Pausing for breath

The past two years have been an extremely profitable period for global event driven hedge funds but momentum is slowing. There is now less corporate activity to fuel the merger or risk arbitrage sector, while poor-quality paper has proliferated and depressed weightings in distressed securities.

Risk arbitrageurs try to buy the stock of a company being acquired and sell stock in its acquirer. Distressed securities involve the stock of companies in reorganisation or bankruptcy, ranging from

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