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Fund detail

GEMS – Mahjong China

With 45+ years in Asian markets, the Mahjong China Fund uses long/short equity strategies in Greater China to capture inefficiencies and deliver superior returns with lower risk.

This webpage is a marketing communication. Please refer to the Prospectus and the PRIIPs Key Information Document (KID) before making any final investment decisions.

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Change investor profile
StructureMulti-Managers Pan-Asia (SICAV SIF)
ClassificationSFDR Article 8
Investment overview

Thanks to our 45+-year experience in the Asian markets, Mahjong China represents one of the best ways to benefit from the huge opportunities offered by active investing in China.

  • Long / Short Equity multi-manager fund investing in Greater China
  • Long/Short strategies are the best way to capture market inefficiencies that abound in the region
  • Investment objective: to deliver above average returns over time while maintaining a lower risk profile than conventional investments
  • Expected annualized return: outperform the China Equity Market over a full market cycle
  • Expected annualized volatility: ~1/2 of the MSCI China Index
  • Expected exposure: Net = ~30%-60%. Gross = ~110- 170%
  • Upside/downside: 2/3 of the upside and 1/3 of the downside with limited drawdowns
  • Monthly liquidity
Why consider this fund
Focus on the “new China”, with emphasis on industry leaders that have true performance potentials and participating in China’s growth story
Access to all classes of shares in China including A-shares, B-shares, H-shares (Hong Kong) and ADRs
Investments in L/S Equity managers capturing opportunities in a market that is opening to foreign capital with high dispersion of returns
Great diversification to a global equity portfolio
Access to well-known established hedge fund managers with a proven long track-record
Long history and great experience investing in China, and an important network of contacts
Investment process and characteristics

Portfolio

  • Investment universe: established Long / Short Equity Hedge Fund managers with a proven long track-record and based locally
  • Geographic exposure: mainly “Greater China”, including A-shares, B-shares, H-shares (Hong Kong) and ADRs
  • Investment style: diversification by type of strategies with a blend of variable net, low net and long biased managers
  • Portfolio: concentrated around 10-15 managers

Active investing in China

  • High dispersion of returns between A shares, H shares and US ADRs
  • Less coverage of companies from sell side comparing to developed markets
  • Opening of the Chinese domestic market in recent years has led to new investment opportunities for investors
  • Indices are representing the past instead of the future but our underlying managers are adopting a dynamic approach, so they are able to generate Alpha returns

Local talents

  • Started investing in the region at an early stage at the end of 1970s and followed the evolution of local Hedge Funds industry, moving from westerns to local PMs
  • Local PMs are more dynamic to take opportunities in the market.
  • We select locals managers with in-depth knowledge of the markets. All our managers are based in Asia (primarily in Hong Kong, Shanghai, Beijing and a few in Singapore)
  • All our underlying strategies are SFC (HK) regulated
Investment team
Gabriele CasatiSenior Portfolio Manager
Caron BastianpillaiSenior Portfolio Manager
Cédric Dingens, CAIAHead of Investment Solutions and Institutional Clients, Member of the Executive Committee
James MacphersonCountry Manager United Kingdom, Senior Portfolio Manager
Share classes
Strategy AuM
Fund DomicileLU
Fund AuMCHF 58 734 464
NAV127.92 CHF
Fund ManagerGabriele Casati
Fund Inception Date31 March 2021
Fund Reference CurrencyUSD
Share class CurrencyCHF
SRI Indicator—
AdministratorApex Funds Services SA
CustodianUBS Europe SE, Luxembourg Branch
AuditorErnst & Young S.A.
Countries Available for SaleLU
Last update 16.06.2026 See more information

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