China Hedge Fund Minghong Recovers After Record Redemptions
- Minghong’s returns improved after model adjusted, founder says
- Investors pulled out almost 20% of money after losses earlier
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Shanghai Minghong Investment Management Co., China’s largest quant hedge fund until recently, said it stemmed losses after earlier losses led to the biggest redemptions in its seven-year history.
After dropping 27% in the first quarter, the offshore fund’s net asset value stayed largely unchanged this month through April 28, founder Qiu Huiming said in a phone interview from Shanghai. The improvement came after adjustments to its trading model last month, he added.