Don’t count Melissa Ko out just yet.

Ko’s $1.2 billion Emerging Markets Macro Fund, battered by double-digit losses in the first quarter, took—as did many of its hedge fund peers—a step forward last month, it told investors. The currency-heavy offering returned 8.9% in April, nearly overturning March’s 11% decline and leaving it down just 7.6% on the year. After March, it was down 15.2%.

The rough start was unfamiliar territory for Ko, once one of Bear Stearns’ top proprietary traders whose fund had returned more than 25% in each of the past two years.

Almost 90% of the fund’s assets were in currencies in March, according to Reuters. Less than 4% were in fixed-income products.