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Playing long/short in China

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Riding volatility in Asia

Emperor Greater China Fund’s Ed Mullen has lived in Shanghai for six years, managing money there for international investors. “I saw China as a bright spot and an emerging economy when others were not convinced,” he says. “I had enough capital to invest my own money so I set up a long/short mainland China fund. For the first few years it was tough to get investors on board but now they realize that with average annual GDP growing by over 10% for the last 25 years, a 200 to 300 million consumer middle class and no trade deficit, China is an interesting place to be.” Emperor shorts larger-cap stocks in China-related companies in Hong Kong, Singapore, Taiwan and the US where there is little issue of borrowing stock. The fund’s net exposure varies typically between 20% and 70%. “At the moment we have a long bias because of the market but in May and June we made great money on the shorts we had put on with a net exposure of around +10%.”

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