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Timefolio favours Korea’s Hyundai over Japan and China EV stocks

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Singapore-based hedge fund Timefolio Asset Management is shorting some Japanese and Chinese carmaker stocks in a wager that South Korean rivals including Hyundai will fare better in the race to grab a share of the global electric vehicle (EV) market, according to a report by Bloomberg.

The report quotes Timefolio’s Chief Executive Officer Jae Lee as saying in an interview that: “As the world develops into an increased penetration of EV, I think the Japanese automakers will really suffer. It looks like the Koreans will outperform Japanese automakers in the longer term in the EV space.”

Timefolio, which manages $3bn in assets along with its Korean parent Timefolio Asset Management Co, currently holds shares in both Hyundai Motor Co and Kia Corp, but is short Japan’s Honda Motor Co and Nissan Motor Co. The firm also holds small short positions in China’s Nio Inc and Xpeng Inc.

Timefolio Asset Management SG has racked up a 12% gain so far this year significantly ahead of the the 2.7% gain in the Eurekahedge Asian Hedge Fund Index.

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