Zhang Zhiwei, president and chief economist of Pinpoint Asset Management, talks about Pinpoint Asset Management’s quick responds to cues of pandemic and his outlook for U.S. equity .

Chinese hedge-fund managers are having a banner year, outperforming rivals elsewhere.

That is partly because Chinese stocks are also among the world’s best performers in 2020, as confidence grows that the country is moving past the coronavirus pandemic. A volatile year has also benefited investors who can be fast and flexible, while some portfolio managers say their grounding in China helped them quickly grasp the risks posed by Covid-19.

China-focused hedge funds make up three of the world’s 20 best performers this year,

according to a scorecard by HSBC Holdings PLC for the week starting July 13, seen by The Wall Street Journal. Pinpoint Asset Management is one of those best performing funds.

Pinpoint, based in Hong Kong, has about $3.7 billion of assets under management.

“We knew things were very bad” before Lunar New Year, Mr. Zhang said. He said some team members experienced lockdowns while visiting family in Shanghai or Beijing, an experience that hit home harder than conference calls with virologists.

Mr. Zhang at Pinpoint said U.S. stocks had limited room to rise further, after rallying since March and with some states reintroducing lockdown measures. He said Pinpoint now preferred Chinese mainland shares to U.S. ones. The firm expects Chinese consumer and education companies to benefit as limits on international tourism divert spending to domestic uses.

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