Monday, 15 September 2014
Last updated 7 hours ago
Feb 3 2011 | 2:17pm ET
Tiger Asia Management returned a "disappointing" 0.5% last year, while the average hedge fund rose about 10%, the firm told clients in its year-end letter.
Bill Hwang, founder of New York-based Tiger Asia, said he was "disappointed with 2010 performance."
"Although many of our positions last year were profitable, and our short positions generally underperformed their markets, shorts were a major drag on returns," he said in the Feb. 1 letter, obtained by Bloomberg News. More than 90% of the firm's shorts are in China.
Hwang said Tiger Asia has "meaningfully added" to those shorts in recent months, while also going long on consumer durables and automotives in the country. In Japan, Hwang said he would "focus on opportunities in media, mobile telecom and social networking stocks."
Tiger Asia's assets fell by about one-third last year to $2 billion, amidst an investigation in both the U.S. and Hong Kong. Hwang wrote that the firm is cooperating with the insider-trading probes and is "unable to predict when the investigations will be concluded or what regulatory or other outcomes might result."
Aug 25 2014 | 11:21am ET
As many of you know, FINalternatives was recently acquired by the owners of Futures magazine, a firm called The Alpha Pages LLC. Today marks the soft-launch of a new sister site for both publications. As its name suggests, The Alpha Pages will cover all types of alternative investments, going far beyond the more well-known ones such as hedge funds and private equity. Read more…
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