Argentina’s ailing currency and stock market are pounding funds managed by some of the world’s biggest investors, including Fidelity Investments, T. Rowe Price and Morgan Stanley, reversing some of the outsized gains they enjoyed last year.

These investment firms often own Argentine stocks through specialised funds that invest in some of the world’s least developed countries, known as frontier markets, or through Latin American funds. Since Argentina’s stocks represent about 19% of the benchmark MSCI Frontier Markets Index, even money managers that have positions at less than the index weighting still have significant exposure to the country’s stocks and have taken a beating.