Heavy losses in equity funds resulting from a cooling economy, sinking tech stocks and declining private profits turned 2018 into the worst year on record for China-facing investment managers, The Financial Times reported.

The report cited the MSCI China index, which sank 20.4% in dollar terms last year, its largest fall since 2008. Investors were rattled by ongoing trade frictions between China and the U.S., the report said.

Meanwhile, about two-thirds of a ranking of more than 320 greater China funds compiled by data provider Morningstar failed to match the weak performance of the MSCI China benchmark, according to the report.

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