Pedder Street rides high on back of Cheetah and solid stock picks
Thu Feb 24, 2011
Lester Poon’s decision to house Pedder Street Asia Absolute Return Fund on Cheetah’s platform has paid off, giving him more time to focus on market dynamics, stock-picking and fund management
In the wake of the 1997-98 Asian economic crisis, Lester Poon,
then a long-only Asian equity fund manager, visited a client to
discuss how his fund had weathered the storm. When Poon
described how the fund had gone down less than the index and
could be considered to have performed well under the
circumstances, the Dutch pension fund client said: "Yes, but I
can't use your out-performance to pay my pensions."
The message hit home, and in common with many long-only
managers, Poon did some soul-searching as to whether relative
return was the best way to serve the needs of his clients. The
eventual transition to absolute return, then, was a natural
development and one that sits very comfortably with Poon, Hong
Kong-based portfolio manager of the Asia ex-Japan long/short
equity Pedder Street Asia Absolute Return Fund.
Poon brought with him 20 years' experience, both on
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