Credit launches Fantasy Fund

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According to market sources, at the start of last year, a major Chicago-based hedge fund, which typically specialises in equity, allocated $250 million to invest in credit. However rather than employ a team of credit analysts, who no doubt would have wanted paying for their labours, the fund bought the bonds that were trading at the most distressed prices at the start of the year. The strategy meant that if 5% of bonds defaulted, the fund would break even. In the event the fund achieved retu

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