SINGAPORE - On most mornings, Chong Chin Eai starts his day with a jog through Singapore's Botanic Gardens. After taking his son to school, he trades futures on his laptop at home until it's time for lunch, after which he might have a massage or perhaps a nap.
Hedge funds in Singapore are also shining as a group, generating an average return of 9.4 per cent for clients in 2019, according to Eurekahedge Pte. That beats the 7.6 per cent return for Asia and 6 per cent return for Europe. The Eurekahedge North American Hedge Fund Index is up 7.6 per cent this year.CRAZY RISK TAKERS There are three key theories behind the success of Singapore's chart-toppers.
"There's a lot of money coming in - money that's willing to take more risks," said Johan Sulaeman, who teaches finance and investing at the NUS Business School in Singapore.His storied rivals would have teams of portfolio managers, squads of analysts and a small army of interns. Chong, 46, trades from a plain desk in his home office with a laptop and an extra monitor.
"The Singapore stock market itself is not a very liquid vehicle for these hedge funds so they've been forced to look globally and they've been conditioned to be international players," Sulaeman said. People in Singapore have"also been educated in such a way that they're very familiar with quantitative techniques and tools."
Contrary to many expectations, key parts of the global economy fared well in 2019; the S&P 500 is up 26 per cent since January. Had you made bullish, leveraged bets in the first half you would have earned substantial returns -- something Vanda, PruLev and Quantedge all managed to pull off as global macro funds.
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