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From Precy Dumlao, Opalesque Asia

Chinese-managed hedge funds outperformed in 2009 compared with their counterparts in the Asian region, according to an analysis made by Clark Song in a blog, published on Saturday.

Song cited the impressive performance of Congrong Investment Management run by Lu Jun. Of the firm’s three funds, the Congrong Advantage Fund II returned the highest number in 2009 with 64.80%, while the Congrong Advantage Fund I returned 59.76% and the Congrong Advantage Fund III returned 46.43%.

The Guangdong-based New Value Investment’s flagship fund, New Value II fund, was up 192.57% in 2009 and ranked No. 1 in all Chinese onshore hedge funds. New Value fund, another product managed by the house, gained 156.47%.

According to ChinaHedge’s newsletter on Friday, the ChinaAMC Big Cap Selection fund, managed by star fund manager Wang Yawei, was up 116.19% and beat Lu Wenjun’s Yinhua Selection fund, which climbed 116.08% last year.

But the best performing Chinese fund was the China Dragon Fund which gained 229.43% in the last three years.

Based on regional performance, Guangdong-based hedge funds did better than those in Shanghai and Beijing. Five Guangzhou funds gained an average of 125.94% in 2009, ChinaHedge said.

The Shanghai-based Golden Chin......................

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