Vista, a Rio de Janerio based hedge fund has built a modest position in ADRs of Argentine banking stocks in the run-up to  Javier Milei’s victory over Sergio Massa last month. It has left its holdings unchanged since then, according to a report by Bloomberg. 

Citing an unnamed person familiar with the matter, the report said that the fund’s small exposure to the troubled country contributed to a 2% monthly gain in November.

The report adds that Vista's flagship fund now tops all 170 rivals tracked by Bloomberg in the past three months, up 13.6% after fees. Year to date, the fund is up 7.8%, lagging the 12.4% gain for the benchmark CDI overnight rate