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(Bloomberg) — Hedge funds of Asia-based managers including Dymon Asia Capital, Modular Asset Management and Alpine Investment Management Ltd. have managed to hold onto this year’s gains, even after the war against Iran sent shockwaves through markets.
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Dymon’s $6 billion multimanager, multistrategy hedge fund lost 1.5% in the first week of March, trimming this year’s gain to 8.6%, according to a representative of the firm.
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The macro fund of Jimmy Lim’s Modular, which oversees around $1.95 billion, was down 0.3% last week, as was Nick Bird’s Asia quant vehicle. Modular returned 3.4% through March 6, said two people with knowledge of the matter, who asked not to be identified discussing private information. Bird’s OQ Funds Management Asia Absolute Alpha Fund gained 1.8% in the same period, the former Macquarie Group Ltd. quant hedge fund chief said.
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Tony Song’s China stock hedge fund with a macro hedging overlay at Alpine chalked up one of the rare gains this month, up 2% through Tuesday, said people with knowledge of the matter. That added to its 6.8% increase in the first two months of the year.
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Representatives of Modular and Alpine declined to comment.
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Stocks and bonds have been sold off globally since the US and Israel began strikes on Iran on Feb. 28. Oil surged toward $120 a barrel on Monday, before paring gains in some of the wildest trading swings on record. The market gyrations hit global hedge fund giants from ExodusPoint Capital Management to Balyasny Asset Management.
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As concerns about the economic impact spread, the MSCI Asia-Pacific Index slumped 6.4% during the first five trading days of March, the worst weekly decline in nearly six years. Currencies in the region have also fallen against the dollar, exacerbating rising energy costs.
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Around 80% of oil and gas transported through the key Strait of Hormuz ends up in Asia, and China is the largest buyer of Iranian oil, accounting for a 90% share, Michael Langham, emerging markets economist at Aberdeen Investments, wrote in a note this month.
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