Hedge funds prove their agility in loan market

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By Sarah Wood

Even as many hedge fund players continue to profit from their early bets against the subprime mortgage sector, the industry is again demonstrating that its massive growth hasn't robbed it of its speed in exploiting new opportunities. Now, the focus is on a very different credit play: long bets on the hundreds of billions of dollars of leveraged loans and high-yield debt awaiting buyers since the seize-up of the securitized debt markets earlier this year.

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