AsiaHedge Awards 2007

Venue: JW Marriott Hotel
Location: Hong Kong
Dates: Thursday, 25 October 2007 - Thursday, 25 October 2007

The AsiaHedge Awards acknowledge the achievements of the Asia-Pacific hedge fund industry. The event brings together both international and Asian managers and investors to celebrate the best performing Asia-Pacific hedge funds. The Awards are based on the published performance of eligible funds and provides managers and investors with a true reflection of the best performing risk-adjusted Asia-Pacific hedge funds. Now in its sixth year, the event is firmly established and attracts over 300 guests every year.


 

Victory to those with strong nerves

A bumpy ride in August threw the nominations for the sixth AsiaHedge Awards wide open, while one of the year's highlights was a female manager taking the top prize for the first time

The highlight of this year's AsiaHedge Awards was the award of Fund of the Year to the Atlantis China Fortune Fund managed by Yang Liu. This is the first time a woman has won Fund of the Year across all of the HedgeFund Intelligence Awards, and reflects the success she has had in the markets for many years now. This stretches back to 2003, when Jayhawk won the single country award for its China-invested portfolio. Yang was a key contributor to the portfolio at that time.

 

 

 

 

 

 

 

 

 

 

The AsiaHedge Awards dinner 2007, held in the JW Marriott Hotel in Hong Kong

 

The winners in most categories faced heavy competition, which highlights just how competitive these awards have become, now that there are more than 1,000 funds in the Asia-Pacific hedge fund space. Indeed, just getting on the list of nominees is an achievement in itself.
Identifying the winners in many of the categories would have been quite easy this year – until August. That month, marked by some terrifyingly steep intra-month losses, and in some cases end of month dives, really shook the nominations up. Suddenly, several funds that had been front-runners fell right back with their volatility ratios, and of course their Sharpes, somewhat battered.
While painful, such months are not necessarily a bad thing. After all, the volatility will have strongly tested the risk control set-ups of most managers, as well as testing their nerve in trusting their investment systems in order to claw back losses. This is what most managers did and, by and large, the month-end picture highlighted the strong ability of managers in the Asia-Pacific hedge fund space to limit and control the downside.
With August out of the way, managers had the opportunity to get back on track in September and get back into the running.
Performance and volatility are the cornerstones of the quantitative system that identifies HedgeFund Intelligence nominations and the eventual winners across the broad range of the awards.
We impose a number of other hurdles and barriers. These include asset hurdles to entry as well as the requirement that eligible funds be administered by third-party administrators of good repute. This forms part of our encouragement of a move towards institutional standards in the regional hedge fund industry.
2007 saw the introduction of three new awards – Event Driven, Multi-Strategy and Management Firm of the Year. The first two are in recognition of the broadening spectrum of strategies that are now available to investors in the region. There is now an acceptable number of funds in each category to warrant awards in them.

The Management Firm of the Year award recognises the industry's increasing institutionalisation. Over time, this award will become one of the most important of the AsiaHedge Awards. The most obvious addition to the range of AsiaHedge Awards in coming years will be the introduction of an award for those funds with a track record of at least three years. Certainly, there is now more than enough critical mass for the consideration of such an award in 2008.
In retrospect, 2007 will be seen as the year of China and Asia ex-Japan, and the first in many years when Japan funds only featured in their own particular categories.
The Asia-Pacific markets are highly rotational and Japan will clearly have its day again, while China and ex-Japan will doubtless take a back seat. Hong Kong, Singapore, Australia and UK-located managers all did well in 2007. However, US-based funds hardly featured. No doubt they will do much better in 2008.
It is important to remember that the AsiaHedge Awards are quantitatively based. However, the fact that they are effectively performance and volatility-centric represents the 'effect' of the qualitative 'cause'. This implies that nominated funds reflect the qualities that serious institutional investors look for when undertaking qualitative due diligence.
It is also interesting to see the number of older, more established fund operations that receive repeat nominations and awards. This highlights the importance of consistency in fund management and is a very important model for newer managers keen to attain the structural and performance standards that are required to be nominated these days.


Asia Excluding Japan
Presented by Deutsche Bank
Nominees: Henderson Asia-Pacific Absolute Return, K2 Asian Absolute Return, Sofaer Capital Asian Hedge, Value Partners High-Dividend Stocks, Whitefield Asian Opportunities

Highlighting the international nature of the industry, nominees for this award encompassed managers with a presence in the UK, Hong Kong, Australia and Singapore. In addition, all of the nominees are well-established houses with long-term track records and regular nominations at these awards. 
K2, a regular nominee over the years and former winner led the field in terms of its Sharpe ratio of 4.23. Value Partners, another former winner, and Henderson Asia-Pacific vied for second and third spot with 3.87 and 3.86, with Sofaer (3.45) and Whitefield (3.03) following on. Only the latter, headed up by Benjamin Ng in Singapore, fell outside the 75% Sharpe ratio 'catchment' to challenge for the award.
This saw the remaining four funds fighting it out on performance. In this regard, Value Partners was well ahead of the pack with a return of 62.47%, far outpacing the next best fund on performance, which was Sofaer Capital.
Value Partners High-Dividend Stocks, managed by Louis So, can only go short on futures and it has done so over the past year. Value Partners headed up by Cheah Cheng Hye, is in the process of going for a listing in Hong Kong.

 

 

 

 

 

 

 

 

 

 

Louis So of Value Partners


Winner: Value Partners High-Dividend Stocks
Return (Oct 06-Sep 07): 62.47%
Sharpe ratio: 3.87

 

Asia Including Japan
Presented by Citi
Nominees: MBAM Pan-Asian, MQ Asia Long Short Strategy, Nezu Cayman, Tantallon

Asia including Japan as a strategy has always had a hard time in Asia's rotational markets. In a sense the strategy finds itself between a rock and a hard place because the two main components of the strategy, Japan and ex-Japan, hardly ever find themselves going up at the same time – over the past four years anyway – and the market that is in the doldrums therefore tends to take the edge off the market that is doing well.
A downdraft in the ex-Japan markets is probably the harder scenario because it is that much more difficult to go short in that particular part of the strategy. This is not the case right now however. Japan has been the one experiencing the problems over the past two years or so, while China and its related plays have been flying high. Asia including Japan funds have done well to take advantage of this and have therefore tended to perform pretty well compared to the relevant market benchmarks.
The contenders for this award once again involved a geographically diverse set of managers, from Australia (Macquarie), the UK (Marble Bar), Hong Kong (Nezu) and Singapore (Tantallon).
Three funds are managed on a qualitative basis while Macquarie's uses a quant approach and is managed by Nick Bird. He is assisted by Andrew Alexander, a name well known in Hong Kong hedge fund circles especially. 
While many of the AsiaHedge awards were closely contested this year, this was perhaps the easiest to decide along with Japan. In Sharpe terms, MQ Asia Long Short totally outpaced its peers at 6.73. MBAM Pan-Asian was second with a ratio of 3.97 but falling well out of the 75% 'catchment'. Although MBAM outpaced the median with a return of 29.5% and Nezu led on performance at 75.6% over the 12 months in question, the fact that MQ's performance of 30.96% was lower than its peers was therefore redundant, consequently making MQ the winner. 

 

 

 

 

 

 

 

 

   

 

Jonathan Hall of MQ Asia

 

Winner: MQ Asia Long Short Strategy
Return (Oct 06-Sep 07): 30.96%
Sharpe ratio: 6.73


Japan
Presented by Fimat
Nominees: Alpha Pacific Qualified Partners, AlphaGen Hokuto, Asuka Japanese Long Short Equity, Rockhampton, Strategic Evarich, WF Japan

If there's anything that hedge fund managers need to be reminded of, it's a good dose of humility from time to time, and Japan managers have certainly had lots of that since the beginning of 2006. No doubt their ex-Japan counterparts will be getting to experience the same thing at some point in the future, possibly not too distant. For Japan it's meant a shrinkage in assets under management, in the region of about 20%, according to our last survey numbers. And since then it's probably more.
Of the six nominees this year, all have done excellently to clock the performance numbers that they have over the 12 months in question. This is why we decided on six nominees in order to acknowledge their outstanding comparative performances. Strategic Evarich clocked 16.20% compared to Rockhampton, which came marginally behind with 16.16%. Both outpaced third placed WF Japan with 12.9%. This compares to a meagre 0.85% for the AsiaHedge Japan median in US dollar terms over the same period and -2.07% in yen terms. These types of numbers reflect significant out-performance. 
Nonetheless, it was Rockhampton, last year's best Japan fund winner, which also took the plaudits for Fund of the Year in 2006, that came through again on Sharpe. On this basis, Rockhampton eclipsed its peers with a Sharpe of 5.1. The next nearest contender was AlphaGen Hokuto with 1.71. Rockhampton consequently won hands down for the second year running. 

 

 

 

 

 

 

 

 

 

 

Satomi Nakamura (centre) and Chris Donegan (right) of Rockhampton


Winner:
Rockhampton
Return (Oct 06-Sep 07): 16.16%
Sharpe ratio: 5.1


Small & Mid-Cap
Presented by Merrill Lynch
Nominees: Binjai Hill Asian Acorns, Blackhorse Emerging Enterprises, Hidden Jewels, Nezu Asia Mid-Cap, Yaraka

All of the contenders for this category have been nominated before with Blackhorse taking the honours in 2006 as winner of the category. This year, Yaraka was the only Japan fund to feature. Another portfolio in the Rockhampton stable, it clocked a very impressive performance of 27.2% over the 12 months in question, well outpacing the vast majority of its small/mid cap invested peers in Japan.
Nonetheless, 2007 was ex-Japan's year with some outstanding performances from Blackhorse, up 57.58%, Hidden Jewels, up 56.99%, and Nezu Asia Mid-Cap, which clocked a 12-month gain of 52.16%.  
In the event, the race came down to two funds, Blackhorse Emerging Enterprises, managed by John Engle and Hidden Jewels, managed by Robert Lewis.
Both funds are managed by Singapore houses and both have an excellent record. But this should not take anything away from Nezu. It fell marginally behind on performance in this category, but as can be seen, Nezu funds had an excellent year in 2007, with three nominations in all.
Blackhorse has shaped up to be one of Singapore's leading fund management houses in the alternative investment space in recent years. With four funds under management in diverse areas in the ex-Japan space, it has every chance of being a contender for best management firm in the coming years once its total assets under management move over the $1 billion mark.
Hidden Jewels, out of Novatera Capital, is a younger fund and was nominated for best new fund ex-Japan in 2006.
Both funds were, to all intents and purposes, pretty much neck and neck until August, when Blackhorse lost more ground than its counterpart, in the excessively volatile conditions that marked that particular month. It was Hidden Jewels' slightly better volatility profile that therefore saw it come through as the winner in what turned out to be one of the closest races of these awards.

 

 

 

 

 

 

 

 

 

 

Robert Lewis of Hidden Jewels


Winner:
Hidden Jewels
Return (Oct 06-Sep 07): 56.99
Sharpe ratio: 4.49


Event Driven
Presented by Barclays Capital
Nominees: FCM Absolute Return, Harmony Investment, MQ Special Events

This is a new award for 2007, in recognition of the progress that event driven has made as a strategy in recent years in the Asia-Pacific hedge fund space.
In the event three funds were way ahead of the rest of the pack. Harmony Investment, managed out of Singapore, led on performance for the 12 months under review, up 25.45% for the year. FCM clocked 18.17% while MQ Special Events made 17.74%. However, it was MQ Special Events, which focuses upon the Australian and New Zealand markets, that came through with by far the highest Sharpe – 3.95% for the 12 months in question. The fund's annualised standard deviation of just 2.64% since its October 2003 inception is also very impressive indeed.
Allowing for the fact that Australia is a less volatile market than the more broadly Asian regional markets that typify Harmony and FCM's approach, it was felt that the Macquarie portfolio still led the field in the 12 months to September 2007. 

 

 

 

 

 

 

 

 

 

 

Tuan Luu (right) of MQ Special Events


Winner:
MQ Special Events
Return (Oct 06-Sep 07): 17.74%
Sharpe ratio: 3.95


Single Country
Presented by Lehman Brothers
Nominees: Atlantis China Fortune, Golden China, Helios Strategic, India Capital, Monsoon India Inflection, PXP Vietnam, UG Hidden Dragon Undervalued Assets Fund, Value Partners China ABH Shares

In the Asia-Pacific financial markets, 2007 will be looked back on as being China's year. In consequence, it is China-focused funds that took four of the eight nominations in this particular category – Atlantis China, Golden China, UG Hidden Dragon, and Value Partners China, with the firm's second nomination of the evening. However, they had a good run for their money from India, with Monsoon India Inflection coming through with a return of 85.35% to lead the pack investing in this particular market. PXP Vietnam filled out the eight with a 12-month return of 114.31%.
Nonetheless, it was clear that this was China's year based on some of the stellar performances. Golden China led the pack over the 12 months with a return of 157.94%. Atlantis was next in line with 121.91%, while Value Partners clocked 118.83% and UG Hidden Dragon came through with 117.87%. On a Sharpe basis, Value Partners and Golden China matched each other on 5.42, while Atlantis came through with 4.94. However, on the basis of Value Partners' lower performance, Golden China came through as eventual winner in this category for the 12 months to end-September 2007.

 

 

 

 

 

 

 

 

 

 

George Jiang (left) and Ted Cheng of Golden China


Winner:
Golden China
Return (Oct 06-Sep 07): 157.94%
Sharpe ratio: 5.42


International
Presented by Clifford Chance
Nominees: Grinham Diversified, K2 Select, Merchant Commodity, QAM Global Equities

Two Australian – Grinham Diversified and K2 Select – and two Singapore based funds – Merchant Commodity and QAM Global Equities – featured in this category this year. This emphasises the strength that these two markets have in internationally invested strategies in the Asia-Pacific region. Hong Kong and Tokyo tend to be more parochial, especially the latter, in terms of the advisers/managers that operate in these centres.
Merchant Commodity obviously invests in commodities. It is an excellent fund, clocking 48.3% over the past year, and winning the award in this category in 2006. However, elsewhere, it was QAM that was achieving the comparatively larger return, at 64.34%. Although K2 clocked the bigger Sharpe, 3.18 compared to QAM's 2.9, the former's 12 month performance was some way lower at 28.07%.
QAM was therefore the winner in 2007. The portfolio is a quant managed fund, and CEO Frank Holle paid tribute to the computer's role when he came up on stage to collect his well deserved award.  

 

 

 

 

 

 

 

 

 

 

Frank Holle of QAM Global Equities

 

Winner: QAM Global Equities
Return (Oct 06-Sep 07): 64.34%
Sharpe ratio: 2.9


Arbitrage, Market Neutral & Multi-Strategy 
Presented by Fimat
Nominees: BGI Australian Equity Market Neutral, Cannizaro Asia, LIM Asia Arbitrage, RAB Northwest China Opportunities, Wharton Asian Arbitrage

The nominees in this category represent some of the most well-established and best-known names in the industry. BGI has been a regular contender for this award over the years. The managers at Cannizaro have been around for quite some time now, though they are exceeded in terms of years of operation by LIM, RAB and Wharton. All three date back well into the 1990s and their managers are well known in the markets.
George Long was one of the trailblazers of hedge funds in Hong Kong along with Vanessa Gibson who heads up Wharton, also in Hong Kong. George Philips runs the RAB Northwest portfolios along with David Rogers and has written books on his subject. This operation has been moving from strength to strength since coming under the RAB Capital aegis more recently.
Such quality names guarantee healthy competition. As one would expect, BGI led on Sharpe in the less volatile Australian market, at 4.02, clocking a 23.24% gain. But it was RAB Northwest's 58.02% performance that was the kicker this year, on the back of a 3.12 Sharpe, marked by some innovative investing in the China market in the past 12 months, and one highlighted by Philips as brimming in opportunities for savvy investors right now. The RAB Northwest China Opportunities Fund consequently took the plaudits in 2007.

 

 

 

 

 

 

 

 

 

 

George Philips (left) and David Rogers of RAB Northwest China

 

Winner: RAB Northwest China Opportunities Fund
Return (Oct 06-Sep 07): 58.02%
Sharpe ratio: 3.12


Fixed Income, High Yield & Distressed
Presented by Barclays Capital
Nominees: Ashmore Asian Recovery, Asian CRC Hedge, Asian Credit Hedge, Asian Debt, ASM Asia Recovery, Tribridge AF1

Some fixed income strategies have had a tough time of things in 2007, marked by the difficulties that Basis Capital has undergone in latter months. Nonetheless, the nominees here clocked excellent performances over the 12 months in question. Ashmore came through with a 29.07% return on the year but its Sharpe was eclipsed by the likes of Asian Debt, which led the field in this regard with a ratio of 3.28. Asian CRC, part of the highly regarded Income Partners stable and another longtime, well-established manager in Hong Kong, clocked 16.56% with a Sharpe of 2.84. This fund's performance therefore outpaced Asian Debt's 14.42% gain consequently seeing Asian CRC come through as the winner in 2007. This follows many near misses by the firm over previous years at winning this award. It just goes to show, consistency and persistence – qualities that serious institutional investors look for – ultimately do prevail.

 

 

 

 

 

 

 

 

 

 

Francis Tjia (left) and Emil Nguy of Income Partners

 

Winner: Asian CRC Hedge
Return (Oct 06-Sep 07): 16.56%
Sharpe ratio: 2.84


Multi-Strategy
Presented by Merrill Lynch
Nominees: Bennelong Asia Pacific Multi-Strategy, Concordia Asia Pacific Multi-Strategy, RAB Northwest, Stark Asia

This is a new award in 2007, in recognition of the fast growing multi-strategy approach being seen in the region. The managers behind the funds are again well known with RAB Northwest featuring with a second nomination.
Nonetheless this award was one of the more straightforward of the evening, with both Sharpes and performance in sequence. Stark Asia clocked the highest Sharpe at 3.18 followed by RAB Northwest at 2.79. Performance was also clear cut with Stark recording a 31.21% gain for the 12 months in question seeing it at the head of the field. RAB came through with a 26% gain marginally ahead of Concordia at 25.35% and a little further in front of Bennelong at 17.3%.
Stark Asia was therefore the winner on both Sharpe and performance.  

 

 

 

 

 

 

 

 

 

 

Stu Wilson (left) of Stark Asia

 

Winner: Stark Asia
Return (Oct 06-Sep 07): 31.21%
Sharpe ratio: 3.18

 

New Japan Fund
Presented by Citi
Nominees: Kuromatsu, Myojo Riodas, WiJo Japan

This award featured two London-based managers with Myojo the only adviser based in Japan. There were few nominations reflecting the appalling time that Japan has been having since the beginning of 2006.
Nonetheless, the three nominees have done well to clock healthy returns in the early days of their operation. On an annualised basis, Kuromatsu led in terms of performance with a return of 18.21%, well ahead of the Japan medians. It was followed closely by Myojo, with WiJo coming a little further behind at 13.64%. In Sharpe terms, WiJo outpaced Myojo, 2.12 to 1.51 respectively. However, they were both well outpaced by the London based Kuromatsu, managed by Peter Nicholas and Christopher Taylor on the PCE Investors platform, with a Sharpe of 3.62. It was consequently the clear winner in 2007.

 

 

 

 

 

 

 

 

 

 

Leon Rapp collects for Kuromatsu


Winner: Kuromatsu
Annualised return: 18.21%
Annualised Sharpe ratio: 3.62


New Fund excluding Japan
Presented by Credit Suisse
Nominees: Boyer Allan Greater China, Boyer Allan Pacific Opportunities, Clean Resources Asia, Richland Asia Absolute Return

Aside from the two new Boyer Allan portfolios, also featured was a new market neutral, regionally invested  portfolio (Richland) as well as the region's first nomination for a fund with environmentally aware principles.
Both performed excellently with solid annualised performance of around 45%.
However, it was the well established Boyer Allan's new funds that came through with the most outstanding performances by new ex-Japan funds this year.
Pacific Opportunities, a regionally invested portfolio, put on 100.45%. But this was China's year and so it was no surprise that the Greater China fund, with an annualised performance of 137.77%, was the clear cut eventual winner.

 

 

 

 

 

 

 

 

 

 

Robbi Mathie of Boyer Allan Investment Management (HK)

 

Winner: Boyer Allan Greater China
Annualised performance: 137.77%
Annualised Sharpe ratio: 4.57


Management Firm of the Year
Presented by Morgan Stanley
Nominees: Artradis Fund Management, Boyer Allan Investment Management, Nezu Asia, Tantallon Capital, Ward Ferry Management

This was our final new award introduced this year, perhaps an overdue addition to our roster of awards recognising the top risk-adjusted performance in the business – and reflecting the increasing institutionalisation of the industry in Asia.
The aim with this award is to recognise those fund groups that may or may not produce individual funds that get nominated or win in any specific category, but which do the most outstanding job across their whole range of funds and strategies. To qualify for a nomination, we stipulated that groups needed to be running at least three different strategies and assets of at least $1 billion in Asia-Pacific hedge funds.
To decide the shortlist we then adopted the methodology used for several years at our EuroHedge Awards event in London, where the Management Firm award has become one of the most coveted prizes, arguably challenging the importance of Fund of the Year. This method focuses on average performance versus our industry medians and average Sharpe ratios versus the medians (both weighted by assets) as well as group growth in both dollar and percentage terms. These are then weighted, with a firm's rank by each criteria measured using a scoring system to decide which is best.
Under this scoring system, the five firms nominated came to the top of the chasing pack. They were all closely matched, with different winners under various criteria, such as Tantallon having the best weighted average Sharpe ratios, and Artradis top by growth in dollar terms. It was a strong year too for veteran Asia players Boyer Allan and Ward Ferry.
But it was Nezu that had to take this inaugural award – with both the highest weighted alpha and the highest growth of assets in percentage terms, as well as strong rankings on both other measures.

 

 

 

 

 

 

 

 

 

 

Eric Ritter, Richard Kincaid and Nicholas Longcroft collected the Management Firm of the Year Award for Nezu Asia


Winner: Nezu Asia
Hedge funds: Nezu Cayman, Nezu Cyclicals, Nezu Asia Mid-Cap
Hedge fund assets: $1.07 billion (June 07)


Fund of the Year
Presented by HSBC
Nominees: Atlantis China Fortune, Blackhorse Emerging Enterprises, Boyer Allan Pacific, Golden China, Merchant Commodity, Monsoon India Inflection, Yaraka

This was the hardest Fund of the Year to decide in the six years of the AsiaHedge Awards. All of the nominees have been consistent leaders in their strategies in recent years and often for much longer.
Boyer Allan has won Fund of the Year before with Boyer Allan Japan in 2002, and Rockhampton won in 2006. Atlantis China, Blackhorse Emerging Enterprises and Merchant Commodity each won individual awards last year as well. Golden China won in its category this year and all of the rest came close to winning in theirs.
Blackhorse has to be taken very seriously in a broad range of strategies in Asia ex-Japan these days, ranging from broad regional investment to some of the more esoteric areas of investment activity.
Monsoon has been consistently among the leaders in India investment for the past three years and was one of the few US-headquartered houses to be considered for nomination, in any category, in 2007.
This highlights that the rest of its peers in the US have to do much better, especially bearing in mind that US-headquartered houses have such a large share of Asia-Pacific invested assets right now.
There were some pretty serious factors to consider on the long-term consistency of these portfolios and the houses that run them. Indeed, this is what is key about the Fund of the Year award. It is not just a 12-month review of performance. Consistency and a much broader and longer term range of quantitative factors ultimately also come up for consideration.
Bearing this in mind, consideration ultimately came down to two funds: Golden China and Atlantis China Fortune. This was where the hard part really started.
On a 12-month basis, Golden China was at the head of the pack. But 2007 is the first time that it has been nominated in any category. Atlantis has had several nominations over the years and has been a previous winner too. Nonetheless, on a performance basis, both funds have been very consistent since their inception.
However, Atlantis ultimately edged ahead on three considerations. First was its slightly higher average annual compound return since inception, up to end-September 2007. Second was its slightly higher Sharpe ratio over the same period. Third was its slightly larger assets size at the end of June 2007.
In collecting the Fund of the Year award, it was clear that Yang Liu is a very popular winner. Her forthright speech, focusing on her being a woman and at the top of the fund management profession in the region; the excellent long-term prospects of investing in China; the fact that her long-only invested portfolios actually did better than this particular fund; and the fact that she is not bald like so many of her male counterparts, was extremely well received.

 

 

 

 

 

 

 

 

 

 

Yang Liu of Atlantis China Fortune

 

Winner: Atlantis China Fortune
Sharpe ratio: 4.94
Return (Oct 06-Sep 07): 121.91%


AsiaHedge Awards Previous winners

2002
Japan: Boyer Allan Japan*
Asia including Japan: Ward Ferry Asia*
Asia excluding Japan: HT Asian Catalyst*
Country: Thai Focused Equity*
Arbitrage and Market Neutral: Lionhart Asia*
New Fund: BGI Market Neutral*
Special Award: Kuroto*
Fund of the Year: Boyer Allan Japan*


2003
Japan: Tower K1*
Asia including Japan: Penta Japan
Asia excluding Japan: Knight Thai Strategic Investments*
Country: Jayhawk Capital*
Arbitrage and Market Neutral: LIM Asia Arbitrage*
New Japan Fund: Generation Japan
New Fund excluding Japan: ADM Global Perspectives and Value Partners High-Dividend Stocks*
Special Award: St. Helens Capital Ailsa*
Fund of the Year: Tower K1*


2004
Japan: Tower K1*
Asia including Japan: Diamond Head
Capital International*
Asia excluding Japan: Value Partners 'A' Fund*
Country: Thai Focused Equity Fund*
Arbitrage and Market Neutral: Venus
Arbitrage Fund*
New Japan Fund: Myojo Japan Long Short Fund
New Fund excluding Japan: Triloka Master Fund
Fixed Income: Basis Capital Aust-Rim Fund*
International: PM Capital Enhanced Yield Fund*
Australia: K2 Australian Absolute Return Fund*
Fund of the Year: Tower K1*


2005
Japan: Melchior Japan*
Asia including Japan: LG Asian Plus*
Asia excluding Japan: Platinum Asia*
Country: India Capital*
Arbitrage and Market Neutral: Venus
Arbitrage Fund*
New Japan Fund: Sandringham Long Short Fund
New Fund excluding Japan: Mathews
Tomahawk Fund
Fixed Income: Basis Yield Fund*
International: Mathews Sabre Fund
Australia: AMP Australian
Fund of the Year: Basis Yield Fund*


2006
Asia including Japan: Absolute Partners
Asia excluding Japan: Trophy Fund
Japan: Rockhampton*
Small and Mid-Cap: Blackhorse Emerging*
Single Country: Pinpoint China
International: Merchant Commodity*
Arbitrage, Market Neutral & Multi-Strategy: Ishin
Fixed Income, High Yield & Distressed: Basis Yield*
New Japan Fund: AlphaGen Pyxis
New Fund excluding Japan: Atlantis China Fortune*
Fund of the Year: Rockhampton*

* Manager nominated for awards in more than one year
 
 

 

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