Discovery Capital Up 15%

Sep 20 2013 | 12:18pm ET

A low-profile hedge fund manager is posting some high-impact returns this year.

Discovery Capital Management, headed by Tiger Management veteran Robert Citrone, is up 15% this year, The Wall Street Journal reports. That is in line with the South Norwalk, Conn.-based firm's annualized returns since its 1999 debut, which stand at about 17%.

The $12 billion macro specialist has profited from short bets against emerging markets such as China, Brazil and India. On the long side, Discovery has done well investing in Japan, the U.S. and the U.S. dollar. The firm is still long Japanese stocks.

The returns are even more impressive, given the roughly six-week stretch in May and June during which the firm's $8.5 billion flagship dropped 9%.

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