energy such as uranium, he said. Diversification Wins Managers that focus elsewhere in Asia did well. Seth Fischer led his Oasis Management hedge fund to a nearly 16 per cent surge, said people with knowledge of its performance. The firm benefited from strong results in Japan, where it has made a name for pushing for corporate governance improvements. Starting the year without owning Chinese credit also helped, said one of the people. But a slowing economy in the months ahead will probably give the Fed second thoughts, said Steven Ricchiuto, US chief economist at Mizuho Securities USA LLC.

Asia funds that employ multiple investment strategies and those that maintained more balanced bullish and bearish wagers and tight risk limits weathered the 2021 turbulence well. Arjun Menon’s roughly $US800 million AM Squared hedge fund returned 18 per cent, according to a newsletter seen by Bloomberg News. Simon Sadler’s $US6.2 billion Segantii Asia-Pacific Equity Multi-Strategy Fund rose 9.8 per cent, an investor update showed.2 basis points to 1.

Polymer Capital Management’s hedge fund gained nearly 11 per cent, said two people with knowledge of the matter. The Hong Kong-based firm is led by Angus Wai, who modelled it after his former employer, Steve Cohen’s Point72 Asset Management. Macro Winners Advertisement While some global macro hedge funds stumbled amid unexpected rate market moves, two such managers in Asia finished the year on a high note. Quantedge’s $US3.1 billion quantitative fund rose nearly 20 per cent, according to a newsletter to investors and CEO Suhaimi Zainul-Abidin.

The macro hedge fund of Will Li’s $US2.5 billion Ocean Arete finished 2021 up 8.4 per cent, the 10th straight year in the black, according to a newsletter. It made money with timely investments that captured the moves in equity index futures and rates markets, said a person familiar with the fund. Female Touches In a male-dominated industry, two other women-led hedge funds ended the year with notable gains.

Yao Wanyi steered her $US650 million Apeiron Capital hedge fund to a nearly 9 per cent return, after trades on global health-care companies with China drivers paid off. L & R Capital’s credit hedge fund rose 8 per cent, people familiar with the fund said. The turmoil in China’s real estate industry led to a broader Asia bond sell-off and created short-term opportunities for the active trader led by Li Ran, one of the people said. AM Squared, Apeiron, ARCM, Aspex, BFAM, CloudAlpha, Dantai, Factorial, L & R, Oasis, Ocean Arete, Polymer, Segantii and Sylebra declined to comment. Representatives for Brilliance, Franchise and True Partner didn’t immediately reply to requests for comment.

Bloomberg .