THE Cathay Investment Fund made a loss of $606,000 for the six months to June 30. This compares with the $2.09 million loss recorded in the same period last year. No dividend was declared. The company made a loss per share of 0.9 cent in the period compared with a loss of 3.2 cents in the year-ago period. The closed-end investment fund is managed by New China Management, which took over from previous investment managers, Clemente Capital Asia and Clemente Capital Inc, last month. The change of management was part of Cathay Clemente's plan to increase its power in Asia. Last month, the company's managing director, Paul Wolansky, said he was interested in expanding the company's operations in China. He said the company had two large mainland investments and was considering several others. The two investments are in the Shenzhen 999 Pharmaceutical Co and the Guangxi Yuchai Machinery Corp. Cathay Clemente and an international consortium invested 300 million yuan (about HK$270.3 million) in Guangxi Yuchai.