The world's best-performing activist fund returned 103 percent in seven months by targeting mainly smaller Asian companies in industries from commodities to engineering and food. Now, it's getting ready to take on one of Singapore's banks, according to Judah Value Activist Fund's July newsletter, obtained by Bloomberg. "We are building a bigger position in this bank before we craft an open shareholder letter with proposals to improve operational efficiency that will unlock and increase value in the company," the newsletter said. It did not name the lender. The US$44 million (S$60 million) Judah Value Fund, based in Singapore, likes to work behind-the-scenes and will only engage with firms that are receptive to "positive activism", according to manager Roland Thng, a former OCBC Bank trader. The holding that powered this year's returns was Hong Kong-listed coal miner Agritrade Resources, which climbed 116 per cent over the period. 

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