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Tiger Asia ‘Disappointed’ With 0.5% Gain in 2010 as Shorts Hurt

Tiger Asia Management LLC, the New York-based hedge-fund being investigated by U.S. and Hong Kong regulators, told clients it is disappointed with its 2010 results after many of its short positions performed poorly.

The fund gained 0.5 percent after fees in the year ended Dec. 31, Tiger Asia told investors in a Feb. 1 letter signed by founder Bill Hwang. The fund beat benchmarks for China and Japan and lagged behind markets in Hong Kong and Korea, according to the letter, a copy of which was obtained by Bloomberg News.