Ayer adds to net long positions amid depressed valuations

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August saw Asian markets continuing to trade in a narrow range with persistent volatility and fund returns were mixed. TIG Ayer Asia LP was down 0.82% on the month, taking three-month figures to -2.6%.

While a net long exposure to Hong Kong/China equities has been a drag on performance so far this year, manager Jim Ayer remains confident that those stocks were bought at depressed valuations and will eventually re-rate. During the month he raised net long exposure by 10%, adding to some existing investments such as Park 24 and Galaxy which have posted strong results recently, and