Bear Global Macro Hedge Fund Down 15%

Apr 14 2008 | 2:00am ET

One of the few hedge fund bright spots for Bear Stearns last year has turned sour in 2008.

The Emerging Markets Macro Fund was down 15.2% in the first quarter, the fund told investors, after an 11% decline in March. The fund blamed bad bets on global currencies for the decline.

The once $2.6 billion fund, managed by Melissa Ko, is down to just $1.2 billion. It returned 25.5% in 2007.

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