Hugh Hendry, who manages the Scottish hedge fund Eclectica Asset Management, makes over 52% profit in the year 2011 through his ‘China Short’ fund, according to a FT reports.

This might be the most successful trade in 2011. The fund’s more than 52% return has beaten the average hedge fund performance - a loss of 4.37% - to the ground.

Hugh Hendry takes notice on China since 2009. Since it’s difficult to short Chinese companies directly, Mr. Hendry constructed his portfolio from a series of short positions against some highly cyclical Japanese corporate credits with large Chinese exposures. As a result, Mr. Hendry made big profit even during the Japanese credit downgrade.

Famous hedge fund titan Jim Chanos is one of the few other hedge fund managers who launched a dedicated fund to bet against China. (Click here to see Jim Chanos’ comments on Chinese economy)