North EM Fund: Long Russian, Short Ukraine Credit

Emerging markets hedge funds have done poorly this year, with one exception being North Asset Management's Emerging Market Fund. According to a monthly investor letter reviewed by ValueWalk, the fund had a tough April with -1.27% return, but it still managed a +10.5% gain for the year. A big chunk of the fund's performance came in January when the return was up 6.6%. The fund also has an interesting new bet related to Ukraine and Russia.