As China’s stock market crashed, these hedge funds rose 70%

Sharp drop: A man walks past an electronic board showing the benchmark Shanghai and Shenzhen stock indices on a pedestrian overpass at the Pudong financial district in Shanghai. China’s stock hedge funds as a whole suffered an average 18 decline from June through August. – Reuters

CHINA’S summer market selloff wasn’t a total rout if you were one of the country’s top-performing hedge funds that gained an average 70% as almost 1,300 other funds were wiped out.

The country’s top 10 performers, run by Ze Quan Investment, Sunrise Investment, Zexi Investment and Yingyang Asset Management, found gains in the June-August period by heeding a famous maxim: Markets are ruled by fear and greed.