Hedge funds that wagered big on Argentina in recent months notched bumper gains in October after a US rescue package and a resounding win for President Javier Milei’s party in midterm elections sparked a surge in the nation’s financial markets.
Two funds overseen by Redwood Capital Management posted a combined gain of about US$129 million on Argentina bets last month, according to a person with knowledge of the matter. Shiprock Capital Management advanced 6.4 percent in October, its second-best month on record, according to an investor letter seen by Bloomberg. The gains were mostly driven by positions in Argentine sovereign and sub-sovereign debt, as well as corporates. Emerging markets-focused fund managers including VR Capital Group and Broad Reach Investment Management also posted strong returns on Argentina trades, people familiar said.
The Latin American co
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