Cederberg Capital Asia

Portfolio management rests with co-founders Dawid Krige and Per Josefsson, who split their time between London and the firm's Shanghai research office. There is no external investment committee or parent-company override. The lean governance structure means that position sizing, entry points, and risk management are handled directly by the two partners, informed by the fundamental research produced by their Shanghai-based analyst team.

The firm's Shanghai research office is the sourcing engine. Analysts conduct onsite company visits, attend industry conferences, and maintain relationships with local management teams across the Greater China region. Cederberg explicitly argues that on-the-ground presence in mainland China creates an information advantage over managers running China books from London, New York, or Hong Kong without dedicated local research staff.

Cederberg Capital Asia operates as a specialized asset manager, not a family office. The firm manages external capital in a commingled fund structure focused on long/short China equities. The founding partners, Dawid Krige and Per Josefsson, previously managed capital at Brummer & Partners, the Swedish multi-strategy hedge fund group, before launching the independent firm in 2011.

Cederberg invests across Greater China, which includes mainland China (A-shares and H-shares), Hong Kong, and Taiwan. The firm primarily targets liquid mid-cap and large-cap companies, typically holding a concentrated portfolio of 20 to 35 names. The universe spans both onshore and offshore Chinese listings, allowing the firm to access companies regardless of exchange venue.

The firm runs a genuine long/short book, not just a long-biased fund with occasional hedges. The short side targets specific companies where on-the-ground research identifies governance problems, aggressive accounting, or business models at risk from regulatory action. Short positions are intended to generate standalone alpha even when the long book performs, rather than serving purely as macro hedges.

Shanghai functions as the primary research hub, with analysts embedded in the local market conducting fundamental due diligence. London hosts the portfolio management and client-facing functions. This dual-hub model aims to capture local intelligence while maintaining Western institutional standards in risk management, fund administration, and investor reporting.

Cederberg operates below the institutional radar of large consultants and platforms. AUM is estimated in the USD 200 million to USD 500 million range (Altss estimate). This relatively modest scale allows the firm to build meaningful positions in small and mid-cap Chinese companies that larger China funds — with multi-billion-dollar mandates — can no longer access without moving market prices.