Asia Large Hedge Funds Seek Regional Growth in Micron, Apple

Asia’s large hedge funds are turning to companies outside the region to deliver better returns on the billions of dollars they have raised.

Azentus Capital Management Ltd., with about $800 million in assets, generated more than a third of its 17 percent return last year outside Asia, said a person with knowledge of the performance. Tybourne Capital Management (HK) Ltd. reported $848.8 million worth of U.S.-listed securities at the end of March and Myriad Asset Management Ltd. disclosed $476.9 million, according to their 13F filings with the U.S. Securities and Exchange Commission.

“Previously, you generally saw Asian funds having only an Asian mandate,” said Matt Pecot, Asia-Pacific head of prime services at Credit Suisse Group AG (CSGN) in Hong Kong. “Nowadays, more funds launched within the region have expanded that to take advantage of the insights that they have gathered in Asia and put a portion of that money to work in the U.S. or Europe.”

Funds that have raised at least $1 billion after 2009 are turning to global companies that benefit from Asia’s growing consumer and production power, and which are more frequently traded, according Credit Suisse and Bank of America Corp.’s Merrill Lynch unit. They also are stepping outside their home base after the MSCI Asia-Pacific Index generated an annualized return in the three years to April only about a fourth of the MSCI World Index’s.

-Bloomberg

Ackman, Herbalife, Washington

Pershing Square’s short has been a losing trade so far. Given the large size of the short position, traders on the other side have driven the stock price up by short squeeze. Herbalife defended strongly.

Persing Square’s analyst who worked on the Herbalife short has left the firm. And Ackman has taken this matter to regulators now. Herbalife responded Ackman should be investigated.

“Choosing money over power is a mistake almost everyone makes. Money is the big mansion in Saratoga that starts falling apart after ten years. Power is that old stone building that stands for centuries. I cannot respect someone who does not see the difference.” Francis Underwood, House of Cards

Carl Icahn, eBay, PayPal, Marc Andreessen

Icahn campaigns PayPal should be split from eBay with his letters

eBay disagrees: the press release

Andreessen responds

Musk believes PayPal would be better standalone

eBay stock price opened $55.10 on Feb. 24th when Icahn initiated

According to Forbes, Musk was direct: “It doesn’t make sense that a global payment system is a subsidiary of an auction website. It’s as if Target owned Visa or something. PayPal will get cut to pieces by Amazon Payments, or by others like Apple and by startups if it continues to be part of eBay.”