CORRECTED-Prime Cap's China fund grows to $1.7 bln, defies Aug mkt slump

Wed Aug 24, 2011 2:28am EDT

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(Corrects percentage changes in third paragraph)

HONG KONG Aug 24 (Reuters) - Hong Kong-based Prime Capital Management's Greater China long short equity hedge fund returned 0.9 percent in the first three weeks of August, increasing its year-to-date gain to 12.7 percent, according to an investor letter obtained by Reuters.

The Dragon Billion China Fund, managed by Yijun Liu, has increased assets to $1.66 billion, the letter stated, up from about $700 million at the start of 2010.

By comparison, the MSCI Golden Dragon A Index , which combines the MSCI China, MSCI Hong Kong, MSCI China A and MSCI Taiwan indices, fell 14 percent in the first three weeks of August and is down 15.2 percent year-to-date.

The Eurekahedge Greater China long short index was up 0.1 percent as of the end of July. (Reporting by Jonathan Gordon; Writing by Nishant Kumar; Editing by Ken Wills)

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