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The Europe 50: Borrowed Time

Investors in European hedge funds counted on macro and managed-futures funds to steer them safely through crises. But if their performance doesn’t improve, these funds may not be favorites for long.

(Illustration by Neil Webb ) The European sovereign-debt crisis has wreaked havoc on financial markets and cast a pall of economic uncertainty extending well beyond the Continent that has made it difficult for hedge fund investors to know where to turn. Not surprisingly, funds plying such highly liquid and

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