CONFIDENTIAL INFORMATION
This website is for informational purposes only and does not constitute an offer to sell or a solicitation of an offer to buy any securities or investment advisory services. Kaifeng Investment Management (Hong Kong) Limited is licensed by the Hong Kong Securities and Futures Commission (SFC) for Type 4 (Advising on Securities) and Type 9 (Asset Management) regulated activities and is registered with the U.S. National Futures Association (NFA) as a Commodity Pool Operator (CPO).
The information contained herein is intended solely for professional and institutional investors who meet the applicable suitability requirements. No material on this website should be construed as investment, legal, or tax advice.
The KFI Global Macro Fund is offered pursuant to exemptions from registration under the U.S. Securities Act of 1933 and applicable securities laws. An investment in the Fund involves substantial risks, including the potential loss of principal. Past performance is not indicative of future results.
Prospective investors should review the offering memorandum in its entirety and consult their own professional advisors before making any investment decision.
© 2026 Kaifeng Investment Management (Hong Kong) Limited. All rights reserved.
Discretionary global macro strategy exploiting medium-term structural inefficiencies to generate orthogonal returns
Three distinctive sources of alpha
A. Asymmetric Commodity Opportunities driven by macro conviction built on micro precision
B. Global Transmission Arbitrage by leveraging “China premium” in a new G2 framework over traditional G7-centricity
C. Exploitation of the “Sharpe Ratio Trap” by prioritizing organic, cross asset volatility over synthetic stability with hidden fragility
Complementary expertise in style, skill, and scope delivering orthogonal returns
Proprietary guide developing Themes and pondering Risks to enhance asset price tractability
6 to 18 month investment horizon capturing structural inefficiencies
Strong rebound with volatility below 25% target and low correlation to equity indices
Local precision driving global vision through complementary approaches
Meticulously examining smallest details to reveal the full picture—instilling confidence that market prices will align with intrinsic value within months.
WU Xing's Approach: Granular, detailed analysis of smaller opportunities, building specialized expertise to scale up with solid foundations.
Deep local insight into opaque China becomes ever more critical to generate great global foresight for excess returns in the macro world.
GAO Bin's Approach: Recognizing Beijing's policy signals now rival Washington's in driving global macro outcomes, creating opportunities less familiar to most managers.
Two decades of complementary experience driving orthogonal returns
Former Managing Director at Merrill Lynch (Head of APAC Rates Strategy) and Partner at billion-dollar Guard Capital
Tenured Professor of Finance at UNC-Chapel Hill, Special Term Professor at Tsinghua University since 2002
Jan 2024 – Jan 2026
Ph.D. Finance NYU Stern, M.A. Astrophysics Princeton, B.Sc. Space Physics, USTC
25-year veteran of Chinese commodity markets and architect of Kaifeng's investment philosophy
Founded Kaifeng China in 2012, scaling onshore platform to $1.5B+ AUM
Feb 2013 – Jan 2026
Winner of seven-time Golden Bull Award, the most prestigeous honor in China's asset management industry
Learn more about our investment approach and how KFI Global Macro Fund can enhance your portfolio's risk-adjusted returns
ir@kffund.hk