Pedder Street rides high on back of Cheetah and solid stock picks
February 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 the...
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