Solar energy is back in favour with hedge funds.

The sector was among the best investments in 2020 for Asia-based managers including LyGH Capital, Pinpoint Asset Management, Sylebra Capital and Zaaba Capital, helping them to beat global funds’ 9.5% average returns.

LyGH has put about a quarter of its investments into solar and power storage, said Grace Lu, chief investment officer of the Singapore-based asset manager, which oversees about US$500 million ($661.1 million) in hedge and long-only funds. Polysilicon maker Daqo New Energy Corp. was the largest profit contributor to Zaaba’s Asia hedge fund, which gained about 30% last year, said a person with knowledge of the matter.

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