Singapore's Asia Genesis closes hedge fund after losing bets on China, Japan:
Singapore-based Asia Genesis Asset Management is liquidating its hedge fund after a ...
reuters.com/markets/asia/singapores-asia-genesis-closes-hedge-fund-after-losing-bets-china-japan-2024-01-23/
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Asia Genesis begins hedge-fund liquidation after China-Japan lossesThe Macro Fund fell 18.8% in January's first weeks and managed about $300 million.
Key FactsJan 23, 2024 · Reading time: ~45 sec.
Summary created with AI assistance · Source: reuters.com
Summary created with AI assistance · Source: reuters.com
- Chief Investment Officer Chua Soon Hock said he decided on the liquidation to prevent further losses and return investors’ money.
- The Asia Genesis Macro Fund lost 18.8% in the first weeks of January after, according to Chua, misjudgments involving Chinese and Japanese positions.
- The fund was long in Hong Kong and China and short in Japan because it had bet that China would outperform Japan.
- So far this year, the Hang Seng Index has fallen more than 10%, while the Nikkei 225 has gained 9%.
I have reached the stage whereby my confidence as a trader is lost.— Chua Soon Hock said this in the letter to investors announcing the fund's closure.
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