Greater China Fund recovers in July after difficult first half year

In July, the APAC Greater China Fund gained 0.1% net of fees. The fund's equity universe recovered somewhat from its big losses in June, with the H share index gaining 5% and the Hang Seng Index 2.8% for the month, respectively. The Cayman-domiciled fund returned -15.8% YTD and +424.7% since its September 2004 inception. APAC Capital Advisors Ltd's offices are based in Hong-Kong.

The strategy presently is focused on capital preservation, while taking opportunities, as they appear, to participate in rallies and enhance returns. This means the Fund has moved its exposure very actively between defensive and aggressive positions. As perceptions in the markets have been greatly affected by developments in the US, often the managers' trades and positions have been triggered by news from New York as much as from China.

The long-term fund strategy is to invest in fast-growing Chinese companies, and 40-50% of the fund is focused on core holdings of Chinese companies listed in Hong Kong and NASDAQ. The rest of the portfolio (50-60%) trades long and short around themes. Some of these themes are near-term, like anticipating Chinese energy price normalization, weaker oil prices or the end of the recent rally in global financials. Some are longer-term, like fast growth in Chinese discretionary spending. The fund expresses these ideas by investing both long and short. Contact: giles@apac-capital.com. (see tomorrow's 'Other Voices' in which the manager expresses his view on Greater China).

Tudor`s Tensor fund posts gains of 18.9% YTD
From NYPost.com: Tudor's Tensor fund, run by Steve Evans, boasts an 18.9 percent gain year-to-date, according to sources familiar with the performance and confirmed by the company.

The fund, which invests in global equities and has nearly $1 billion in assets, like all quant funds, uses complicated computer-programmed strategies that directs all trades. It is so confusing that most market traders just refer to it as black box magic...

Source:
http://www.opalesque.com/AMB2008/46498Performance_Greater_China_Fund_recovers_in.html


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