Prominent Asian hedge fund Azentus Capital Management put an end to its slide in the second quarter.
The Hong Kong-based firm, led by former Goldman Sachs proprietary trading chief Morgan Sze, rose 2.29% in the second quarter, The Wall Street Journal reports. The firm’s flagship Global Opportunities Master Fund is still down 3.28% on the year, after losing more than 5% in the first quarter.
By contrast, Asian stocks are up about 3.1% on the year, according to the MSCI Asia ex-Japan index.
Azentus’ second-quarter turnaround was fueled by its Greater China investments, the US$750 million firm told investors.
“China has transitioned from investor fear of a credit crisis and sudden economic collapse to a growing perception that China’s multi-year slowdown will be orderly. While we think that China GDP growth should further decelerate in 2015, we have probably seen the worst of the growth scare this year.”
Azentus returned 16.4% last year, it’s best-ever performance since its 2011 debut.