EM debt traders enjoy a much-needed rally


Emerging market debt players finally enjoyed a gain after months of heavy losses, with the EuroHedge emerging market debt index adding 1.69% in January.

The biggest gainer was Pharo Arbitrage, which netted a big 10.35% gain in January to bring its three-month gain up to 13.49%. It was a good month for the Finisterre stable as well, with the firm's Sovereign Debt Fund rising 7.66% on the month, bringing its three-month return to 13.63%, while the Finisterre Global Opportunity Fund gained 4.81% and the Finisterre Special Situations Fund rose 2.58%.

GLG's Emerging Currency Fund added 5.30% in January,