Cederberg Capital, a hedge fund focused on investments in Chinese stocks, has reduced its investor fees following continued poor returns due to China’s reluctance to lift strict Covid restrictions, according to a report by Today Online.
The report cites a letter to investors from hedge fund manager Dawid Krige informing them of a 25 basis point reduction in fees “given the difficulty our clients have endured over the past 21 months.” From 1 January, 202, fees for the firm’s China Class A and Class B vehicles will now be 1.25% and 1.0% cent respectively.
Cederberg Capital, which has around $1 billion in AUM, is down about 56% this year. By comparison, the MSCI China index is down around a third. The firm’s biggest positions include Chinese property developer C&D International Investment Group Ltd, the Hong Kong Financial Exchange, JD.com in China, the social network Prosus and Guangdong GR, an infrastructure fund.
