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Credit Derivative Strategies: New Thinking on Managing Risk and Return by Rohan Douglas

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CHAPTER 1
Eight Relative Value Opportunities
CHRISTOPH KLEIN
 
 
 
This chapter describes credit-relative value trades from the perspective of a multistrategy credit hedge fund. The following chapters will describe all credit instruments in more detail.
A multistrategy framework confers important advantages to a fund. It allows the fund to dynamically exploit a wide range of market situations, integrate new credit instruments as they are developed, and create a diversified portfolio, which is more likely to generate stable and attractive risk-adjusted returns over time.
The model for this discussion is a multistrategy credit hedge fund, which seeks to systematically exploit inefficiencies in credit markets using cash and derivative instruments. ...

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