The top fund posted a return of almost 40% during a year of stock underperformance, according to Morningstar.
All sectors suffered at least double-digit losses in 2022 with only two exceptions.
China equity funds lead, while natural resources and hedge funds underperform in FSA’s year-end ranking of the best and worst performing funds available to Hong Kong and Singapore investors.
Instead of focusing on growth, the commodity and resources sector now stresses profitability, said Investec’s Tom Nelson.
FSA compares the First State Global Resources Fund and the JP Morgan Global Natural Resources Fund.