An Asian fund of funds launched by a former Columbia Business School professor is bleeding red after its first four months of trading.

Michael van Biema’s Asia Value Fund, which debuted in August with $215 million from one of his firm’s existing institutional investors, is down 18.3% through November, according to data obtained by FINalternatives.

The firm could not be reached for comment.

Asian and other emerging market hedge funds suffered heavy losses last year as markets tanked worldwide. Barclays said emerging markets was the worst-performing strategy in 2008, losing 39.34% through November. It was the best-performing strategy of 2007.

van Biema Value Partners’ Asia fund of funds invests with a small number of Asian value hedge fund managers, generally less than 20, with diversification across Asian markets, market capitalization and assets classes, according to the firm.

The firm’s other multi-strategy hedge funds, Value and Global Value, also struggled last year, dropping 24.9% and 28.1%, respectively, through November.

The firm was founded in 2004 and managed $436 million as of the end of November.

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