Small investors do not often get the chance to profit from the actions of professional hedge fund slickers, but in some cases they appear to be doing so in the mainland Chinese stock market.
A structural anomaly means investors using some exchange traded funds to access Shanghai and Shenzhen-listed “A shares” may be able to consistently outperform the underlying index — thanks to the desperation of hedge funds to short stocks by using a “swap enhancement” (see below).
The anomaly stems from regulations restricting securities lending, the route typically taken by hedge funds and others wanting to get short exposure to stocks, which have prompted them to rely on swap contracts.
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