TheStreet.com Ratings provides exclusive stock, ETF and mutual fund ratings and commentary based on award-winning, proprietary tools. Its "safety first" approach to investing aims to reduce risk while seeking solid outperformance on a total return basis.NEW YORK ( TheStreet) -- Funds that invest in Asia, especially China, were among the worst-performing stock mutual funds in August. Six of the 10 biggest laggards invested in China, while two more bought stocks more broadly in Asia, excluding for Japan. Inverse funds weren't included in the list. Two of the funds doubled down with 200% negative leverage: the Direxion China Bull 2X Fund ( DXHLX) and the Ultra China ProFund ( UGPIX). They lost 13% and 10%, respectively. While the Direxion fund is leveraged to the FTSE/Xinhua China 25 Index, the ProFund holds the American Depositary Receipts of stocks in mainland China and Hong Kong, including China Mobile ( CHL), PetroChina ( PTR - Get Report), CNOOC ( CEO), and China Unicom Hong Kong ( CHU - Get Report). Telecommunications was the largest sector weighting of the China ProFund, with 14%. The portfolio has 12% of its assets in oil and gas stocks, and 10% in Internet shares. Interestingly, the Mobile Telecom UltraSector ProFund ( WCPIX) was the only fund that lost more than the China portfolios. Sprint Nextel ( S - Get Report), the fund's biggest holding with 53% of its assets, fell 8.5% in August, when the S&P 500 Telecommunication Services Index declined 2.4%. MetroPCS Communications ( PCS), its No. 2 position, lost 31%. Phone makers Apple ( AAPL - Get Report) and Nokia ( NOK), and EXCHANGE="NYSE" PRIMARY="NO"/>, in contrast, gained 3.3% and 7.7%, respectively.