Key Takeaways
- • Aspex Management HK Ltd., the $14 billion Hong Kong firm led by Hermes Li, returned 26% in 2025 in a share class that charges higher fees, according to people with knowledge of the matter.
- • Minal Bathwal's $5.5 billion Brevan Howard MB Macro Fund rose 6.8% in 2025, per people familiar with the returns.
- • An Astignes Capital Asia Pte fund lost 3.3% over the same period, according to people familiar with its returns.
- • Bloomberg attributes the strong Asia hedge fund performance to artificial intelligence themes and corporate governance reforms that lifted funds of varying size.
Summary
Hong Kong-based Aspex Management HK Ltd., which manages $14 billion under the leadership of Hermes Li, posted another double-digit annual return in 2025, according to Bloomberg. The firm's hedge fund gained 26% in a share class that charges higher fees, based on information from people with knowledge of the matter. Bloomberg reported that artificial intelligence and corporate governance reforms in the region lifted Asia hedge funds of both large and small size during the year.
Results across the region were mixed. Minal Bathwal's Brevan Howard MB Macro Fund, a $5.5 billion vehicle, rose 6.8%, while an Astignes Capital Asia Pte fund lost 3.3%, according to people familiar with the returns. The figures were not independently verified in the available reporting, and the article relies on unnamed sources for all performance data.
The article was first published on January 28, 2026 and updated on January 29, 2026. Bloomberg's coverage frames 2025 as a banner year for Asia managers, though the source material provides only headline-level performance figures for the funds named.
Results across the region were mixed. Minal Bathwal's Brevan Howard MB Macro Fund, a $5.5 billion vehicle, rose 6.8%, while an Astignes Capital Asia Pte fund lost 3.3%, according to people familiar with the returns. The figures were not independently verified in the available reporting, and the article relies on unnamed sources for all performance data.
The article was first published on January 28, 2026 and updated on January 29, 2026. Bloomberg's coverage frames 2025 as a banner year for Asia managers, though the source material provides only headline-level performance figures for the funds named.
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