Vantage Point Cuts Asia Tech as Market Capitulates on Rates
- Ferres cautions that US rates may climb to as high as 6%
- Hedge fund sells out of Alibaba, Tencent, Samsung, TSMC
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Asian technology stocks will remain unattractive as the dollar rallies in tandem with investors capitulating on bets for interest rate cuts from the Federal Reserve, according to Vantage Point Asset Management’s Nicholas Ferres.
“Everything that has worked in the first six weeks of the year has reversed,” said Ferres, the hedge fund’s Singapore-based chief investment officer. He sees “another phase of dollar strength and higher bond yields.”