From beat-up Chinese developer bonds to shares of a Japanese beer maker, hedge funds who gathered at the Sohn Conference in Hong Kong last year made some wide-ranging picks. Some proved prescient, even as low interest rates, subdued returns and client redemptions conspired to create among the most challenging periods for hedge funds on record. As managers convene on Wednesday for the fifth annual Sohn Conference in Hong Kong, here’s a look at how some of their recommendations fared one year on: Investment thesis: Fuchs, whose firm manages more than $2.5 billion, last year described Kaisa Group Holdings Ltd. bonds...