Hermes Li’s Aspex Management, one of the largest hedge funds in Asia, has reported a strong performance in the first half of 2024, with a 21% return, significantly boosting its AUM to over $9bn, according to a report by Bloomberg.
The report cites unnamed sources familiar with the matter as confirming the gain which far surpasses the average 4% return recorded by Asia stock-focused hedge funds over the same period according to data from the Eurekahedge Pte index.
While Aspex’s investments in semiconductor and technology sectors surged, contributing significantly to its gains, these sectors accounted for less than half of its total returns. The fund also profited from a diversified portfolio across various industries and regions, including South Korea, China, Taiwan, Southeast Asia, and beyond Asia.
Aspex’s Strategic Growth
Hermes Li, previously the Asia head of equities at Och-Ziff Capital Management Inc (now Sculptor Capital Management Inc), launched Aspex to external investors in March 2019. By November of that year, the fund had attracted $1.5bn.
Li has built a reputation for combining in-depth research with an acute trader’s instinct for market sentiment shifts, an approach that him apart from other managers in a region where 77% of hedge funds are stock-focused, compared to 48% globally, according to HFR.
