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There is much that seems a little improbable about MYM Capital. It is the product of an unlikely link-up between Paris-based asset manager Matignon Investissement, Yu Ming – a Hong Kong-listed investment firm controlled by the scion of one of the founders of the Sun Hung Kai empire – and Fabrice Jacob, a French ex-investment banker turned local Hong Kong fund manager. That means that MYM is far from being an average asset manager. Even its portfolios make strange bedfellows.
Jacob has spent many years running a tiny equity fund investing in smaller Chinese and China-focused companies. He has done rather well: the fund was up 65% in 2003.
"It's extremely volatile," says Jacob, "but we're consistently outperforming our benchmark by 20% per annum."
Running a small China fund in Hong Kong may make the blood course a little faster when the market leaps about but it is not the stuff on which lasting reputations are built.
MYM Capital's latest fund might be an altogether different proposition. Launched in September 2002, the MYM High Yield Bond Trust boasts total assets so far of just $26 million yet finished 2003 as the world's fourth best performing bond fund, according to Bloomberg.