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Funds avoided losses despite 'Brexit' shock

Few were willing to take outsize bets on the referendum, knowing investors would have skewered them had they lost money.

POLITICAL PULSE: Funds that focus on stocks fell and then recovered when the market rebounded in the weeks after the vote.


IN late June, as Britons prepared to go to the polls to vote on the country's membership in the European Union (EU), about 800 hedge fund managers gathered at the opulent Cavalieri hotel on a hill overlooking Rome for an annual rite.

They were there to attend Goldman Sachs'...

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