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ActusRayPartners
Raymond Cheng and Patrick Cheung's Hong Kong quant hedge fund ActusRayPartners runs an Asia-Pacific equity market-neutral strategy. Founded 2009.
ActusRayPartners
ActusRayPartners was established in Hong Kong in 2009 by co-founders Raymond Cheng and Patrick Cheung. Cheng oversees investment strategy and portfolio construction, while Cheung manages operations and business development. The firm's heritage traces to the structured-proprietary-trading environment of major global banks, giving it an institutional risk-management DNA from inception — a contrast to the founder-led discretionary culture that dominates Hong Kong's boutique asset-management scene. The firm runs a quantitative equity market-neutral strategy across Asia-Pacific. Its model targets stock-level mispricings using statistical factors and fundamental data, hedging sector and market exposures to isolate alpha. The portfolio spans developed Asia — primarily Japan, Australia, and Hong Kong — alongside select emerging-market names, deliberately avoiding the concentrated single-stock directional plays common among regional peers. Strategy execution emphasizes automated signals and disciplined position sizing rather than analyst conviction calls. The partnership structure has kept headcount intentionally lean relative to assets, with investment and research staff concentrated in Hong Kong. In early 2023, the firm reported managing approximately $850 million across its strategies, nearly tripling its 2018 figure, reflecting both performance gains and a period of active capital raising from institutional allocators seeking uncorrelated Asia return streams. The firm has historically disclosed limited year-by-year deployment data, a posture consistent with its trading-driven mandate. Structurally, ActusRayPartners operates as a classic quant hedge fund partnership rather than a multi-strategy platform — a narrowing choice in a market where multi-manager firms increasingly absorb quant talent. The bet is that a dedicated, capacity-constrained market-neutral book in Asia generates better risk-adjusted outcomes than a diluted multi-strategy approach, a wager tested by the extended bull market in passive regional indices.
General information
Firm type
Asset Manager
Year founded
2009
AUM
Undisclosed
Location
Region
Asia
Country
Hong Kong
City
Central
Corporate office
Central, Hong Kong
Principals
Raymond Cheng
Co-Founder, Chief Investment Officer
Patrick Cheung
Co-Founder, Chief Executive Officer
Sector focus
Frequently asked questions
Who runs ActusRayPartners' investment decisions?
Co-Founder Raymond Cheng serves as Chief Investment Officer and leads portfolio construction. Cheng and co-founder Patrick Cheung established the firm in 2009 after careers at global banks where they built and ran proprietary systematic trading books. The investment team operates a centralized quant process — signals are model-driven, not based on individual analyst discretion.
What type of strategy does ActusRayPartners run?
The firm manages a quantitative equity market-neutral strategy focused on Asia-Pacific markets. It goes long mispriced stocks and shorts overvalued names while hedging sector and broader market exposures. The goal is absolute return uncorrelated to regional equity benchmarks, executed through systematic models rather than fundamental stock-picking.
How large is the firm in terms of assets?
ActusRayPartners reported managing approximately $850 million as of early 2023 (per Financial Times, 2023). The figure represented significant growth from roughly $300 million in 2018, driven by investment performance and a period of institutional capital raising. The firm has historically maintained a relatively compact asset base consistent with capacity constraints on its market-neutral strategy.
Does ActusRayPartners take directional market bets on Asia?
No. The strategy is explicitly market-neutral — it hedges out broad equity-market exposure. The firm isolates stock-level alpha from sector and regional-index moves. This structural feature distinguishes it from long-biased or macro-oriented Asia funds, making it a diversifier rather than a directional call on Asian growth.
Which regions and markets does the fund cover?
The portfolio operates across developed Asia — principally Japan, Australia, and Hong Kong — and selectively in other emerging Asia markets. The geographic mix is determined by liquidity and alpha opportunity set, not a fixed country-allocation grid. The firm sources and processes data across the region's primary equity exchanges.
Profile maintained by Altss using OSINT (open-source intelligence), regulatory filings, licensed data partners, and verified direct submissions. Read the methodology. Last updated: . Continuous refresh with full update cycles at least every 30 days.
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