Asian hedge funds avert big disaster

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China’s sudden easing of Covid restrictions spurred a late market rally.

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Funds including those run by Aspex Management, Triata Capital, Yunqi Capital and Brilliance Asset Management pared a significant portion, if not all, of their 2022 losses during the final two months of last year.

Hermes Li’s US$7.2bil Aspex rebounded 7.4% in the final quarter, cutting the full-year drop to 7.8%, according to an update sent to investors. “Investors have quickly turned optimistic and economists are scrambling to revise up their gross domestic product forecasts.” Big names from liquor maker Kweichow Moutai Co to eCommerce giant Tencent Holdings Ltd extended climbs into 2023.

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