Azentus Adds 5.4% In Second Quarter Surge

Jul 21 2015 | 1:58pm ET

Hong Kong-based Azentus Capital Management posted a gain of 5.4% in the second quarter, recovering some ground against its Asian rivals and beating its benchmark in June by more than 100 basis points. 

Although based in Asia, the macro fund makes bets on global stock and credit markets. The quarterly gain was well ahead of the 0.6% booked by the MSCI All Country Asia Pacific stock index over the same period. 

For the month of June, the fund lost 0.5%, but beat the 1.6% loss posted by its peer group as tracked by Credit Suisse.

Azentus was founded in 2011 by former Goldman Sachs executive Morgan Sze. He quickly gathered more than $2 billion for the fund, but suffered hundreds of millions of withdrawals earlier this year as performance waned and lowering AUM to roughly $150 million.

The quarterly performance was attributed to correct bets on Hong Kong and Chinese stocks, according to a letter sent to investors and quoted by Bloomberg.  These markets continue to offer potential, noted Sze, writing that the “the current selloff in the Chinese markets is presenting us with very compelling value on a long-term basis.” Azentus has been positioning to take advantage of some of these opportunities, he continued. 


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