By Nishant Kumar and Leonard Kehnscherper

Lee Robinson’s hedge fund, Altana Credit Opportunities Fund, has guided his fund to estimated gains of as much as 30% in the first few trading days of 2026.

• Defaulted notes issued by Venezuela and its state-run oil company PDVSA jumped this week, recording the biggest gains since 2023, following the US arrest of President Nicolas Maduro.
• The market is assuming Venezuela will pay just 22% of what’s owed on the notes, but Robinson expects an eventual restructuring of 80 cents, approximately half of the principal plus accrued interest.

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