Another Asia-focused hedge fund has bit the dust.

The APAC Greater China Fund is closing its doors after consulting with investors, Reuters reports. The Hong Kong-based fund, which once managed as much as US$55 million, was down to just $10 million in assets, and had suffered investment losses of almost 16% through September.

“It was basically a decision reflecting our and our investors’ view of the market in terms of opportunity out there in the short-term, and also in terms of what we see as probable fund raising prospects for smaller funds like ours,” manager Ken Lu told Reuters. “Through September, we’d been talking to our remaining investors and everybody felt it was probably better not to try to basically tough it out.”

Even amidst the terrible returns around the world for hedge funds, Asian funds stand out as having a particularly awful year. According to Hedge Fund Research, the average fund in the region is down by about one-third this year.