“I have reached the stage whereby my confidence as a trader is lost,” Chief Investment Officer Chua wrote in the letter. Tough trading since October and a “disastrous” January “has proven that my past experience is no longer valid and instead, is working against me.”
Singapore hedge fund Asia Genesis Asset Management Pte is closing its macro fund after wrong-way bets on Chinese and Japanese stocks inflicted “unprecedented” losses.
Chua Soon Hock’s Asia Genesis Macro Fund declined 18.8% in the first weeks of January, according to a letter sent to investors seen by Bloomberg News. The fund is returning money to investors after losses on long Hong Kong and China equities positions as well as short Nikkei bets, according to the letter.
