Oh, i'm down on my China portfolio in 2011 -- I had hedges but not 100% cover. The main reason i'm down is because i've written off 100% of my UTA position, no idea what value recovery i'll get there. Thankfully I only had the China portfolio at 25% of my overall for alot of 2011 -- Its now down to like 3% long, 8% short at this point for a 10-11% allocation to the space. Too much value elsewhere and i'm macro-bearish so don't want to really own China microcaps at this point. Given the deep value in other companies, I don't feel I need to deal with the fraud risk of these China securities. Risk/reward is simply better elsewhere.
I've been a proponent of CCCL and have rode that down significantly, still own that...But thats pretty much the only China name i've owned on the long side for months now.
-Fernando
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