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HD Capital's Hedge Fund Bets Shippers to Outstrip Peers, Bearish on Large AI Model Firms
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HD Capital's Tianyu China Fund delivered a return of over 30% this year and more than 230% over the past five years, outstripping 97% of its peers, data from With Intelligence showed. As of April 2026, 11% of the Tianyu China Fund was allocated to the shipping sector, rendering it the fund's largest sector exposure. Wang Yeqing, Chief Investment Officer of HD Capital, said the shipping sector is in a strong upward cycle. From a supply-demand perspective, as the US intensified sanctions on relevant terminals last year to curb Iran's energy exports, non-compliant fleets have been phased out at an accelerated pace, improving the market share of compliant oil tankers. Therefore, even without an Iran war, the cyclical uptrend in shipping rates remains solid. Regarding the AI investment boom, Wang was not optimistic about large AI model companies listed in Hong Kong, arguing that there is a clear bubble in current large models and AI capex. In contrast, Wang favored computing power-related hardware such as data centers and power equipment. The massive investments made by internet magnates are difficult to recoup through cloud services and advertising revenue, putting pressure on cash flow. Meanwhile, large model companies such as MINIMAX-W (00100.HK) and KNOWLEDGE ATLAS (02513.HK) face severe product homogeneity, unclear business models, low certainty and relatively high valuations. Wang also mentioned that investments in bonds issued by NEW WORLD DEV (00017.HK) contributed to the fund's performance. AASTOCKS Financial News |
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