总部位于伦敦的Arini Capital Management和Sona Asset Management的主要对冲基金在近几周遭受重创，垃圾债券市场某些板块的急剧下跌重创了它们的持仓。
Capital Management and Sona Asset Management’s main hedge funds were pummeled in recent weeks, as a sharp decline in pockets of the junk-debt market slammed their holdings.
根据彭博社看到的一份投资者备忘录，Arini的母基金在10月上半月亏损了6.9%，此前该基金截至9月已下跌15.7%。根据另一份投资者更新显示，Sona Master Fund在同一两周期间亏损了约3.1%，抹去了其2024年的收益，并使该公司有望录得自十年前成立以来最差的单月表现。
London-based Arini’s master fund lost 6.9% in the first half of October, according to an investor memo seen by Bloomberg, after already being down 15.7% this year through September. The Sona Master Fund, meanwhile, lost about 3.1% in the same two-week span, according to a separate investor update, erasing its 2026 gains and putting the firm on track for its worst month since it launched a decade ago.
这些亏损凸显了垃圾级信用市场某些板块所笼罩的动荡，投资者正在审视人工智能、居高不下的通胀和不断上升的利率将如何影响脆弱的企业借款人。痛苦主要集中在信用评级最弱的公司身上。
The losses highlight the tumult engulfing certain segments of the junk-rated credit markets as investors scrutinize how artificial intelligence, elevated inflation and rising interest rates will impact vulnerable corporate borrowers. The bulk of the pain has been concentrated among companies with some of the weakest credit ratings.
这些错误的押注也是这些投资公司自成立以来从未在一个完整的日历年亏损的罕见污点。Arini和Sona是欧洲增长最快的对冲基金之一，各自管理的资产超过200亿美元。
The wrong-way bets are also rare blemishes for investment firms that have never lost money in a full calendar year since their launches. Arini and Sona are two of the fastest-growing hedge funds in Europe, each with assets of more than $20 billion.
Arini是电信公司Altice International和豪华汽车制造商Aston Martin Lagonda Global Holdings的主要投资者，而Sona则因其持有的英国电信公司Virgin Media O2的现有仓位而遭受损失。
Arini is a major investor in telecommunications firm Altice International and luxury car-maker Aston Martin Lagonda Global Holdings, while Sona took a hit on its existing holdings of British telecom Virgin Media O2.
“人们没有意识到我们在信贷领域所经历的痛苦，因为这发生在如此短的时间内，”总部位于伦敦的信贷投资机构Pearlstone Alternative的创始人兼首席投资官Ivelina Green周四在接受彭博电视采访时表示。“没有人披露具体数字。人们没有意识到信贷实际上下跌到了何种程度。”据一份投资者致函和一位知情人士透露，Sona因新发行的Paramount Skydance Corp.债券也遭受损失，其今年以来的亏损目前约为0.5%。
“People are not aware of the pain we are experiencing in credit because it happened over such a short period of time,” Ivelina Green, founder and chief investment officer of London-based credit investor Pearlstone Alternative, said in a Bloomberg TV interview Thursday. “Nobody has flashed numbers. People don’t appreciate to what extent credit is actually down.”For Sona, which also took a hit on the newly issued debt of Paramount Skydance Corp., year-to-date losses are now about 0.5%, according to an investor letter and a person familiar with the matter.
尽管如此，彭博此前报道称，该公司利用Virgin Media O2债券价格下跌的机会增加了持仓。
Still, the firm took advantage of the drop in Virgin Media O2 to add to its position, Bloomberg previously reported.
知情人士称，与此同时，Diameter Capital Partners的旗舰基金本月也转为负收益，此前该基金截至9月30日录得0.34%的涨幅。该人士因业绩未公开而要求不具名。
Diameter Capital Partners’ flagship fund, meanwhile, has also flipped to negative returns this month, after posting a 0.34% gain through Sept. 30, said the person, who asked not to be named because the results aren’t public.
Arini、Sona和Diameter的代表均拒绝置评。《金融时报》此前曾报道过Arini的业绩表现。
Representatives for Arini, Sona and Diameter declined to comment. The Financial Times earlier reported on Arini’s returns.