A Singapore Hedge Fund Is Shorting Apple As It Braces for a Full-Out ‘Economic War’
- Singapore’s APS Asset has $3.2 billion under management
- Wong says some U.S. firms at risk of retaliation from China
Photographer: Kevin Frayer/Getty Images
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As U.S. and Chinese negotiators try to hash out a trade deal, one prominent Singapore hedge fund is preparing for a full-blown “economic war” -- hoarding cash and shorting American stocks that are at risk of retaliation from Beijing.
APS Asset Management Pte, which had funds under management of $3.2 billion as of March 31, made waves last year when its Chief Investment Officer Kok-Hoi Wong shorted Chinese e-commerce giant JD.com Inc. just before the company’s share price crashed. He now says the likelihood of a trade war is the biggest risk for equity markets and is shorting firms from Apple Inc. to U.S.-operated Macau casinos.