Hong Kong-based PMA Capital Management’s Harvester Fund posted another positive month in December gaining 3.44%, which brings its 2008 results to 31.16%. The macro fund focuses on foreign exchange and is currently managing US$234 million.

CIO Shun Hong Liu attributed the fund’s success to “a number of broad investment views that guided individual calls throughout the year.” Looking ahead, Liu said it is premature to conclude that 2009 will be even worse than 2008, but there will be opportunities ahead for the fund.

PMA’s US$252 million credit fund, The Temple Fund, also posted positive results for the year, gaining 9.94% in 2008.

PMA was founded in July 2002 and is currently managing US$1.6 billion in equity long/short, credit and Asian foreign exchange funds.