The hedge funds that have managed to weather and outperform China's bumpy stock markets so far this year say betting on big-picture macroeconomic changes has helped them.
Register now for FREE unlimited access to Reuters.comExtreme risk aversion and bearish bets on internet, real estate and healthcare sectors helped the fund navigate the strong headwinds, Tao, founder and CIO at Golden Nest Capital Management, said.
Macro strategies are the biggest winners this year, with hedge funds cashing in on the volatility spawned by the differing pace of global rate rises and regulatory changes -- seizing opportunities that didn't exist during a decade of uniform easy monetary policies everywhere. For stock-pickers, top-down research is also a key factor in winning or not.
Partial or full lockdowns were imposed in major centres across the country from March to May, including the most populous city Shanghai, and snap lockdowns continue to be implemented in some areas to stamp out outbreaks. China's economy braked sharply in the second quarter as lockdowns hit consumption and factory output, but there is growing optimism that pandemic restrictions will ease.
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