Sofaer Capital Pacific is back to black


A net short portfolio for most of May helped the Sofaer Capital Pacific Hedge Fund dodge the bullets and gain 2.23% for the month, taking year-to-date performance back into the black at 1.72%. The Asia including Japan long/short equity fund went net short early in the month, having gone net long in April in anticipation of a revaluation of the renminbi.

As April progressed, it became clear from China's measures to control the property market and also from US commentary that a revaluation was not on the cards, and there was the prospect of a drop in GDP