BRITISH unit trust investors who put their money into Hong Kong during 1994 found themselves saddled with just about the worst results in the industry. Out of the 1,323 funds tracked by industry research group Micropal, it was the Hong Kong-based trusts which were at the bottom of the league, with the worst performer missing the wooden spoon by only one place. Reflecting the 37 per cent fall in the Hang Seng Index to 7887.01, from its all-time high of 12,599.23 achieved exactly one year ago yesterday, Hong Kong unit trusts suffered accordingly. Old Mutual Hong Kong was the worst performer, coming in at 1,322 out of 1,323, recording a 41.4 per cent fall on an offer to bid basis. HSBC Hong Kong Growth came in at 1,321 with a 40.76 per cent fall and Gartmore Hong Kong was the next worst with a 40.18 per cent drop. The worst performer over one year out of all the British unit trusts was the United States-orientated biotechnology fund Beckman Bio-Tech. However, out of 992 funds, measured over five years, Hong Kong-orientated funds proved the strongest performers, with Gartmore Hong Kong coming in top with a 248.62 per cent increase in value. 'In a year that saw the Nikkei Dow rise by 13 per cent and the Hang Seng in Hong Kong fall by 31 per cent, it comes as no surprise that Hong Kong-orientated funds are well represented among the under-achievers,' said Micropal. However, over a five-year period, the company found that virtually the same Hong Kong trusts were the strongest performers. Old Mutual Hong Kong, which came second-to-last over one year, was the third strongest performing fund over five years, recording a 191.5 per cent increase.