How Some Emerging-Market Investors Actually Made Money

In a rough year for emerging markets, some of the most treacherous trades are paying off.  Bonds issued by Latin American oil companies, Ukrainian banks and Chinese real-estate developers are among the best-performing assets in developing economies in 2015.  Fund managers who snapped up these battered bonds—and other assets deemed risky even by the standards of emerging-market investors—are delivering positive returns while benchmarks languish in negative territory.

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