HD Capital Beats 97% of Peers With 11% Oil-Tanker Bet as It Cuts AI Exposure

4 articles · Updated · Bloomberg · May 19

$200 million HD Capital’s flagship fund outperformed 97% of peers this year and over five years, driven by heavy positions in shipping rather than artificial intelligence.
As of April, the Hong Kong hedge fund had 11% of its portfolio in oil transport stocks and 6.1% in shipbuilders, its two biggest sector exposures.
HD Capital said shipping offers a better trade than AI because tech companies face rising risks of overspending.
The positioning highlights a broader rotation toward hard-asset and transport plays as some investors question whether AI-linked valuations can keep outrunning capital spending.

Has a hedge fund proven the AI boom is a bubble by backing old-world shipping?

Is betting on shipping over AI a fleeting win or the start of a major market shift?