Equity markets in China and Japan rebounded in 2013, thanks to Chinese President Xi Jinping’s efforts to stamp out political corruption and rebalance the economy toward consumption and services and Japanese Prime Minister Shinzo Abe’s stimulus measures, known as Abenomics. Hedge fund firms in the region benefited from these tailwinds, with firms in the annual Asia Hedge Fund 25 ranking managing a combined $58.7 billion as of April 1, a gain of almost 15 percent in a year. Hillhouse Capital Management climbs to the top of the ranking with $11 billion in assets, unseating Hong Kong-based Value Partners, marking the first time a mainland Asia hedge fund firm has topped the rankings. Assets at Hillhouse have since climbed to $14 billion following the successful initial public offering of Chinese e-commerce retailer JD.com in May. Hillhouse had invested $225 million in the firm four years ago. Value Partners took the second-place spot with $10.2 billion, up from $9.3 billion last year
In Institutional Investor's Alpha’s 2014 Asia Hedge Fund 25, our ninth annual ranking of Asia’s biggest single-manager hedge fund firms, we provide each manager’s total capital for 2014 and 2013 as of April 1. Where possible we also show capital at the individual fund level, with net 2013 and first-quarter 2014 returns, as well as fund inception dates. Asset totals reflect a firm’s internally run single-manager funds and separate accounts, including actively managed long-only hedge funds. Totals exclude funds of funds, funds managed by third parties, dynamic money market funds, private equity and venture capital. Assets in managed-futures accounts are stated as actual (cash) rather than nominal (trading level) values, unless otherwise noted. Assets run anywhere in the world are included, as long as the firm is wholly owned by a parent company that is headquartered in Asia. We gathered data through questionnaires completed by hedge fund managers, supplemented by II staff research. In some cases asset totals or returns represent our estimates. Senior Editor Jane B. Kenney compiled the ranking with the assistance of Hong Kong–based Researcher Serina To. To request a questionnaire for next year’s Asia Hedge Fund 25 ranking, please e-mail your contact details to hedgefundrankings@iimagazine.com.