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Credit Funds From Apollo to Diameter Tally Big Gains in 2020 Bloomberg 1/8/2021 Katherine Doherty, Sridhar Natarajan and Katia Porzecanski (Bloomberg) They swooped in to buy the debt of pandemic-battered airlines and cruise companies. Some got in on the lucrative role of funding Hertz Global Holdings Inc.’s bankruptcy reorganization, while others made wagers against commercial real estate. Now, some of the most seasoned distressed-debt traders are totaling up big gains. Funds run by firms from Knighthead Capital Management to Diameter Capital Partners and Apollo Global Management notched returns that in some cases are approaching 50% after capitalizing on last year’s pandemic-induced market turmoil. While not necessarily the financial world’s biggest winners in a wildly volatile year that produced a more than 16% gain in the S&P 500 Index, they outmatched peers. Distressed debt funds on average gained 11.4%, according to Hedge Fund Re ....