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Market Turmoil Caught Some Funds Wrong-Footed

The sharp selloff in Italian sovereign debt earlier this week caught out funds from Field Street to Janus Henderson. As the prospect for an Italian coalition government fell apart over the weekend, the yield on the country's two-year notes surged more than 1.5 percentage points, to 2.4%. As Italy's debt dropped, the loss at Field Street’s Global Investments fund widened to 50%, these people said.