India’s Top Hedge Fund Is Buying Shares Again
- Fund raised its cash holding to record 65% in September
- Buying shares as market poised for short-term rebound: Holland
Photographer: Dhiraj Singh/Bloomberg
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India’s top hedge fund has stopped hoarding cash and started buying shares again, expecting a bounce in the South Asian nation’s equities.
The Avendus Capital Alternate Strategies’ Absolute Return Fund is increasing investments after benchmark indexes slumped due to surging oil prices, higher borrowing costs and defaults at a local shadow lender. The intensity of selling for the S&P BSE Sensex Index last week hit levels not seen since the height of the 2008 financial crisis. That’s pushed Avendus to start unwinding its cash position, which reached a record 65 percent of assets in September.