September was a generally negative month for EM debt managers again after the losses in August.
Argo Global Special Situations took a 9.05% hit, VR Global Offshore lost 7.00%, the FPP GEMs Bond Fund fell 6.38% and the Argo Fund shed 4.54%.
Finisterre Credit made a 2.88% loss, while UFG Credit Opportunities was down 2.82%. Adelante Sovereign High Yield lost 2.77%, BlueCrest Emerging Markets and GLG Emerging Currency and Fixed Income were both down 1.56%, and GAM Emerging Markets Rates was off by 1.05%.
The few winners included Pharo Trading, with a monthly gain of 3.79%; Finisterre Sovereign