Asian stocks have taken a beating, but Value Partners Group can hold its head high, even though its own shares are under duress.

The firm, Asia’s second-largest hedge fund manager, said profits soared 66% last year as assets under management rose almost 9% to US$6.2 billion, according to a filing with the Hong Kong Stock Exchange. What’s more, in spite of the fact that value stocks have been running in place in Asia, the firm has continued to add assets this year, managing US$6.5 billion as of the end of February.

Value Partners, which went public in Hong Kong in November, said it turned a HK$1.42 billion (US$182.5 million) profit last year, compared to an HK$856.3 million (US$110.1 million) in 2006. However, the firm’s shares have dropped 39% since its initial public offering.