August was a difficult month, with the HSCEI down 4.07%. Quam China Focus was down 1.42% on the month taking three-month figures to 3.57%.
The fund felt a number of squeezes in its short book, where a number of stock positions performed relatively well in spite of poor results.
This was offset to some extent by continued good performance from the fund’s event-driven long book. Standout performers within this book were Lee’s Pharm, Kosmoplito and Techtronic. The managers added three names during the month, one of which was in the hotel industry.
Kosmoplito is a high-conviction position within