The strategy has booked double-digit gains this year, with “very positive” returns in both July and August, said Kevin Russell, New York-based chief investment officer of the US$9.6bil UBS O’Connor unit.
China accounts for 13% of its gross assets –the combination of bullish and bearish investments – and has contributed just over 15% of its “top decile” return this year, he added.“They continue to think that they need to be invested in China, because it’s very compelling from the growth and liquidity perspectives. But they are looking for safer ways, more conservative ways to invest in China.”
Some of the most seasoned regional hedge fund managers are licking their wounds after double-digit losses in July, the worst month for China stock-pickers since March 2020, according to data from Goldman Sachs Group Inc and Eurekahedge Pte. John Bradshaw runs O’Connor’s Asia business, which includes an eight-person China team in Singapore, Hong Kong and Shanghai led by Tan Jia, a former employee of Och-Ziff Capital Management.
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