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发帖数: 608 | 1 Business Insider
Hedge Funder Hugh Hendry Is Making Breathtaking Returns Shorting China
Julia La Roche|December 12, 2011|
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Hugh Hendry
U.K. hedge fund titan Hugh Hendry, a partner and chief investment officer at
Eclectica Asset Management, is continuing to kill it this year with his "
China short" fund.
According to the Financial Times, his "China short" fund is up an
astonishing 52% YTD.
That's one awesome bet Hendry made, especially since the average hedge fund
is down 4.37% YTD, the report said.
Hendry's credit fund is able to go short China via Japanese credit default
swaps by betting that Chinese demand to Japanese corporate credits will slow.
Read more: http://articles.businessinsider.com/2011-12-12/wall_street/30506965_1_fund-titan-chinese-demand-confucius#ixzz1gW7p5h1u
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The Financial Times December 12, 2011 3:01 pm
Hendry’s ‘China short’ fund makes big returns
By Sam Jones, Hedge Fund Correspondent
Shorting the credit of companies positioned to do badly from a Chinese
slowdown has proved to be one of the hedge fund industry’s most successful
trades of 2011.
Hugh Hendry, the outspoken UK hedge fund manager known for his bearish,
often contrarian views on the global economy, has seen his ‘China short’
fund rack up gains of more than 52 per cent so far this year, investors have
told the Financial Times.
The gains compare to a loss for the average hedge fund of 4.37 per cent over
the past 11 months, data from Hedge Fund Research released last week show.
Mr Hendry’s credit fund is constructed from a portfolio of short positions
against highly cyclical Japanese corporate credits that have high exposure
to Chinese demand.
His larger flagship Eclectica Fund, which also has a portion of its
portfolio in credit default swaps contracts against Japanese credits, has
performed well too. Investors report it has made gains of 12.2 per cent so
far this year.
Mr Hendry began raising concerns about a Chinese slowdown in 2009 – even
uploading a homemade video on to the video sharing site YouTube based on a
visit to deserted Chinese real estate developments.
Few hedge funds have so far plotted ways to make big bets against the
Chinese economy. Jim Chanos, the noted short seller who correctly
highlighted corruption at Enron, is one of the only others to have launched
a dedicated fund to do so. Mr Chanos’ vehicle wagers that the Chinese
property market is vulnerable to a crash.
Interest in China’s diminishing growth outlook is growing, however. Many
large hedge fund managers, particularly global macro players, see it as a
big source of volatility in the coming years.
The Chinese government’s recent moves to inject more liquidity into the
economy have raised expectations of “full-scale easing in China soon”, one
of Asia’s largest hedge fund managers, the $1.5bn Dymon, told clients in a
recent letter.
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http://www.ft.com/intl/cms/s/0/dc342280-24cc-11e1-ac4b-00144fea | l***m
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