(Bloomberg) -- Pine River Capital Management’s Dan Li was up 14% last year through November betting on China’s ability to bring more investors into its stock market. He more than doubled that gain in December, returning 30% for the year as Shanghai equities surged.

Li wasn’t the only hedge fund manager ending 2014 on a high. Mark Carhart’s $2 billion Kepos Capital rose 7.8% in the final month to finish 2014 up 22% and Pierre Andurand’s energy hedge fund rocketed 15% in December after climbing 18% the prior month, according to people with knowledge of the returns.

Subscribe Now

Access to premium content including in-depth coverage of mutual funds, hedge funds, 401(K)s, 529 plans, and more.

3-Week Free Trial

Insight and analysis into the management, marketing, operations and technology of the asset management industry.