Sprott posts net income of c114m 111m sticks to resource stocks

The QBridge NAV increased 1.0% (est.) in June 2008 driven by NPL recoveries totaling $3.4mm and offset by a write down of $0.7mm.The write down is primarily on a key borrower in the manager’s Handan portfolio, of which the financial situation has deteriorated since the portfolio acquisition. The write down is consistent with the manager’s conservative approach in determining NAV.QBridge China Fund is an open-ended fund, investing in distressed assets (including NPLs) and special situations in the Greater China Region and selected Asian countries. Website: SourceSprott posts net income of C$11.4m ($11.1m), sticks to resource stocksFrom Bloomberg.com: Sprott Inc., the Canadian hedge-fund manager that posted a profit in its first quarter since becoming a publicly traded company, is sticking to its bets on resource stocks, founder Eric Sprott said.Sprott, which raised C$200 million ($195 million) when it went public in May, said it will continue to own resource and mining stocks, while betting on declines in financial stocks. Sprott's four main funds have posted returns of between 13 percent and 28 percent this year, he said.… Net income in the second quarter was C$11.4 million, or 8 cents a share, compared with a year-earlier loss of C$7.7 million, Toronto-based Sprott said today in a statement... Full article: SourceSoros successors Thiel (up 47% YTD), Howard prove global bears rule marketsFrom Bloomberg.com: Hedge-fund managers following the path of George Soros, who made a fortune by exploiting financial turmoil, are beating their peers for the first time since 2003 on wagers the global economy won't improve anytime soon.Clarium LP, the San Francisco-based hedge fund run by Peter Thiel, gained 47 percent this year as of July 25 on trades that paid off when stocks and the U.S. dollar fell, according to two of his investors. Alan Howard's Brevan Howard ......................Source:QBridge China Fund continues uptrend in Q2 (6.64% YTD)