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A New Hedge Fund Posts 15% Gain in Korea Even as Market Slumps

  • Billionfold Asset started in January with long-short strategy
  • Firm includes some managers who spent time as day traders
Light trails from passing traffic illuminate a road at dusk in Seoul, South Korea, on Saturday, Jan. 27, 2018.
Photographer: Jean Chung/Bloomberg

A hedge fund that started this year is producing double-digit returns in South Korea even as the stock market slumps.

Billionfold Asset Management Inc. has returned about 15 percent since January mainly through a long-short strategy focused on South Korean equities, Chief Executive Officer Hyungjin An said in an interview in Seoul. The Kospi index has fallen 9.2 percent this year. The firm has attracted 440 billion won ($389 million) to its four funds, mostly from retail investors, An said.