Led by Richard Ji, who was previously head of Asia Internet and media research at Morgan Stanley, the All-Stars Investment Fund profited from a rebound in stocks including Alibaba Holding Ltd. and Baidu Inc., after adding shares during dips in recent years. Investments in closely held companies including Tujia.com, China’s answer to Airbnb, and Chinese ride hailing giant Didi Chuxing also put the fund on track for its fourth straight profitable year, Ji said in an interview.
Bloomberg News reports that, unlike the vast majority of hedge funds, All-Stars has the flexibility to invest in private companies, giving it an edge over peers and placing it among Asia’s top performers. This year’s gain has given the fund an annualized return of nearly 18% since its April 2014 inception, more than triple that of the Eurekahedge Hedge Fund Index. Less than 9% of Asia-focused hedge funds have had positive returns every year since 2014, according to Singapore-based Eurekahedge Pte.
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