Alternatives

China hedge funds poised to pounce

By Simon Osborne | 1 April 2008
Keywords: china

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It has been a schizophrenic market in recent years, from giddy heights to dizzying lows. What can China hedge-fund managers read from the entrails?

Not long ago China was the world’s worst performing stockmarket. Then in 2006 and 2007, it rose to become the best. Now, in 2008, it is down 47%.

"If the US fell by 47% people would be jumping out of windows," says Aaron Boesky, CEO of A-share specialist Marco Polo Pure Asset Management, who says his fund is only down 9% thanks to weighting 60% to cash.

What lies in store for China? Price-to-earnings ratios were 72x at the market peak, and now forward price earnings are 17x, representing a 30%-40% P/E ratio discount to the Nasdaq.

First-half 2007 inflation in ...

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