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Hedge funds take hit playing beat-up oil sector

CNBC – The steep decline in oil prices is seen as an opportunity by many hedge funds. But picking out the bonds of distressed oil companies can also be a dangerous game.

Take Kamunting Street Capital Management, which is essentially going out of business following losses on high-yield or “junk” energy company bonds. The fund lost about 4 percent last year and was down an additional 2 percent this year, according to The Wall Street Journal. The exact percentage of losses related to the decline in oil and gas prices was unclear.

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