Nicolás Dujovne, former Minister of Economy of Argentina during Mauricio Macri's presidency, has been making significant profits with his investment fund. He founded Tenac Global Fund in 2020 together with Fernando Jasnis and José Antonio González Anaya, former Minister of Finance of Mexico.
The fund recorded a 22% net increase after fees in 2024, thanks to the rebound of dollar-denominated sovereign bonds, driven by the pro-market policies of President Javier Milei. Tenac has assets under management of around $144 million, primarily in Argentine bonds and other high-risk debt securities.
According to private reports, Tenac was involved in nine of the ten sovereign bonds that generated the highest returns in 2024. In 2022, he joined the team of Pablo Guidotti, a senior government official in Argentina in the 1990s. The fund's profit surpassed three times the return of emerging markets indices in 2024.
BarclayHedge highlighted that Tenac was the second best-performing emerging markets fixed income hedge fund in its research. Analysts attribute the fund's success to its investment strategy and the favorable context for dollar-denominated sovereign bonds in Latin America.
