At least one Asian hedge fund kept is head above water in October.

Sydney, Australia-based H3 Global Advisors’ Japan-focused fund returned 2.1% last month, while most Japanese and Asian funds lost ground. Japan’s Nikkei 225 Stock Average has fallen by almost half this year.

What’s more, the H3 Japan Fund rose utilizing an arbitrage strategy. Arbitrage hedge funds have been among the hardest-hit during the market volatility.

H3 Japan made its money betting on currencies, Mathew Kaleel, chief investment officer, told Bloomberg News. The fund primarily invests in currencies, index futures, bonds and equities, and currently has no money in stocks.

“All of our money came from currencies,” Kaleel said. “Stock index futures are very volatile, and currency moves are much cleaner.”