Ko’s Covepoint Fund Fell 38% in September on Currency Bets
This article is for subscribers only.
Covepoint Capital Advisors LLC, the hedge fund founded by Melissa Ko, fell 38 percent in September, posting its biggest monthly loss after sticking with a bet that emerging-market currencies would gain against the U.S. dollar.
The decline left the New York-based firm’s biggest fund with a loss of about 25 percent for the year, according to investors, who asked not to be identified because the information is private. The $824 million Covepoint Emerging Markets Macro fund had 84 percent of its assets in currencies, with a fifth of the portfolio invested in Mexico, according to an Aug. 31 letter to clients.