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.

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