Among the Asia-inc funds returns were again mixed with one posting a negative return on the year.
Hamon Oriental was up 114.54% for 2009 after a 7.93% month and WF Asian Reconnaissance ended the year up 109.54%, following an estimated 4.26% December return.
APS Asia Pacific has performed strongly, with a 96.19% return for the year and 3.39% December figure. During the month, gains came from Melfas, which performed well following its IPO in December, Hua Han Bio-Pharmaceutical, Hi-P, Ju Teng and KH Vatec. During the month, the managers initiated positions in Tianneng Power International, Japanese mobile content provider Zappallas