Fuchs’s BFAM Hedge Fund Gains 7.5% in Initial Sign of Recovery

Benjamin Fuchs’s BFAM Partners (Hong Kong) Ltd. posted gains in both its main hedge fund and a side pocket of illiquid Chinese credit in January, according to people familiar with the matter, paving the way for a turnaround after a bruising year.

The hedge fund of the $1.2 billion firm surged about 7.5% for the month, after a 26% loss in 2022, said the people, who requested not to be named because the matter is private. BFAM’s $400 million side pocket, mostly Chinese property credit assets, was up about 3.5% last month, rebounding from an even steeper drop than ...