A group of hedge funds have recently ridden a surge in the beaten-down parts of the equity market, helping them post large gains. The Financial Times reported that one of the funds that profited was Axonic Capital.
According to the publication, “Its Credit Opportunities fund was hard hit during last March’s credit market sell-off but has gained around 8 per cent this year to March, said a person who had seen the numbers, helped by a rally in some of its asset-backed securities focused on aviation and aircraft as lockdowns ease.”