Home/Strategies/Emerging markets hedge funds

Strategy

Emerging markets hedge funds

Emerging markets hedge funds invest in securities, currencies, rates, sovereign debt, corporate credit, or equities tied to developing economies. They often combine macro research with country-level political and liquidity analysis.

432fund profiles

$183.7Breported gross assets

$425.2Maverage gross assets

Strategypage type

SEO research brief

What emerging markets hedge funds means

Managers study local rates, currencies, external balances, policy credibility, elections, and commodity exposure.

Portfolios may mix sovereign bonds, local-currency debt, equities, derivatives, and credit default swaps.

Data caveat

What the filings show

The data is best read as a disclosure map. Reported gross asset value is not the same as performance, net assets, investor capital, or a recommendation. Fund rows can include offshore master funds, Delaware vehicles, feeders, and internal sleeves.

Polymer Asia Fund LP is the largest sampled vehicle on this page at $13.2B.

Visual snapshot

Concentration and mix

Largest funds

Polymer Asia Fund LP $13.2B Arrowstreet Emerging Market Alpha Extension Trust Fund, A Sub-Fund Of Arrowstreet Investment Trust $6.9B Fenghe Asia Fund Ltd. $6.7B Tal China Focus Master Fund $4.4B Nwi Emerging Market Fixed Income Master Fund, LTD $3.4B Invesco Real Estate Asia Fund Fcp - Sif $3.2B

Manager concentration

Polymer Capital Management (hk) Limited $13.2B

Arrowstreet Capital, Limited Partnership $9.9B

Fenghe Fund Management Pte. Ltd. $6.7B

Trivest Advisors $4.4B

Numeric Investors LLC $4.3B

Bain Capital Credit, LP $3.8B

Office clusters

Hong Kong, Hong Kong $37.5B

Boston, Massachusetts, United States $21.0B

Singapore, Singapore $11.8B

New York, New York, United States $10.9B

Luxembourg, Luxembourg $5.3B

Greenwich, Connecticut, United States $4.4B

Strategy guide

How the strategy works

Managers study local rates, currencies, external balances, policy credibility, elections, and commodity exposure.

Portfolios may mix sovereign bonds, local-currency debt, equities, derivatives, and credit default swaps.

Liquidity and capital controls can matter as much as company or bond fundamentals.

History and context

Emerging markets hedge fund strategies expanded after the globalization of local debt markets and the growth of investable equity and derivative markets in Asia, Latin America, Eastern Europe, the Middle East, and Africa.

Search this segment

Find funds inside Emerging markets hedge funds

Loading searchable fund index...

Fund	Manager	Location	Gross assets

Ranked profiles

Largest funds in this group

60 rows shown

Fund	Manager	Location	Gross assets	Minimum
Polymer Asia Fund LP Emerging markets	Polymer Capital Management (hk) Limited	Hong Kong, Hong Kong	$13.2B	$10.0M
Arrowstreet Emerging Market Alpha Extension Trust Fund, A Sub-Fund Of Arrowstreet Investment Trust Emerging markets	Arrowstreet Capital, Limited Partnership	Boston, Massachusetts, United States	$6.9B	$100K
Fenghe Asia Fund Ltd. Emerging markets	Fenghe Fund Management Pte. Ltd.	Singapore, Singapore	$6.7B	$100K
Tal China Focus Master Fund Emerging markets	Trivest Advisors	Hong Kong, Hong Kong	$4.4B	$100K
Nwi Emerging Market Fixed Income Master Fund, LTD Credit Emerging markets	Nwi Management LP	New York, New York, United States	$3.4B	$100K
Invesco Real Estate Asia Fund Fcp - Sif Emerging markets Sector-focused	Invesco Management S.A.	Luxembourg, Luxembourg	$3.2B	$10.0M
Dymon Asia Multi-Strategy Investment Master Fund Multi-strategy Emerging markets	Dymon Asia Capital (singapore) Pte. Ltd.	Singapore, Singapore	$3.1B	$1.0M
Orbis Sicav Emerging Markets Equity Fund Emerging markets	Orbis Investment Management Limited	Hamilton, Bermuda	$3.0B	$50K
Arrowstreet Emerging Market Trust Fund, A Sub-Fund Of Arrowstreet Investment Trust Emerging markets	Arrowstreet Capital, Limited Partnership	Boston, Massachusetts, United States	$3.0B	$100K
Bain Capital Special Situations Asia II, L.P. Credit Event-driven	Bain Capital Credit, LP	Boston, Massachusetts, United States	$2.9B	$5.0M
Turiya Master Fund Emerging markets	Turiya Advisors Asia Limited	Hong Kong, Hong Kong	$2.8B	$5.0M
Complus Asia Macro Master Fund LTD Global macro Emerging markets	Complus Asset Management Limited	Hong Kong, Hong Kong	$2.8B	$1.0M
Goldman Sachs Emerging Markets Debt Portfolio Credit Emerging markets	Goldman Sachs Asset Management International	London, United Kingdom	$2.6B	$2K
Aqr Emerging Equities Fund, L.P. Emerging markets	Aqr Capital Management, LLC	Greenwich, Connecticut, United States	$2.6B	$5.0M
Blackstone Property Partners Asia (lux) Scsp Emerging markets	Blackstone Property Advisors L.P.	New York, New York, United States	$2.5B	$10.0M
Wf Asian Smaller Companies Fund Limited Emerging markets	Wfm Asia (bvi) Limited	Hong Kong, Hong Kong	$2.5B	$1.0M
Hao Great China Focus Fund Emerging markets	Hao Advisors Management Limited	Hong Kong, Hong Kong	$2.4B	$10.0M
Waha Emerging Markets Credit Fund Sp Credit Emerging markets	Waha Investments LTD	Abu Dhabi, Maryah Island, United Arab Emirates	$2.3B	$100K
Brevan Howard Emerging Markets Multi-Strategy Master Fund Limited Multi-strategy Emerging markets	Brevan Howard Capital Management, LP	St Helier, Jersey	$2.3B	$10.0M
Golden China Master Fund Emerging markets	Greenwoods Asset Management Hong Kong Limited	Hong Kong, China	$2.1B	$1.1M
Contrarian Emerging Markets, L.P. Emerging markets	Contrarian Capital Management LLC	Greenwich, Connecticut, United States	$1.8B	$1.0M
First Beijing First China Emerging markets	First Beijing	Hong Kong, Hong Kong	$1.8B	$1.0M
Man Numeric Emerging Markets Alpha LP Emerging markets	Numeric Investors LLC	Boston, Massachusetts, United States	$1.8B	$1.0M
Oaktree Emerging Markets Equity Fund, L.P. Emerging markets	Oaktree Capital Management, L.P.	Los Angeles, California, United States	$1.7B	$2.0M
Tree Line Asia Master Fund Emerging markets	Tree Line Management	Hong Kong, Hong Kong	$1.6B	$1.0M
AG Asia Realty Fund V, L.P. Emerging markets	Tpg Angelo Gordon	New York, New York, United States	$1.6B	$5.0M
Oaktree Emerging Markets Equity Fund (delaware), L.P. Emerging markets	Oaktree Capital Management, L.P.	Los Angeles, California, United States	$1.5B	$2.0M
Redwheel Emerging Markets Equity Master Fund Limited Emerging markets	Redwheel	Miami, Florida, United States	$1.5B	$100K
Pinpoint China Fund Emerging markets	Pinpoint Asset Management (singapore) Pte. Ltd.	Singapore, Singapore, Singapore	$1.5B	$250K
Niatross Investments Asia Opportunities Master Fund Emerging markets	Niatross Investments Limited	Hong Kong, Hong Kong	$1.3B	$500K
Man Numeric Emerging Markets Core Emerging markets	Numeric Investors LLC	Boston, Massachusetts, United States	$1.3B	$1.0M
Wellington Trust Company, Na Multiple Common Trust Funds Trust Blended Opportunistic Emerging Markets Debt Portfolio Credit Multi-strategy	Wellington Management Company Llp	Boston, Massachusetts, United States	$1.3B	$1.0M
Man Systematic Emerging Markets Ex China Alpha (cayman) Quantitative Emerging markets	Numeric Investors LLC	Boston, Massachusetts, United States	$1.3B	$1.0M
3w Greater China Focus Fund Emerging markets	3w Fund Management Limited	Hong Kong, Hong Kong	$1.3B	$1.0M
Am Asia Strategies Master Fund LP Emerging markets	Am Squared Limited	Hong Kong, Hong Kong	$1.2B	$5.0M
Think India Opportunities Master Fund LP Emerging markets	Think Investments	San Francisco, California, United States	$1.2B	$10.0M
Pharo Africa Fund, Ltd. Emerging markets	Pharo Management, Inc.	New York, New York, United States	$1.2B	$1.0M
Pimco Em Fleur De Lys Fund, L.P. - Active External Emerging Markets Sub-Class Emerging markets	Pacific Investment Management Company LLC	Newport Beach, California, United States	$1.2B	$100.0M
Artisan Emerging Markets Local Opportunities Fund LP Emerging markets	Artisan Partners Limited Partnership	Milwaukee, Wisconsin, United States	$1.2B	$5.0M
Pgim Real Estate Asia Core Fcp-Raif Emerging markets Sector-focused	Pgim Luxembourg S.A.	Luxembourg, Luxembourg	$1.2B	$10.8M
Red Cliff Asia (master) Fund Emerging markets	Red Cliff Asset Management Limited	Hong Kong, Hong Kong	$1.1B	$1.0M
Green Court Greater China Long-Only Equity Master Fund Ltd. Emerging markets	Green Court Capital Management Limited	Central, Hong Kong, Hong Kong	$1.1B	$1.0M
Goldentree Emerging Markets Master Fund Icav Emerging markets	Goldentree Asset Management LP	New York, New York, United States	$1.1B	$1.0M
Gcm Grosvenor Nyc Emerging Ofi Managers, L.P. Emerging markets	Gcm Grosvenor L.P.	Chicago, Illinois, United States	$1.1B	$40.0M
Athos Asia Event Driven Master Fund Event-driven Emerging markets	Athos Capital Limited	Hong Kong, Hong Kong	$1.1B	$100K
Astignes Asia Rates Master Fund Ltd. Global macro Emerging markets	Astignes Capital Asia Pte. Ltd.	Singapore, Singapore	$1.1B	$1.0M
Antares Frontier Cv Master Fund LP Emerging markets	Antares Capital Advisers LLC	Chicago, Illinois, United States	$1.0B	$0
Kkr Asia Real Estate Partners II Scsp Emerging markets Sector-focused	Kohlberg Kravis Roberts & Co. L.P.	New York, New York, United States	$1.0B	$0
Enko Africa Debt Fund Credit Emerging markets	Enko Fund Managers	Port Louis, Mauritius	$1.0B	$250K
Nipun Emerging Markets Alpha Master Fund, L.P. Emerging markets	Nipun Capital, L.P.	Foster City, California, United States	$972.3M	$5.0M
Carrhae Capital Long Master Fund Ex-China LTD Emerging markets	Carrhae Capital	London, United Kingdom	$972.0M	$5.0M
Pacific Alliance Asia Opportunity Fund L.P. Emerging markets	Pag	Grand Cayman, Cayman Islands	$971.8M	$5.0M
Bain Capital Special Situations Asia, L.P. Credit Event-driven	Bain Capital Credit, LP	Boston, Massachusetts, United States	$948.8M	$5.0M
Pimco Em Fleur De Lys Fund, L.P. - Enhanced Beta Local Emerging Markets Sub-Class Emerging markets	Pacific Investment Management Company LLC	Newport Beach, California, United States	$919.6M	$100.0M
Pgim Real Estate Asia Value Partners V Scsp Emerging markets Sector-focused	Pgim Luxembourg S.A.	Luxembourg, Luxembourg	$911.6M	$10.0M
Systematica China Markets Master Fund Limited Emerging markets	Systematica Investments Limited	St Helier, Jersey	$879.1M	$1.0M
Gmo Emerging Country Debt Investment Fund Plc Credit Emerging markets	Grantham Mayo Van Otterloo & Co LLC	Boston, Massachusetts, United States	$873.9M	$5.0M
Perseverance China All Shares Long Only Fund L.P. Emerging markets	Perseverance Asset Management International (singapore) Pte. LTD	Singapore, Singapore	$852.7M	$5.0M
The Miri Strategic Emerging Markets Fund LP Emerging markets	Miri Capital Management LLC	Boston, Massachusetts, United States	$844.0M	$5.0M
Gp Emerging Markets Strategies, L.P. Emerging markets	Gresham Partners, LLC	Chicago, Illinois, United States	$815.3M	$250K

FAQ

Questions about this page

Are emerging markets funds mainly equity funds?

No. Many focus on rates, currencies, sovereign debt, corporate credit, or cross-asset macro trades rather than listed equities alone.

Why does location not always match strategy exposure?

The adviser office may be in New York, London, or another financial center even when the fund trades securities linked to developing economies.

Which managers appear in the Emerging markets hedge funds sample?

The largest sampled managers include Polymer Capital Management (hk) Limited, Arrowstreet Capital, Limited Partnership, Fenghe Fund Management Pte. Ltd., and Trivest Advisors. This is based on reported gross asset value in the generated Form ADV dataset.