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Chinese hedge funds rotate out of Nvidia and US hyperscalers in evolving AI trade
China’s top-ranked hedge fund managers change tactics to ride the changing wave of overseas investments and market dynamics
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Zhang Shidongin Shanghai
China’s biggest hedge funds cut holdings of US hyperscalers and Nvidia and migrated into the hardware makers on the AI supply chain in the second quarter, marking a shift of their playbook on overseas investment in response to evolving market dynamics.
Perseverance Asset Management International slashed its position on Nvidia by 72 per cent last quarter, while significantly adding holdings of memory chipmaker Micron Technology and flash memory product maker SanDisk, according to its latest 13F filings to the US Securities and Exchange Commission.
The Hong Kong arms of Greenwoods Asset Management Hong Kong and Oriental Harbor Investment, both among mainland China’s top-ranked hedge funds, made similar recalibrations of their portfolios in the period, shifting out of major tech stocks and into the device makers that thrive on the AI infrastructure buildout, their separate filings to the regulator showed.
The reshuffles indicate that China’s top-ranked hedge fund managers were recalibrating portfolios to fit into the fast-changing narrative of the global AI trade, in which buying became more selective and stock picks turned more demanding, according to market observers.
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