Bermuda-based Everest Capital International bounced back from three years in the red to become a top macro performer in 2003.
A 9.9% December return contributed to a 112.2% annual gain, which included four months of double-digit returns. The $275 million opportunistic global macro fund capitalized on positions in distressed debt, commodities, and emerging market equities. This was the fund's best yearly return to date. Since inception in 1990, it has averaged 15.5%, and the fund's growth in 2003 helped push Everest's aggregate hedge fund portfolio above the $1 billion mark.