Asia leads hedge fund peers in April rebound, Morgan Stanley says
Morgan Stanley MS | 0.00 |
By Summer Zhen
HONG KONG, April 30 (Reuters) - Asian hedge funds outperformed their global peers in April amid a global market rebound following signs of easing tensions in the Middle East, Morgan Stanley said in a note.
Hedge funds that mainly invest in Asia posted a 6.8% gain for the month through April 24, compared with an average gain of 3.8% among global hedge funds, according to a Morgan Stanley note sent to clients this week, which was seen by Reuters on Thursday.
Asian hedge funds emerged as the best performers on both a month-to-date and year-to-date basis, the bank said.
U.S. hedge funds gained 3.9% in April through April 24, while European hedge funds gained 2.4% over the same period.
For the year, Asian hedge funds were up 8.9% through the end of last week.
The MSCI World Index .MIWO00000PUS gained 4.6% for the same period.
Taiwan attracted the most inflows from Asian hedge funds last week, followed by Japan.
These funds sold China and South Korea modestly last week.
The selling in China was largely driven by cuts in exposure to U.S.-listed Chinese internet firms, the note said.
