Emerging market hedge funds “position for recovery” as invested capital shrinks Submitted By Hugh Leask | 30/05/2020 - 10:21am Hedge funds that trade emerging markets mounted a partial comeback last month following bruising double-digit losses earlier – but total invested capital in EM funds tumbled as the coronavirus crisis took its toll. Emerging market hedge fund strategies added 5.4 per cent in April, according to new data from Hedge Fund Research.