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- Pinpoint Asset Management is a Hong Kong-based hedge fund with offices in Shanghai and Singapore.
- The firm was founded 25 years ago and runs a China-focused fund and a multi-strategy offering.
- The two funds have generated strong returns through mid-April, according to HSBC's Hedge Weekly report.
After a couple of years of poor performance and dwindling assets, Hong Kong-based Pinpoint Asset Management has surged so far in 2024.
According to HSBC's Hedge Weekly report, the firm's China fund gained more than 2% through the first two weeks of April to bring its year-to-date returns to just under 8%. The firm's multi-strategy fund was up 1.8% for the month through April 15, to bring its 2024 gains to 6%. The S&P 500 through the same period was up roughly 6.7%.
Each fund manages more than $1 billion at the 25-year-old firm that originally began in Shanghai. Founder and chief investment officer Wang Qiang runs both funds. The firm, which also has an office in Singapore, did not return requests for comment.
The China fund had a run of poor performance given the country's economic slowdown. In 2023, the fund lost more than 6%. According to HSBC, the fund was also down more than 13% the year prior. The performance so far in 2024 has beaten out other funds focused on the region — Hedge Fund Research's China index was up just 0.43% through the end of March.
The firm's younger multi-strategy offering returned less than 1% in 2023 and lost money in 2022, trailing U.S.-based competition that soared during these years. The fund is part of a growing subset of Asia-based multi-strategy managers that are competing with American giants like Citadel and Millennium for local talent.
The manager took the step of introducing a pass-through fee structure to pay for portfolio manager compensation recently in order to keep up.