Hong Kong‑based HD Capital Ltd. saw its flagship Horizon China Non‑US Feeder Fund outpace 97 % of peer funds this year and over the past five years. The $200 million multi‑asset vehicle now holds 11 % of assets in oil transport and 6.1 % in shipbuilders, its two biggest bets as of April.

CIO Michael Wang argues the oil tankers cycle can stay robust through 2028‑2029 because new capacity won’t materialise until then. Tight supply meets demand spikes from geopolitical shocks, giving shipping earnings clear visibility. Rates have surged amid the Middle East conflict, while under‑investment left shipyard capacity scarce, pushing Asian shippers like COSCO Shipping Energy and Samsung Heavy Industries up 200 % and 100 % respectively.

While rivals chased AI‑heavy names, HD Capital trimmed overall equity exposure from over 90 % to about 65 % in March, leaving a mere 1 % tilt toward internet stocks. Wang calls the global AI spend a bubble, saying billions poured into models have yet to generate comparable revenue. The fund also bought New World Development debt at deep discounts, betting government support would restore value. This disciplined positioning delivered superior returns.