Photo: Reuters/Jason Lee

A hedge fund which has been betting against China, the Nexus fund of Emerging Sovereign Group, has dropped around 62% this year through the month of April, reports Bloomberg.

China doomsayers have been hit hard this year as unexpectedly strong growth in the first quarter combined with policy makers’ success in guiding the yuan higher surprised investors.

The Nexus fund gained 35% in 2015 when China’s central bank devalued the yuan, but has underperformed since 2016.