A profitable foray into Greek debt has been one of many diverse contributors to a strong performance this year by Julian Adams’ long-running Adelante Emerging Debt Fund – a strategy that targets improving and deteriorating sovereign credits, as well as official debt restructurings, in the fast-expanding and increasingly opportunity-rich global sovereign debt arena.
The fund, which Adams has been running continuously since launch in 1999 under a variety of different ownership structures, is up by over 10% this year in what has been a fairly buoyant period for emerging market debt managers.
Over its 13-year history, the fund has generated a total return of more than 600% and an annualised return of...