Fund launches & closures

Hong Kong-based hedge fund China Value folds

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Hong Kong-based China Value Investment Fund has shuttered its Cayman-registered flagship long-biased absolute return fund after failing to generate positive return for the first six months of the year.

The nearly four-year old fund recorded a 5.02% loss in the first half on the back of a 20.77% loss in 2011. It delivered an annualised return of 2.63% since its launch in October 2008 and its best year was in 2009, when it delivered a 46.28% return.

The fund – which was managed by Choy Chang Ming, who used to work at Citi and Cornucopia Capital Partners –