CNBC – Most of the talk in the hedge fund industry has been around two hot strategies this year. Those executed by stock-focused managers like Jeffrey Altman’s Owl Creek Asset Management and Larry Robbins’ Glenview Capital Management who rode the bull market to relatively easy gains. And those played out by outspoken activists like Dan Loeb’s Third Point and Barry Rosenstein’s JANA Partners who shook up boards—and sometimes each other.
But it was distressed investors, who usually bet on the bonds of beaten up or bankrupt companies, who produced the juiciest returns in 2013.
