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HCAP Asset Management’s global diversified fund racks up double-digit returns for 2011

Fuelled by high growth in Asia, specifically high yield bonds, Sydney-based HCAP Asset Management saw its flagship HCAP Global Diversified Fund achieve double-digit returns last year reported Opalesque Asia this week: welcome news to its investors no doubt considering the average global hedge fund, by comparison, fell 5 per cent according to the HFRI index. According to an investor letter, HCAP said the global macro fund finished the year up 26.65 per cent: it returned 13.58 per cent in 2010. The fund’s biggest gains last year came in August when it generated 8.95 per cent as market volatility spiked: it performed strongly in September and October as well, returning 7.4 per cent and 8.2 per cent respectively. HCAP’s CEO, Steve Howell, said that Asia has a “strong relative growth outlook” whereas the US and European growth outlook was “mixed at best”. “Despite concerns of inflation and rising interest rates, particularly in China, Asia’s future continues to be relatively bright thanks to a combination of strong fundamentals and credit underpinnings,” said Howell, adding that the firm continued to believe “Asian companies are in an excellent position to leverage this expected growth”. HCAP was founded by Howell in November 2008.

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