Singapore-based Dymon Asia Capital has seen its assets double since March to over USD1billion thanks to the outperformance of its Asia m
Singapore-based Dymon Asia Capital has seen its assets double since March to over USD1billion thanks to the outperformance of its Asia macro fund relative to its peers reported Bloomberg this week. According to the firm’s CEO, Danny Yong, the Dymon Asia Macro Fund has returned 13 per cent this year through June with assets growing to roughly USD900million. Factor in the firm’s other fund – Dymon Asia Currency Value Fund – which is only available to investors in the macro fund, and that pushes the firm into the billion dollar club: one that is fast expanding in Asia (18 currently) with other exclusive members including Nick Taylor’s Senrigan Capital, Morgan Sze’s Azentus Capital, not to mention well-established fund managers like Singapore’s Aisling Analytics. Much of the macro fund’s new capital, said Yong, came from mainly US investors and pension funds. “If we cannot demonstrate the ability to produce at the same run rate of between 15 per cent and 20 per cent, we will not take in more capital,” Yong was quoted as saying. Focusing primarily on Asian currencies, equity indexes and interest rates, the fund’s best month to date has been March, which saw it profit from the Bank of Japan taking measures to weaken the yen, following the earthquake, and in so doing return 8 per cent. Much of the fund’s performance, said Yong, had come as a result of correctly predicting that the region’s central banks would allow for further currency appreciation to dampen inflation.