Bets on Argentina delivered profits for a group of emerging market and distressed debt hedge funds last month, as the US bailed out Javier Milei’s government and voters backed his party in critical elections.
Funds such as Shiprock Capital, ProMeritum and Amia Capital benefited from double-digit rallies in Argentina’s US dollar bonds and other assets in October, as US support and the electoral landslide stemmed a run on the peso that had threatened to wipe out the country’s foreign currency reserves.
The bets on Argentina’s swift turnaround come in a standout year for many EM hedge funds that have also gained as the weaker US dollar has boosted currencies across the developing world.
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