Hao Capital, a small hedge fund managed by electronics engineer Zhang Hao, delivered a strong performance—doubling investors’ money amid the market volatility this year. Hao Capital delivered 132.5% returns since its establishment in August 2014. The hedge fund left its peers in the dust with its nearly triple-digit performance. Data from eVestment, an industry tracker showed that the average China-oriented fund recorded 1.09% return during the first eight months of this year. Hao Capital has long positions in Haier Electronics Group and Gree Electric Appliances and short bets in the solar industry, according to individuals who invested in the hedge...