London-based hedge fund Altana Wealth has kicked off 2026 with strong performance, with the Altana Credit Opportunities Fund posting estimated gains of 30% in the first trading days of the year on the back of bets on Venezuela’s debt, according to a report by Bloomberg.
The report cites unnamed people familiar with the matter as revealing that the gains have been driven by position in the country’s sovereign and PDVSA debt, which surged following the US capture of President Nicolás Maduro. The fund, which focuses exclusively on Venezuelan assets, also posted an estimated 66% return in 2025, underscoring the payoff from early and aggressive positioning.
Fund manager Lee Robinson, formerly of Paul Tudor Jones’ hedge fund, launched the Altana Credit Opportunities Fund over five years ago, targeting distressed Venezuelan debt trading at deep discounts. At the time, the fund’s core thesis was that Venezuelan bonds could see a tenfold recovery, a forecast that appears increasingly prescient as bonds climbed to over 40 cents on the dollar, roughly double their level six months ago.
Altana currently manages around $150m, and the fund’s recent gains have drawn attention amid a wave of interest in Venezuelan debt. Other hedge funds benefiting from the political upheaval include Broad Reach Investment Management, whose emerging-markets macro fund gained more than 5% in the first days of 2026, and Tribeca Global Natural Resources, which continues to expand its Venezuelan exposure.
Robinson and other managers see further upside from debt restructuring potential and oil-linked instruments, noting that Venezuela’s vast oil reserves provide additional leverage for creditors. Aberdeen Group and Ashmore Group are also increasing their exposure, betting on political and economic normalisation that could boost recovery values on sovereign and PDVSA bonds.
