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These Venezuela-Dedicated Hedge Funds Lost Faith in Their Bond Bets

(Bloomberg) It may be in their name, but Venezuelan-dedicated hedge funds aren’t so dedicated to Venezuela anymore. Even the boldest money managers are losing hope that the oil-rich nation can keep servicing its debt. Russ Dallen, who oversees the Venezuela Opportunity Fund, last month told clients for the first time in his career to buy credit-default swaps to protect against a default. Gramercy Funds Management, which started a Venezuela Opportunity Strategy fund in 2015, sold its Venezuelan assets late last year.

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