Hedge Fund Aspex Gains 26% in Banner Year for Asia Managers

Hermes Li’s $14 billion Aspex Management HK Ltd. scored another double-digit return in 2025, when artificial intelligence and corporate governance reforms lifted Asia hedge funds large and small.

Aspex’s hedge fund gained 26%, in a share class that charges higher fees, according to people with knowledge of the matter. Minal Bathwal’s $5.5 billion Brevan Howard MB Macro Fund rose 6.8%, while an Astignes Capital Asia Pte fund lost 3.3%, said people familiar with the returns.