India, Asia Hedge Funds Having Banner Year

Nov 13 2014 | 2:54pm ET

If you’re looking for a hedge fund that’s actually outperforming this year, look no further than Asia.

Hedge funds focused on India are doing better than just about anyone else, buoyed by optimism that new Prime Minister Narendra Modi’s planned reforms will jumpstart the economy of the world’s second-largest country. The average Indian hedge fund is up 46% this year, according to Hedge Fund Research—better even than the 32% rise in the Indian stock market.

Asia-Pacific ex-Japan funds are also doing relatively well, up 7.5% this year, better than the average North American or European hedge fund. Asia macro funds are doing particularly well, especially last month. City Financial Investment Co., Dymon Asia Capital and Quantedge Capital all rose more than 2%, while bigger macro names—like Bridgewater Associates and Tudor Investment Corp.—all lost money.

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