Several Asia-based hedge funds used bets tied to artificial intelligence, along with Japanese and US stocks, to beat their peers in the first half.

AI-related shares powered the nearly 36% return of CloudAlpha Tech Fund and 25% surge at Sino Vision Greater China Market Neutral Fund in the six months, according to people familiar with the results. Japan was a key driver behind Panview Asian Equity Fund’s 13% gain, another person said.