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The secret behind junk funds that made money in 2015: no heroics

Astute managers avoided anything that reeked of oil; crude was the falling knife that wounded some of the biggest investors.

New York

DON'T be a hero. That's the strategy the most successful high-yield money managers of 2015 attribute to their success. As junk bonds tanked, defaults rose and Third Avenue Management LLC shocked the market by temporarily suspending shareholder withdrawals, managers at the top...

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