Partner

Patrick Eng

Sparkill & Co

Event-Driven

China Gold International Resources / Event-Driven

China Gold International Resources (2099 HK)

<ol>
<li>Accounting misunderstanding on Going Concern</li>
<li>Hard Catalyst - 2020 Unsecured US$500MM bond refinancing</li>
<li>Governance Improving - New Chairman with operational background/Lead Ind director</li>
<li>Patient value and distressed acquisition mentality contrary to Chinese/Global peers</li>
</ol>“It’s the unique ones who are most misunderstood”


Accounting misunderstanding on Going Concern
Hard Catalyst - 2020 Unsecured US$500MM bond refinancing
Governance Improving - New Chairman with operational background/Lead Ind director
Patient value and distressed acquisition mentality contrary to Chinese/Global peers
“It’s the unique ones who are most misunderstood”

China Gold International - China’s Love of Gold – 3-5X Return on Capital

Asian Hedge Fund Manager, Long Short Equity, Macro

David Mudd

Cross Asset Strategy

<ul>
<li>On January 1st, we created the Asian Alpha Hedge Fund (AAHF), which returned 31.66% in the first quarter of 2025. AAHF is a simulated (paper-traded) long/short equity Asian hedge fund.</li>
<li>The fund's outperformance was attributed to high alpha generation and country allocation/positioning.  The portfolio gained from its long positions in Hong Kong and shorts in Japan.</li>
<li>On 3/31/25, we reduced long positions in HK tech and covered short positions in Japanese steel companies. At 3/31/25 AAHF had a gross position of 172% and net exposure +5.89%. </li>
</ul>


On January 1st, we created the Asian Alpha Hedge Fund (AAHF), which returned 31.66% in the first quarter of 2025. AAHF is a simulated (paper-traded) long/short equity Asian hedge fund.
The fund's outperformance was attributed to high alpha generation and country allocation/positioning.  The portfolio gained from its long positions in Hong Kong and shorts in Japan.
On 3/31/25, we reduced long positions in HK tech and covered short positions in Japanese steel companies. At 3/31/25 AAHF had a gross position of 172% and net exposure +5.89%. 


Asian Alpha Hedge Fund (AAHF): INTRODUCTION

Canada

China Gold International Resources is a gold and base metal mining company engaged in the acquisition, exploration, development, and operation of mineral properties. It operates the CSH Gold Mine in Inner Mongolia, China, producing gold dore bars with silver by-product, and the Jiama Copper-Gold Polymetallic Mine in Tibet, China, producing copper, gold, molybdenum, silver, lead, and zinc. The company is headquartered in Vancouver, British Columbia, Canada, and was incorporated in 2000.

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China Gold International Resources (2099 HK)

China Gold International - China’s Love of Gold – 3-5X Return on Capital

Accounting misunderstanding on Going Concern Hard Catalyst - 2020 Unsecured US$500MM bond refinancing Governance Improving - New Chairman with...

Patrick Eng

Asian Alpha Hedge Fund (AAHF): INTRODUCTION

Asian Alpha Hedge Fund (AAHF) returned 32% in the first quarter of 2025. The fund outperformed the MSCI All Country Asia Pacific index by 28%. ...

David Mudd

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