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Viewpoints and latest developments

Asset managers who delivered in the downturn

2020-05-28

Bailey McCann, Opalesque New York:

Amid the current market turmoil, this is our regular report on hedge funds and alternative asset managers who are bucking the trend.


Risk management leads the way



Balyasny Capital Management's flagship Atlas strategy is up 10.87% year to date, according to performance data for investors reviewed by Opalesque. The fund has an annualized return of 7.40%. Balyasny Capital Management is led by Dmitry Balyasny. The fund uses a variety of investment strategies to generate alpha.


Last month, Balyasny was in the news for its new investments in building out its "quantamental" capabilities. Speaking in a webinar, Carson Boneck, chief data officer at Chicago-based Balyasny, spoke about the potential for greater alpha generation as a result of merging fundamental and quantitative analysis. The shift comes on the heels Balyasny's overhaul of its approach to risk management. The firm has invested in a ground-up revamp in order to improve investment returns.


China bounces back


Pinpoint Asset Management Limited's flagship Pinpoint China Fund is up 7.42% year to date, according to performance data for investors reviewed by Opalesque. The strategy invests in companies that derive most of their revenue and growth from the Greater China region. The long/short strategy has generated an annualized return of 19.79%.


Earlier this week, the US moved a step closer to forcing US-listed Chinese companies to delist in the states and return home. According to a Wall Street Journal analysis, the move could be beneficial for Chinese companies and for Chinese exchanges. Companies that were forced to de-list in the US may have higher valuations that they can bring home as they re-list elsewhere.


Economic indicators suggest that China is starting to see signs of economic recovery as it moves past the first wave of the pandemic. Chinese exports unexpectedly rose in April, although it is too early to tell if the trend continues.


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