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World’s Biggest Hedge Fund Joins Pivot to Local Emerging Bonds

(Bloomberg) When it comes to emerging-market sovereign debt, Man Group Plc is going local.

The world’s largest publicly traded hedge fund is finding better value in local-currency bonds compared with their hard-currency equivalents, which have become a crowded trade. Local debt has turned a corner in 2017, providing more than double the returns of dollar-denominated developing-country bonds after delivering losses over the past three years, Bloomberg Barclays indexes show.

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