Hedge funds pulled out of Asian ADRs in March- Morgan Stanley
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Hedge funds pulled out of Asian American Depository Receipts (ADRs) in March, with net outflows of $5.6 billion, according to Morgan Stanley. Hedge fund outflows amounted to $7.2 billion during the month. Asia-based hedge funds were leading the net selling in ADRs, with most of the selling coming as hedge funds unwound positions built up earlier in the year. U.S. and European funds did not participate much in ADRs. Quarter-to-date net inflows into Asian ADRs remained strong at $15.7 billion. Short interest on China H-shares has been picking up quickly over the last week, indicating a cooling sentiment from recent rallies. ADRs of Taiwan Semiconductor Manufacturing Corp, Sumitomo Mitsui Financial Group Inc, HDFC Bank, Sea Ltd, and New Oriental Education And Tech Inc saw the biggest outflows in March. Short interest in PDD Holdings Inc, Alibaba Group Holdings Ltd, and NetEase Inc was the highest amongst Asian ADRs in March.
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