The battle over hedge ratio can be a fund manager’s nightmare. This is because there is seldom a right answer. When Canyon Capital Advisors looks with hindsight on the fourth quarter, it was the hedges that cost them absolute returns. Coming into the new world order that appears to be brewing across the world, Canyon highlights two words to describe the current market environment: Volatility and Fragility. In a February 9th 2017 fourth quarter letter to investors . . .

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