ONE of China’s best-known fund managers is the latest to feel the sting of a badly-timed market entry. A private fund formed near the February market peak by Dan Bin’s Shenzhen Oriental Harbor Investment Management Co. has plunged more than 20 percent in less than three months, according to an investor letter. That’s breached a “warning line” as of May 7 that required the fund to notify investors of the declines. Reasons cited for the losses include the poor market timing and the asset manager’s partiality for sectors that have borne the brunt of the recent rout, such as makers of the local white spirit baijiu, Internet retailers and other industry leaders. Dan is among China’s earliest private asset managers, authoring numerous books on investing and keeping a highly active profile on social media. He reposted a local media report on his losses Tuesday last week, but told his 14 million followers on Weibo that he would continue to put his own investments into the product. “This is just the warning line, not the level where funds must be returned to investors,” he said. A company spokeswoman referred to Dan’s post when asked by reporters to confirm the contents of the letter, adding that the fund manager had publicly responded already. (SD-Agencies) |