Betting on big-picture macroeconomic changes has helped some hedge funds navigate – and outperform – China's rocky stock markets so far this year, according to a report by Reuters. 

YTD 'winners' include Stanley Tao's $230 million Golden Nest Greater China Fund which is down 1.2% for the first nine months of the year, having posted a 2.4% gain in September. The MSCI China index meanwhile, is down roughly 30% for the first three quarters of the year, its worst first nine months since 2008, while the Shanghai Composite Index lost 16% during the same period, losing 5.5% in September alone.

The report cites Golden Nest Capital Management CIO Tao as revealing that the fund's performance has come on the back of bearish bets on the internet, real estate and healthcare sectors.

The latest date from Eurekahedge reveals that while China-focused long-short equity funds were down 13.5% by the end of August, China's macro managers chalked up a 1.1% gain.