Kerrisdale Capital returned -3.2% net for the second quarter , compared to 4.3% for the S&P 500 and 1% for the Barclay Hedge Fund Index.
Year to date, the firm's Kerrisdale Partners fund is up 4.3%, versus the S&P's 15.2% return and the Barclay index's 5.
4% gain. Since its inception, Kerrisdale Partners has gained 3,365.2% net, versus the S&P 500's 693.
2% gain and the Barclay Hedge Fund Index's 130.5% return over the same time frame. Long on Hong Kong-listed Chinese auto dealers In their second-quarter letter to investors, which was obtained by Hedge Fund Alpha, the Kerrisdale Capital team said they are long on Chinese auto dealers listed on the Hong Kong Stock Exchange.
They noted that dealers are similar to publicly listed auto dealers in the U.S. like Lithia, Asbury and others sell new and used cars and perform service and maintenance on passenger vehicles.
The Kerrisdale team said China's auto landscape has gone through a revolution in recent years, with new-energy vehicles, including hybrids and electric vehicles, jumping from 6% of all the vehicles sold in the country in 2020 to over 35% in the first half of this year. BYD, Li Auto, Nio and others have taken some market share from foreign automakers. However, publicly listed Chinese auto dealers mostly sell luxury brands from foreign companies like BMW or Mercedes, which has hurt their sales due to the rise of domestic EVs.
Why Yongda stock plummeted The Kerrisdale team noted that shares of China Yongda Automobiles Serv.