China's sudden easing of its strict Zero Covid restrictions and the stock market rally that followed, helped prevent Asia hedge funds from chalking up their first year of double-digit losses since the global financial crisis of 2008, according to a report by Bloomberg.

A host of big name funds, including those run by Aspex Management, Triata Capital, Yunqi Capital and Brilliance Asset Management, cut a significant proportion, if not all, of their 2022 losses during the final two months of last year. 

The report cites data from Eurekahedge Pte as revealing that regional hedge fund returns finished the year down 8.4%, paring average losses that exceeded 13% at the end of October, as China reopened borders, removed most testing requirements and lifted domestic movement restrictions.