Hedge Fund News, Information and Data, Hedge Fund Alpha

Hedge Fund Alpha

Hedge Fund News, Information and Data

We focus on hedge funds with a bias towards emerging managers, specifically fundamental long-short managers. We are known for a lot of insights and exclusives on hedge fund letters, coverage of industry conferences, and interviews with investors and interesting service providers.

Thematic (Sector/Industry)

<ul><li>Advent Global Convertible Fund declined 2.66% in July, bringing its year-to-date return to 11.42%.</li><li>Managed by David Hulme and Tony Huang, the hedge fund navigated a month marked by equity volatility, rising rate expectations, and pressure on technology stocks.</li><li>Its portfolio remains concentrated in technology, while new convertible issuance continues to create opportunities across several sectors.</li></ul>

Advent Global Convertible Fund declined 2.66% in July, bringing its year-to-date return to 11.42%.Managed by David Hulme and Tony Huang, the hedge fund navigated a month marked by equity volatility, rising rate expectations, and pressure on technology stocks.Its portfolio remains concentrated in technology, while new convertible issuance continues to create opportunities across several sectors.

Advent Global Convertible Fund Up 11.4% YTD as AI Rotation Tests Convertible Strategy

External broker reports(aggregated public sources), CMB International

CMB International

External broker reports(aggregated public sources)

Incorporated in Hong Kong, supported by the mainland and targeting in global market, CMB International Capital Corporation Limited (“CMBI”) is an integrated financial institution providing comprehensive and professional services. As a wholly-owned subsidiary of China Merchants Bank ("CMB"), by leveraging on the Group’s synergy and coordination in domestic and overseas markets, as well as CMB’s strong resources and outstanding social reputation, CMBI and its subsidiaries have been actively implementing diversified business strategies and set up an overall layout of main business segments including Corporate Finance, Asset Management, Wealth Management, Global Markets and Structured Finance, etc. Adhering to the philosophy of “being clients oriented and increasing our own values by the way of creating value for clients”, CMBI endeavors to provide quality and integrated financial services to institutional, corporate and individual customers both domestic and overseas including Hong Kong IPO sponsorship and underwriting, share placement and rights issue for listed companies, financial advisors, bonds issuance services, asset management, direct investment, wealth management, equity sales and trading, etc.

Equity Bottom-Up

<ul><li>Alibaba’s 4QFY26 revenue was RMB243.4bn, up 3% YoY, 1% below Bloomberg consensus but 0.4% ahead of our prior forecast.</li><li>Adjusted EBITA for the quarter was RMB5.1bn, down 84% YoY, mainly due to investments in technology businesses, quick commerce, and user experience, but was 7% ahead of our forecast.</li><li>For FY26, total revenue grew 3% YoY, while adjusted EBITA declined 56% YoY. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Alibaba’s 4QFY26 revenue was RMB243.4bn, up 3% YoY, 1% below Bloomberg consensus but 0.4% ahead of our prior forecast.Adjusted EBITA for the quarter was RMB5.1bn, down 84% YoY, mainly due to investments in technology businesses, quick commerce, and user experience, but was 7% ahead of our forecast.For FY26, total revenue grew 3% YoY, while adjusted EBITA declined 56% YoY. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Alibaba (BABA US) - Strong Cloud Business Development Prospects

Overseas Chinese Equities, Aequitas Research

Ming Lu

Overseas Chinese Equities

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

<ul>
<li>Management announced that AI has already brought significant revenue in the cloud business.</li>
<li>We believe the revenue growth will improve further after Alibaba completes the disposal of Intime.</li>
<li>We expect the stock price will rise by 23% for next twelve months.</li>
</ul>


Management announced that AI has already brought significant revenue in the cloud business.
We believe the revenue growth will improve further after Alibaba completes the disposal of Intime.
We expect the stock price will rise by 23% for next twelve months.


Alibaba (BABA, 9988 HK): 4Q26, See More Revenue After Heavy Investments, 23% Upside

Equity Long-Short

Mo Aziz

<ul>
<li>Alibaba’s Q4 FY2026 headline was below, but core (impairment of AI Capex) was above as cloud revenue accelerated 40% YoY, driven by surging AI demand and faster-than-expected MaaS monetisation.</li>
<li>Management guided MaaS ARR above RMB30bn by end-2026, with AI becoming Alibaba Cloud’s primary revenue driver and margin expansion expected within coming quarters. AI monetisation is both real and self-sustainable. </li>
<li>Alibaba’s AI-cloud positioning, proprietary chip ecosystem, and strong balance sheet make the business increasingly attractive, while valuation remains undemanding for long-term investors. HKD150/share is an immediate target. 
</li>
</ul>


Alibaba’s Q4 FY2026 headline was below, but core (impairment of AI Capex) was above as cloud revenue accelerated 40% YoY, driven by surging AI demand and faster-than-expected MaaS monetisation.
Management guided MaaS ARR above RMB30bn by end-2026, with AI becoming Alibaba Cloud’s primary revenue driver and margin expansion expected within coming quarters. AI monetisation is both real and self-sustainable. 
Alibaba’s AI-cloud positioning, proprietary chip ecosystem, and strong balance sheet make the business increasingly attractive, while valuation remains undemanding for long-term investors. HKD150/share is an immediate target. 



Alibaba (BABA US/9988 HK) Q4 FY2026 Results: A Miss but AI Inflection Confirmed

Asia Pac ECM and Index Rebal, Shenton Research

Ke Yan, CFA, FRM

Asia Pac ECM and Index Rebal

Asia Pac IPO & Placement Research, China Biotech

Shenton Research

Shenton Research is an independent Asia Pacific equity specialist. Our quantitative research covers index rebalancing flows, alongside exchange data analytics accross Asia Pacific. On the equity capital markets side, we focus on Asia Pacific ECM, especially biotech and TMT. Our lead analyst is frequently cited by international media.

<ul>
<li>DeepSeek released V4.1-Flash and hired underwriters for a Shanghai IPO. US agencies and Anthropic separately accused Chinese labs of extracting US model outputs.</li>
<li>OpenAI published a proposed Navier-Stokes proof and opened its Agents API beta. Xiaomi introduced MiMo Desktop for invited users.</li>
<li>Zhipu proposed USD 5bn of financing. Cognition announced a larger USD 2bn round, while Nvidia discussed an Anthropic IPO anchor investment.</li>
</ul>


DeepSeek released V4.1-Flash and hired underwriters for a Shanghai IPO. US agencies and Anthropic separately accused Chinese labs of extracting US model outputs.
OpenAI published a proposed Navier-Stokes proof and opened its Agents API beta. Xiaomi introduced MiMo Desktop for invited users.
Zhipu proposed USD 5bn of financing. Cognition announced a larger USD 2bn round, while Nvidia discussed an Anthropic IPO anchor investment.


This Week in AI (Sep 6-12): DeepSeek V4.1-Flash and IPO; OpenAI's Astra Solves NS Equation

China

Alibaba Group Holding Limited provides online sales services. The Company provides internet infrastructure, electronic commerce, online financial, and internet content services through its subsidiaries. Alibaba Group Holding offers its products and services worldwide.

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Alibaba (BABA US)

Advent Global Convertible Fund Up 11.4% YTD as AI Rotation Tests Convertible Strategy

Managed by David Hulme and Tony Huang, the hedge fund navigated a month marked by equity volatility, rising rate expectations, and pressure on...

Hedge Fund Alpha

Alibaba (BABA US) - Strong Cloud Business Development Prospects

Adjusted EBITA for the quarter was RMB5.1bn, down 84% YoY, mainly due to investments in technology businesses, quick commerce, and user experience,...

CMB International

Alibaba (BABA, 9988 HK): 4Q26, See More Revenue After Heavy Investments, 23% Upside

Management announced that AI has already brought significant revenue in the cloud business. We believe the revenue growth will improve further...

Ming Lu

Alibaba (BABA US/9988 HK) Q4 FY2026 Results: A Miss but AI Inflection Confirmed

Alibaba's Q4 FY2026 shows strong core performance in cloud revenue driven by AI demand, positioning the company for long-term growth and margin...

Mo Aziz

This Week in AI (Sep 6-12): DeepSeek V4.1-Flash and IPO; OpenAI's Astra Solves NS Equation

This week in AI: DeepSeek releases V4.1-Flash and hires Shanghai IPO underwriters. US agencies and Anthropic accuse Chinese labs of model...

Ke Yan, CFA, FRM

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Advent Global Convertible Fund Up 11.4% YTD as AI Rotation Tests Convertible Strategy

Managed by David Hulme and Tony Huang, the hedge fund navigated a month marked by equity volatility, rising rate expectations, and pressure on...

Hedge Fund Alpha

Alibaba (BABA US) - Strong Cloud Business Development Prospects

Adjusted EBITA for the quarter was RMB5.1bn, down 84% YoY, mainly due to investments in technology businesses, quick commerce, and user experience,...

CMB International

Alibaba (BABA, 9988 HK): 4Q26, See More Revenue After Heavy Investments, 23% Upside

Management announced that AI has already brought significant revenue in the cloud business. We believe the revenue growth will improve further...

Ming Lu

Alibaba (BABA US/9988 HK) Q4 FY2026 Results: A Miss but AI Inflection Confirmed

​Alibaba's Q4 FY2026 shows strong core performance in cloud revenue driven by AI demand, positioning the company for long-term growth and margin...

Mo Aziz

This Week in AI (Sep 6-12): DeepSeek V4.1-Flash and IPO; OpenAI's Astra Solves NS Equation

This week in AI: DeepSeek releases V4.1-Flash and hires Shanghai IPO underwriters. US agencies and Anthropic accuse Chinese labs of model...

Ke Yan, CFA, FRM

Alibaba's Q4 FY2026 shows strong core performance in cloud revenue driven by AI demand, positioning the company for long-term growth and margin...