This research piece was co-authored by Grace Qiu, Senior Vice President, Economics & Investment Strategy, GIC; Kenneth Ho, Portfolio Manager, External Managers Department, GIC; Sung Zheng Jie, Associate, Economics & Investment Strategy, GIC; Pierre Chabran, Senior Analyst, Relative Value & Global Macro/Opportunistic Hedge Fund Solutions, JP Morgan Asset Management; Lyn Ngooi, Investment Specialist, Hedge Fund & Alternative Credit Solutions, JP Morgan Asset Management; Derek Guo, Investment Risk Analyst, Hedge Fund & Alternative Credit Solutions, JP Morgan Asset Management; and Aaron Puthan, Analyst, Relative Value & Global Macro/Opportunistic Hedge Fund Solutions, JP Morgan Asset Management.
The authors would like to thank Chiam Swee Chiang from GIC, and Richard Bersch, and Brian Burke from JP Morgan Asset Management for their contributions to this work.