Multi-strategy hedge fund major Bridgewater Associates saw its onshore China funds deliver their best monthly performance in September, fuelled by a stock market rally following Beijing’s policy shift aimed at reviving the economy, according to a report by Reuters.
The report cites data from an investor letter as showing that the firm’s All Weather Plus No5 fund, one of its yuan-denominated China funds, surged 19% last month, pushing its year-to-date returns through September to 31%, before fees.
Other All Weather Plus funds reported similarly strong gains, according to investors familiar with the data.
Bridgewater, which declined to comment, has been a prominent player in China’s financial markets since it launched its first fund there in 2018. Bridgewater has subsequently grown its assets under management in mainland China to RMB40bnn ($5.62bn) over the past three years.
The fund’s performance in September outpaced the average 6.6% gain recorded by local multi-asset funds during the same month, and the 1.6% return for the first nine months of the year, according to data from Shenzhen PaiPaiWang Investment & Management.
Bridgewater attributed its September success to strong positions in equities and bonds, while its commodities performance remained flat. The fund’s stellar returns came as China’s blue-chip CSI300 Index (.CSI300) soared 21%, marking its best month since December 2014.
