China Hedge Fund Minghong Recovers After Record Redemptions

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Minghong, which rose to the top of China’s quant hedge funds last year, has faced investor skepticism due to its under-performance earlier this year, prompting it to apologize to clients in March. The market shifted sharply this year, with last year’s top-performing companies like liquor makers and semi-conductor firms, known as “high-momentum” stocks to quant funds, slumping in February and March. It trapped a raft of star mutual fund managers including E Fund Management Co.’s Zhang Kun.