One of last year's
top-performing hedge fund managers, Deepak Narula, is suffering a reversal of
fortune as the mortgage bonds that steered him to the top of the industry in
2012 are now delivering losses. His
Metacapital Management's roughly $1.5 billion flagship fund was down 5.66
percent for the year through June 14, according to an investor with knowledge
of the numbers. The loss is particularly
given the fund's 41 percent gain last year.
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