Bear Stearns' $2.2 billion Emerging Markets Macro Fund, managed by Melissa Ko, had a strong September, producing a net gain of 6.89% to bring its return to 20.7% for the year. In a year when two structured credit funds on Bear Stearns' hedge fund platform have imploded, Ko's results are all the more striking. Since its February 2005 inception, her fund has averaged a net annualized return of 35%.
By comparison, the HedgeFund Intelligence Global Macro index rose 3.37% in September, taking it to 9.37% for the year. The Global Emerging Market Debt Index, meanwhile, gained 1.83% that month