Hedge Funds

Apollo moves to restructurings, reduces credit exposure

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“At the start of 2010, the baton has clearly been passed to the equity market..."

Savvy credit bets last year pushed the performance at Leon Black¹s Apollo Global Management beyond the stratosphere. The firm’s Apollo Strategic Value Fund returned 76.84%, bouncing back dramatically from its 30% loss in 2008, bringing the fund¹s net annualized return to 10.45%. Now, arguing that equity will see bigger gains, the fund is moving away from credit and toward investments in restructurings.

“At the start of 2010, the baton has clearly been passed to the equity market, where a combination of anemic returns in recent years and dramatically lower volatility has created the framework for a highly attractive risk