Hedge funds

After a five-year slump marked by mine closures and losses, gold producers are now worth twice what they were in 2015.

Investors are being tempted by the 6.2% gains this year by hedge funds betting on distressed assets and restructuring

"We think assets that are less exposed to economic growth are likely to perform relatively well," said Mike Swell, a global portfolio manager at Goldman Sachs Asset Management.

Benchmark government yields are within about 22 basis points of a record low in the U.S.

The hedge fund's investment to-date in the New York-based bank is valued at more than $1.25 billion.

ValueAct likes Morgan Stanley’s shift to asset-light, fee-based businesses such as wealth and investment management, and said CEO James Gorman has shifted the bank to “growing fee streams that do not require much equity capital to grow.”

The stock picker, known for beating the S&P 500 for 15 straight years when he ran the Legg Mason Value Trust, will buy Legg Mason's stake in LMM.

The stock picker, known for beating the S&P 500 Index for 15 straight years when he ran the Legg Mason Value Trust, will buy Legg Mason's stake in LMM, an investment adviser that he and the company jointly own.

Hedge funds on average rose 1.7% last month, according to Chicago-based Hedge Fund Research, the fifth straight month of gains.

Inflows into raw materials slowed to $2.4 billion in July, the least since money was withdrawn in December.