Russia, Brent Oil, And Gold Drove This Fund’s January Returns

January brought a strong equity rally which boosted hedge fund returns around the globe. The dollar was down, which was good for emerging markets like those covered by Sturgeon Capital. The Silk Road-focused equity fund gained a strong 7.2% in January on the back of strong returns in Turkey and Russia and a higher Brent price.

Turkey and Russia lead the way

In their January letter, the Sturgeon team said the MSCI Turkey Index climbed 17% while the MSCI Russia Index was up 13.22% in January. The MSCI Frontier Markets index climbed 4.75%. The one weak market during the month...