Aurelius Funds Gain 44.8% on Cineworld, Ukrainian Telecom Bets

A set of Aurelius Capital Management drawdown funds gained 44.8% last year, helped by winning bets on Russian corporates and the debt of movie theater chain Cineworld Group Plc.

The funds, which total about $132 million, also profited from trades on Ukrainian cellular provider Veon Ltd. and the sovereign debt of Belarus in the second half of the year, according to a person familiar with the results. Bets on drilling companies added to the gains, according to the person.

Aurelius’ evergreen funds rose 6% for the year, the person said. Bonds guaranteed by Financial Guaranty Insurance Co. were among ...