Bear Stearns' $1.2 billion macro hedge fund sees bounce

Investment bank Bear Stearns & Co may have hit rough times but at least one of its hedge funds, the $1.2 billion Emerging Markets Macro Fund, is bouncing back from earlier losses this year.

The fund, managed by former top Bear proprietary trader Melissa Ko, posted gains of 8.9 percent for April, according to a note the fund set to investors this week.

The performance gains for April come after it suffered losses of 15.2 percent in the year through March, so the fund is still down 7.6 percent for the year, according to the note, which was obtained by Reuters.