Covepoint Up 18% On Currency Bets

Oct 18 2010 | 10:44am ET

Emerging markets hedge fund Covepoint Capital Advisors has followed up a big 2009 with a strong 2010.

The firm's $785 million Emerging Markets Macro fund is up 18.4% this year, Bloomberg News reports. The flagship soared almost 63% last year, thanks to a bet that Brazil would lower interest rates in the face of the financial crisis.

Firm founder Melissa Ko sees more such opportunities in the offing, especially in developed-market currencies.

"Our focus traditionally has been emerging-market currencies, but with the division between emerging markets and developed markets becoming more and more nebulous, we focus on G-10 currencies just as much," she told Bloomberg.

Covepont's newer Commodity Currency Fund isn't doing quite as well, having lost 1.54% this year after rising 4.96% in the last four months of last year.

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