Bakhramov, the chief investment officer of the $100 million Forum Asset Management, said he’s been betting on an emerging-market slump since 2012. His conviction led to three years of losses of 10 percent to 20 percent in his Global Opportunity Fund. Bakhramov finally got his wish in July and August, as did a handful of managers who made multi-year wagers that emerging-market stocks and currencies would begin to tumble, starting with...