From Bloomberg, news that Singapore-based Asia Genesis, whose Japan Macro Fund has outperformed its peers, is to close its hedge funds and returning money to investors.
“I need some time to recuperate from weak health,” founder Chua Soon Hock, 50, said in an e-mailed reply to queries from Bloomberg News. “In past years, I have been doing 18-hour workdays with very active positions’ management to keep downside volatility of funds very low. I cannot do that with my current health conditions.”
The Singapore-based hedge-fund firm will return all money invested in the $761 million Japan Macro Fund and $12 million in the Asia Genesis Equity Fund to investors by mid-September, Chua said on Aug. 14.
The Japan Macro Fund returned 24 percent in yen terms in the first seven months of the year. Asia-focused macro hedge funds gained 12.4 percent over the same period, according to Eurekahedge Pte, a Singapore-based industry data provider. Global macro managers wager on currencies, equities, interest rates and commodities based on their fundamental analysis of world economic trends.
The Asia Genesis Equity Fund, which started in May, returned 8.9 percent as of the end of July. The fund uses a long-short strategy, buying stocks the manager expects to rise and hedging those bets with short sales, or the selling of shares expected to drop.
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