In 2016, S&P 500 and Hang Seng Index rose 9.5% and 0.4%, while HS300 was down 11.3%. Average annual return of hedge funds lost again to S&P500 index, for the eighth consecutive year according to Evestment. Investor sentiment fluctuated as the pace in economic recover varies across the globe, such differentiation was caused by structural differences. US economy led the recovery and the Fed is confident to continue its interest-hike cycle.
Midas International Group (MIG) achieved its best year of return in 2016. MIG‘s equity fund recorded 61.0% growth while the Group’s after-tax NAV was up 50.8%. And we didn’t stop there, by the end of May 2017, MIG accumulated 104.6% & 115.9% growth in equity fund and after-tax NAV respectively, which in turn beated S&P500 by 83.9 and 95.2 ppts. The above returns excluded any potential appreciation from MIG’s VC projects.