Boaz Weinstein’s main hedge fund gained 82% in the first quarter, as many of his peers struggled to navigate their way through the worst turbulence since the global financial crisis.

Weinstein’s Saba Capital Management, which earlier this month had $2.2 billion of assets, extended its climb from earlier in the year. Bets on credit default swaps and derivative trades on companies in the retail and energy sectors had already seen the fund rise rapidly in February.

The 82% gain was achieved by March 20, according to an investor with knowledge of the matter who asked not to be named because the information is private. A representative for Saba declined to comment on performance.

It comes as the coronavirus lays siege to many of the world’s largest economies, with a global recession looking likely as factories close and consumers stay home. That’s roiled markets in recent weeks, with stocks plummeting and even some of the safest assets like U.S. Treasuries seeing liquidity evaporate.

Weinstein, the former co-head of credit at Deutsche Bank AG, generally does best when volatility is high, and the benign markets of recent years may have helped set the stage for his big haul.

On Thursday, the Dow Jones Industrial Average climbed out of the bear market it entered two weeks ago.

--With assistance from Katherine Burton.

This article was provided by Bloomberg News.