Hedge Funds

Pedder Street rides high on back of Cheetah and solid stock picks

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Lester Poon’s decision to house Pedder Street Asia Absolute Return Fund on Cheetah’s platform has paid off, giving him more time to focus on market dynamics, stock-picking and fund management

Lester Poon

In the wake of the 1997-98 Asian economic crisis, Lester Poon, then a long-only Asian equity fund manager, visited a client to discuss how his fund had weathered the storm. When Poon described how the fund had gone down less than the index and could be considered to have performed well under the circumstances, the Dutch pension fund client said: “Yes, but I can’t use your out-performance to pay my pensions.”

The message hit home, and in common with many long-only managers, Poon did some soul-searching as to whether relative return was the