London — A London-based hedge fund that has made gains every year since it was founded, through risky bets including Ukrainian GDP warrants and sanctioned Russian bonds, is now putting its money on SA.

ProMeritum Investment Management has allocated a fifth of its money — its biggest single holding — to SA government bonds, among the worst performers in emerging markets this year. It’s betting on a 15% rally in the next three to six months in response to the SA Reserve Bank’s aggressive policy easing and bond buying in the secondary market...

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