Several Asia-focused hedge funds have delivered exceptional gains this year, with some posting returns above 100% in just the first five months, fueled by record equity markets and strong bets on artificial intelligence and semiconductor supply chains.

Hong Kong-based WT Asset Management led performance with its China-focused long-short fund returning 103% year-to-date through May. Its long-only strategy also gained 67.5%, driven by positions in AI hardware and Chinese technology names, including semiconductor firms such as Hua Hong Semiconductor and AI-related companies like Knowledge Atlas.

The firm, led by veteran investor Wong Tongshu, has reportedly seen assets under management expand rapidly to around $10 billion, reflecting strong investor inflows following its performance surge.

Other top performers included E20 Capital, which gained 136% in its Global Opportunity fund, supported by positions across memory chips, optics, and CPU-related equities. Meanwhile, Trivest Advisors returned nearly 89% over the same period.

The rally has been driven largely by Asia’s central role in the global AI supply chain, with semiconductor hubs in South Korea, Taiwan, and China benefiting from tight supply conditions and surging demand for AI infrastructure.

Broader regional markets have also surged, with China’s Shanghai Composite at a multi-year high, while South Korea’s KOSPI has nearly doubled this year. Japan’s Nikkei 225 and Taiwan’s weighted index have also posted strong double-digit gains.

Analysts note that Asia’s dominance in chip manufacturing and AI hardware production has allowed hedge funds to identify supply bottlenecks early, positioning ahead of global investors as demand for AI compute continues to accelerate.