Aug

The Hedge That Wasn’t: How $150 Billion of Mystery Bonds Flailed

Photographer: Jerome Favre

When something sounds too good to be true, it usually is, as investors in nontraditional bond funds are finding out.

These so-called go-anywhere funds, which typically give managers free rein and have racked up about $150 billion under management, promised safety amid turmoil but have mostly failed to deliver, prompting investors to pull their money out…

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The Hedge That Wasn’t: How $150 Billion of Mystery Bonds Flailed

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