Hedge Fund ProMeritum Bets on Oman, Angola to Guard Gains
Bloomberg 3/1/2021 Selcuk Gokoluk
(Bloomberg) Pavel Mamai notched up his sixth lossless year in 2020 thanks to emerging-market debt. With that rally stumbling, he’s delving deeper into frontier markets in a bid to decouple from the global reflation trade.
The London-based founder of hedge fund ProMeritum Investment Management LLP is buying the junk-rated Eurobonds of oil producers Oman and Angola, which have rebounded from a pounding after last year’s crude collapse. Helped by a big position in South African bonds, ProMeritum generated a 7.2% return last year, its sixth consecutive annual gain since its inception in 2015.
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The European Union, set to become one of the largest issuers of green and sustainable bonds, will sell debt for the first time in 2021 off the back of record-breaking demand last year.