Hong Kong-based Asian multi-strategy fund Azentus Capital Partners is understood to have delivered a robust 9% gain in the first seven months of this year.
The fund is now at $1.0 billion in assets under management, as a result of the earlier redemptions that followed two years of relatively lacklustre returns.
The strategy, which is run by former Goldman Sachs star trader Morgan Sze, was the biggest hedge fund start-up to launch in 2011 – raising as much as $1.9 billion of assets in its first year.
It laboured in a difficult trading environment for much of its first two years as a result of the risk on/risk off mood in the market, posting a loss in 2011 and a marginal 1.0% gain last year.
This year, however, the Azentus returns compare very favourably with those of other Asia-focused multi-strategy funds that are listed in the AsiaHedge database.
The $1.24 billion LIM Asia Multi-Strategy Fund, for example, is up 4.97% during January and July – on top of the 3.57% return it generated last year. Segantii Asia-Pacific Equity Multi-Strategy Fund, run by Simon Sandler, is up 2.2% so far this year after making a 4.8% return last year.