Frontier Fund Coeli Beat Peers on Defaulters From Asia to Africa
- Coeli Frontier Fixed Income Fund is beating 99% of peers YTD
- Performance was propelled by nations rated CCC and lower
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Bets in the riskiest frontier markets have done well for some investors with the nerves to stick them out.
The Coeli Frontier Markets fixed income fund is one of them, on track for a 13% return in dollar terms this year, compared with a 0.1% average loss for peers, according to data compiled by Bloomberg. That was largely generated by bets on nations across three continents: Ghana, which defaulted late last year, Sri Lanka, which defaulted in May, and El Salvador, whose bonds have traded as distressed for most of the past two years.