Adelante Asset Management, a boutique hedge fund manager, has closed its global emerging markets debt fund after 14 years because it believes its long-biased investment style is not right for the current environment.

Adelante shut down its $80 million Adelante Emerging Debt Fund at the end of July and returned capital to investors. The fund lost about 2% in the first seven months of this year and produced annualised gains of 15.4% from its launch in July 1999 until its closure.