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"Now that they have stronger balance sheets, they'll start drilling again, and some are drilling in very, very attractive basins." Raine said of energy companies in an interview. "There are a number of companies that have restructured that have potential for strong returns in the equity," Mr.
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"This valuation discrepancy dissipates as these companies convert debt to equity and move past their restructurings." He's also analyzing distressed opportunities in retail, health care, media and technology.īill Raine co-manages the Contrarian Capital Fund I, which placed eighth.
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"There is still an opportunity in commodity-related credits due to the discrepancy between private distressed credit-market valuations and public equity-market valuations," Mr. Jason Mudrick manages the Mudrick Distressed Opportunity Fund, which led the ranking with a 38.7-per-cent gain. Even so, managers see the potential for more profits in the sector this year, particularly in equities. Hedge funds specializing in distressed assets saw their energy-related investments soar along with oil prices last year. Here are some of the bets for this year by top-ranked managers, whose firms focus on three different strategies: