China Hedge Fund Pureheart Up 24%

Aug 16 2013 | 11:00am ET

Chinese hedge fund manager Zhao Danyang may be best known for winning an auction to have lunch with Warren Buffett five years ago, but now he's making a name for himself with his returns.

Zhao's Pureheart Capital Asia is up 24% this year, Bloomberg News reports, after a 7% surge last month. The US$217 million firm has more than 80% of its assets invested in Chinese stocks, up from 50% at the beginning of the year.

"There is no doubt that the China stock market is still in a bear market," the Hong Kong-based firm wrote in its July newsletter. "The falling share prices will provide a very good opportunity for us to buy the carefully-selected shares at a bargain."

Pureheart is most optimistic about consumer goods and pharmaceuticals, and plans to cut its investments in Vietnam further. The firm has already exited almost all of its Indian investments.

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