Glen Point Capital, a $2.3 billion hedge fund that invests money for billionaire George Soros and other clients, surged 22.7 percent through September this year, according to a person with knowledge of the matter.

The macro trading firm, started by former BlueBay Asset Management money managers Neil Phillips and Jonathan Fayman, made most of its money by betting on emerging-market debt securities and foreign exchange throughout the year, the person said, asking not to be identified because the information is private. A spokesman for London-based Glen Point declined to comment.

Glen Point’s focus on developing markets has helped it race ahead of macro hedge funds that are still producing mediocre returns this year, with some of the biggest players in the industry even losing money. Brevan Howard Asset Management LLP’s flagship hedge fund lost 4.6 percent this year through September, while Chris Rokos’s money pool was down 1.2 percent after a recovery last month.

Macro strategies gained 2.5 percent, lagging behind a 5.6 percent return in hedge funds this year through September, according to data compiled by Eurekahedge. But investors are ignoring the underperformance and returning to bet on macro money pools on hopes interest-rate normalization will boost trading opportunities. Such hedge funds raised $17.9 billion through August this year, more than any other hedge-fund strategy, according to eVestment.

Phillips and Fayman, who started the Glen Point fund in 2015 after running a similar trading strategy for BlueBay, raised most of their money last year when investors pulled $112 billion from the industry. The returns this year compare with a 4.1 percent loss in 2016, according to an investor letter.