As the reporting period for first-half results, August was a busy month for bottom-up-oriented APS Asia-Pacific. The fund was up 0.07% on the month, taking three-month numbers to -0.57%.
After GOME reported a disappointing fall in revenues, APS had meetings with the company’s CEO and CFO, who pointed to improving fundamentals and the fact that their key e-commerce competitor appears to be running out of cash to continue the price war. The stock has rebounded 30% in September.
During the month APS saw good positive contributions from a number of stocks including Hi-P International, which rebounded after the