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Japan rally boosts Q1 performance of Asia hedge funds

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A prolonged rally in Japanese stocks, coupled with an improving Chinese equities market, and surge in AI-related stocks helped Asia-focused hedge funds get off to a strong start to 2024, according to a report by Reuters.

The report cites data from Eurekahedge as revealing that while most stock markets across Asia – including Japan, India and mainland China – ended the first quarter higher on the back of heightened expectations of US interest rate cuts, while hedge funds that employ an Asian equities long-short strategy rose 2.9% in the first three months of the year.

Asia-focused multi-strategy hedge funds that invest in different asset classes such as equities and commodities posted a 3.7% return, according to Eurekahedge’s data.

Pan-Asia funds with exposure to Japan rose broadly for the first three months of 2024, according to investors, with the Panview Asian Equity Fund, run by former Goldman Sachs partner Ryan Thall, gaining 15.5%, taking AUM to more than $1bn, according to an unnamed Reuters source.

Meanwhile, Singapore-based FengHe Group saw its $3.3bn Asia Fund chalk up a 6.6% Q1 return, on the back of a 9.2% annual gain for 2023.

The Nikkei share index rose to a record last month, jumped by 21% in the first quarter alone, while Eurekahedge’s data shows Japan-focused equity hedge funds were up 5% during the period.


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