Hedge Fund Alden Global Profits On Russian Turmoil

Dec 18 2014 | 11:02am ET

File this one under: Silver linings.

New York-based hedge fund Alden Global Capital is apparently making money on Russia's financial crisis.

Randy Smith's $1.8 billion firm has been betting against the ruble since November, people familiar with the trade told Bloomberg, during which time the Russian currency has slid 37% against the U.S. dollar.

Alden has also been able to exploit a decline in Russian stock indexes, as equities have plummeted 42% over the period.

Alden's bets have been made through the $1.2 billion Alden Global Opportunities Fund, which Bloomberg's sources say is up 4.6% through November and has produced an annualized return of 32% since inception in 2008.


In Depth

Q&A: Portfolio Advisors' Brian Murphy On The Advantages of A Private Markets Platform

Jan 2 2018 | 11:05am ET

Most private markets firms reference their platforms as a source of competitive...

Lifestyle

CFA Institute To Add Computer Science To Exam Curriculum

May 24 2017 | 9:25pm ET

Starting in 2019, financial industry executives sitting for the coveted Chartered...

Guest Contributor

Steinbrugge: The Top Hedge Fund Industry Trends for 2018

Jan 2 2018 | 12:22pm ET

Each year, Don Steinbrugge’s Agecroft Partners compiles the insights gained...

 

FINalternatives Trending

From the current issue of