Asian Hedge Fund Manager, Long Short Equity, Macro

David Mudd

Equity Bottom-Up

China Cinda Asset Management / Equity Bottom-Up

<ul>
<li>China's Ministry of Finance (MOF) has announced plans to sell its stakes in its Asset Management Companies (AMCs) to its sovereign wealth fund, China Investment Corporation (CIC).</li>
<li>The previously announced large debt swap program for LGFVs will ease financing conditions for local governments and should improve distressed debt valuations.</li>
<li>China Cinda Asset Management (1359 HK) will benefit from the PBOC's monetary stimulus program and the support of its new major shareholder with a potential recapitalization.</li>
</ul>


China's Ministry of Finance (MOF) has announced plans to sell its stakes in its Asset Management Companies (AMCs) to its sovereign wealth fund, China Investment Corporation (CIC).
The previously announced large debt swap program for LGFVs will ease financing conditions for local governments and should improve distressed debt valuations.
China Cinda Asset Management (1359 HK) will benefit from the PBOC's monetary stimulus program and the support of its new major shareholder with a potential recapitalization.


HK/CHINA: China Cinda Asset Management a Beneficiary of AMC Restructuring

Cross Asset Strategy

<ul>
<li>Hong Kong Alpha Portfolio returned 5.23% in December and outperformed the benchmark by 5.92%.  The portfolio has outperformed Hong Kong indexes by 10.36% to 14.38% since its inception on 10/01/24.</li>
<li>About 80% of the portfolio's excess returns have been from alpha generation.  The portfolio has no exposure to Real Estate, Healthcare, Materials, or Energy at this time.</li>
<li>At month end, we sold ZhongAn Online P&amp;C Insurance C (6060 HK) , China Longyuan Power (916 HK) , CRRC Corp Ltd H (1766 HK), and <a href="https://www.smartkarma.com/entities/weibo-corp" target="_blank" data-smartkarma-citation="entities:35280:1" rel="noopener">Weibo (9898 HK)</a> .</li>
</ul>


Hong Kong Alpha Portfolio returned 5.23% in December and outperformed the benchmark by 5.92%.  The portfolio has outperformed Hong Kong indexes by 10.36% to 14.38% since its inception on 10/01/24.
About 80% of the portfolio's excess returns have been from alpha generation.  The portfolio has no exposure to Real Estate, Healthcare, Materials, or Energy at this time.
At month end, we sold ZhongAn Online P&amp;C Insurance C (6060 HK) , China Longyuan Power (916 HK) , CRRC Corp Ltd H (1766 HK), and Weibo (9898 HK) .


HONG KONG ALPHA PORTFOLIO (December 2024)

Shanghai Electric Group Company / Equity Bottom-Up

<ul>
<li>Hong Kong Long-Only portfolio launched on October 1st with objective to generate alpha in the Hong Kong market.</li>
<li>Stocks are chosen from single stock insights as well as sector and weekly publications.</li>
<li>Positions will be adjusted once a month and the cash position will vary based on market conditions.</li>
</ul>


Hong Kong Long-Only portfolio launched on October 1st with objective to generate alpha in the Hong Kong market.
Stocks are chosen from single stock insights as well as sector and weekly publications.
Positions will be adjusted once a month and the cash position will vary based on market conditions.


Sunny Optical Technology Group / Equity Bottom-Up

<ul>
<li>HK Alpha Portfolio returned -1.29% in December and outperformed the benchmark by 0.34%. The portfolio has outperformed Hong Kong indexes by 7.93% to 9.64% since its inception on 10/01/24.  </li>
<li> About 75% of the portfolio's excess returns have been from alpha generation. The portfolio had no exposure to Real Estate, Energy or Materials. </li>
<li>At month-end we sold <a href="https://www.smartkarma.com/entities/china-cinda-asset-management-co-ltd" target="_blank" data-smartkarma-citation="entities:372:1" rel="noopener">China Cinda Asset Management (1359 HK)</a> , <a href="https://www.smartkarma.com/entities/citic-ltd" target="_blank" data-smartkarma-citation="entities:20590:1" rel="noopener">Citic Ltd (267 HK)</a> , <a href="https://www.smartkarma.com/entities/china-galaxy-securities-co-h" target="_blank" data-smartkarma-citation="entities:165:1" rel="noopener">China Galaxy Securities (H) (6881 HK)</a> and <a href="https://www.smartkarma.com/entities/gds-holdings-ltd" target="_blank" data-smartkarma-citation="entities:32157:1" rel="noopener">GDS Holdings (9698 HK)</a> .  </li>
</ul>


HK Alpha Portfolio returned -1.29% in December and outperformed the benchmark by 0.34%. The portfolio has outperformed Hong Kong indexes by 7.93% to 9.64% since its inception on 10/01/24.  
 About 75% of the portfolio's excess returns have been from alpha generation. The portfolio had no exposure to Real Estate, Energy or Materials.  
At month-end we sold China Cinda Asset Management (1359 HK) , Citic Ltd (267 HK) , China Galaxy Securities (H) (6881 HK) and GDS Holdings (9698 HK) .  


Articles from Caixin Global, Caixin Global

Caixin Global

Articles from Caixin Global

Caixin is a media group dedicated to providing financial and business news through periodicals, online content, mobile apps, conferences, books and TV/video programs. Caixin aims to blaze a trail that helps traditional media prosper in the new media age through integrated multimedia platforms.

News from Caixin

<ul><li>Internet / Cover Story: Tightening the rule book to make China’s internet platforms fairer China’s internet platform economy is coming under closer scrutiny as a new wave of regulatory action gets underway.</li><li>Unlike previous rounds, which focused on curbing platform expansion and monopolistic behavior, this phase is putting the emphasis on setting rules, increasing algorithm transparency and balancing the power dynamics among suppliers, users and platforms.</li><li>Law / In Depth: China embarks on reform of 30-year-old arbitration law China established its civil and commercial arbitration system back in 1995, when its Arbitration Law which took effect.</li></ul>

Internet / Cover Story: Tightening the rule book to make China’s internet platforms fairer China’s internet platform economy is coming under closer scrutiny as a new wave of regulatory action gets underway.Unlike previous rounds, which focused on curbing platform expansion and monopolistic behavior, this phase is putting the emphasis on setting rules, increasing algorithm transparency and balancing the power dynamics among suppliers, users and platforms.Law / In Depth: China embarks on reform of 30-year-old arbitration law China established its civil and commercial arbitration system back in 1995, when its Arbitration Law which took effect.

CX Daily: Tightening the Rule Book to Make China’s Internet Platforms Fairer 

China

China Cinda Asset Management Company Ltd. provides asset management services. The Company invests, disposes, and manages non-performing assets and equity. China Cinda Asset Management also provides consulting, investment, financial, and risk management services to individuals and businesses.

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China Cinda Asset Management (1359 HK)

HK/CHINA: China Cinda Asset Management a Beneficiary of AMC Restructuring

The MOF announced that it is selling its shares in AMCs to China's sovereign wealth fund. This sale as well as recently announced monetary...

David Mudd

HONG KONG ALPHA PORTFOLIO (December 2024)

Hong Kong Alpha porfolio returned 5.29% in December and has outperformed Hong Kong indexes by 10% to 14% since its inception on 10/01/24.The...

David Mudd

HONG KONG ALPHA PORTFOLIO - Introduction

We have launched a Hong Kong portfolio with the aim to outperform HK indexes and generate alpha. Stocks are chosen from those highlighted in our...

David Mudd

HONG KONG ALPHA PORTFOLIO (January 2025)

Hong Kong Alpha portfolio lost 1.29% in January and outperformed its benchmark. We sold GDS, Citic, Cinda and China Galaxy Securities. We added...

David Mudd

CX Daily: Tightening the Rule Book to Make China’s Internet Platforms Fairer

Internet / Cover Story: Tightening the rule book to make China’s internet platforms fairer China’s internet platform economy is coming under...

Caixin Global

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