Tai Tam limits the downside after NUS hit

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Performance of macro funds in the region was mixed in May. Tai Tam Asian Macro ended the month down 2.63% after a high-conviction individual stock, Nu Skin International (NUS) was de-rated on market rumours but the fund limited its losses via nimble trading.

Skincare and nutrition company NUS was around 5% of Tai Tam’s portfolio at the end of April, thanks to successful product launches and a powerful network marketing model.

However, on 30 April, during a competitor’s earnings conference call, US hedge fund manager David Einhorn raised two very basic questions that caused investors to speculate that