The Segantii Asia-Pacific Equity Multi-Strategy Fund returned 8.3 percent in April, its best monthly return since inception in December 2007, according to a performance update sent to investors.
The April gain helped the $638.9 million fund advance 6 percent in the first four months, according to the document from Hong Kong-based Segantii Capital Management Ltd.
Asia-focused hedge funds tracked by Singapore-based data provider Eurekahedge Pte on average lost 0.7 percent this year through April, according to preliminary data. The Nikkei 225 Stock Average and the Hang Seng China Enterprise Index tracking Hong Kong-listed China-incorporated companies are among the 10 worst-performing primary stock indexes tracked by Bloomberg this year, amid concerns about the Chinese economy and Japan’s recovery as well as a selldown of technology stocks.
The Segantii fund trades Asian equities and equity-linked securities with a focus on North Asia. Segantii’s Chief Investment Officer Simon Sadler was a head of Asian equity trading for HSBC Holdings Plc’s regional securities unit.
In April, the relative-value strategy drove Segantii’s performance, returning 7.9 percent, according to the newsletter, which doesn’t elaborate. The strategy exploits pricing gaps between different classes of shares of the same companies or shares quoted on different exchanges.
Eurekahedge Asia Hedge Fund Index slipped 0.3 percent in April, according to preliminary data.
The Segantii fund ended six straight years of profits last year when it had a 1.7 percent loss, according to the newsletter, underperforming the Eurekahedge Asia ex-Japan Hedge Fund Index’s 11.8 percent gain. The fund has returned an annualized 13.8 percent since inception, compared to 3.8 percent for the benchmark Eurekahedge ex-Japan index, according to its newsletter.
Segantii hired Florian Suraud, a former Goldman Sachs Group Inc. equity capital markets executive director in London, to look at capital market trades such as new convertible bond and share issues as well as stock placements, Kurt Ersoy, the company’s chief executive officer, said by phone.
Suraud is Segantii’s second hire in London after David Sayer, a former JPMorgan Chase & Co. Asia cash equity trading head. Sayer was hired to set up a trading desk there to handle opportunities in the U.S. and European time zones.
Sophie Ramsay, a Goldman Sachs spokeswoman in London, declined to comment on Suraud’s departure.