The global macro fund run by Shanghai Entropy Asset Management has tracked an impressive 30.87% performance in the first eight months and scaled in size to $130m.
The group, which is chaired by veteran investment manager Xie Donghai, now runs north of $400m in total.
The strategy invests across asset classes, including equities and rates but according to Lu Zhang, who oversees the firm’s Hong Kong operation called Syntropy, said the strategy’s long positions in the US currency against several currency pairs and its active trading in commodity, especially on metals, both drove the strong performance this year.
The stellar performance in 2018 comes after losses in 2017 when the strategy was down 10%.
Shanghai Entropy, established its offshore asset management presence in Hong Kong earlier this year and has since grown its team of traders and investment managers, including senior trader Jun Chen, based in the city.
Xie, who is chairman and chief investment officer at Shanghai Entropy Asset Management founded the firm in 2014 after managing his own proprietary capital from 2007.
Prior to going out on his own, Xie was CEO at Shanghai Cyndi Investment Management from 2005 to 2007, and served as general manager at the investment department of Guangzhou Securities after working as senior portfolio manager at GF Huafu Securities from 2000 to 2004.
Shanghai Entropy returns 30% for its global macro fund on AsiaHedge.