After deciding to shutter his hedge fund following a slump in returns, former Goldman Sachs Group Inc. trader Leland Lim is in search of some answers. Lim’s Hong Kong-based Guard Capital Management, one of Asia’s most successful hedge fund startups, decided to close its $873 million macro hedge fund after a 5.1 percent loss in 2016 and another 4 percent retreat in the first quarter of this year. In the first media interview since he announced the move to investors, Lim, 41, said an “intense” analysis of the fund’s disappointing performance led him to believe that the investment team’s setup...