China bears beware: hedge fund drops 73% on China short
Six straight months of losses and still betting against the world’s engine of growth
Remember Emerging Sovereign Group’s Nexus hedge fund? Yes, it’s the same fund that started the year dropping 62% through April, betting against the Chinese economy.
Now halfway through the year, Nexus’ losses have reached 73%, as the fund continues to short China, while MSCI China Index gains reach 25% through June, according to a report from Bloomberg.
Kevin Kenny, a co-founder and chief investment officer of ESG declined to speak with Bloomberg about the massive losses, which included a 17% drop in June alone.