Wednesday, 27 May 2015
Last updated 7 hours ago
Sep 12 2008 | 11:57am ET
London-based Baring Asset Management’s China- and Japan-focused hedge funds are taking it on the chin, on pace for their worst-ever years.
The Baring China Absolute Return Fund lost another 8.37% last month and is down 27.25% this year. The fund, which manages just under US$30 million, invests in Chinese securities on both the mainland and in Hong Kong. The firm said its long positions in Chinese banks and Hong Kong properties last month accounted for the bulk of its loss.
“In view of the near-term market outlook, we have reduced the net exposure to 40%, with 75% long and 35% short,” it said.
Baring’s Japan Absolute Return Fund lost 2.29% last month bringing its year-to-date loss to 10.87%. The firm said its best performing sectors in August were mining, precision instrument and electric power and gas while other sectors such as financing business, banks and metals underperformed.
“We expect the market to stay volatile for the time being,” it said.
Mar 20 2015 | 12:45pm ET
StreetWise Partners, a non-profit organization that works with low-income individuals to help them overcome employment barriers, raised over $275,000 at the 2015 Raising the Ante Charity Poker Tournament and Casino Event last Wednesday evening at Capitale. Here are some photos from the event. Read more…