There was only one change from last week’s HSBC report of the top ten performing hedge funds in 2025; the Indus Japan Long Only fund, which returned to the list after a brief absence and the Resilience Fund from Equitile Investments which exited the top rankings.
Still on top is the outperformer Alken Capital fund, which currently stands at 49.19% YTD gains, closely followed by Old Peak Group Japan fund with 45.84% gains. For some time, the top underperformer is the Tulip Trend Fund, which is standing at -32.86%.
Top 10 Performers
1. Alken Capital Class J: 49.19% YTD Returns
Alken Capital and its private debt-oriented fund are performing strongly in the last five-year period while primarily targeting the European market. It invests in a highly concentrated portfolio combining long and short positions with moderate leverage. In the last report (two weeks ago), the fund delivered 45.44%, and since then it has grown to 49.19%
According to the last factsheet published in May, one of the key funds of the company reported 57 holdings, with the top 10 taking 40% of the portfolio. Long exposure reached 72%, while short exposure was at -25.8%. Key contributors to the performance came from two positions in the industrial sector and one from the IT industry.
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