* Big funds such as AHL
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my blog Reuters, Brevan Howard up in July
* Average fund down 3 pct this year - HFRX
* Managers bet on gold, dollar, CDS
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By Laurence Fletcher
LONDON, Aug 5 (Reuters) - Big-name hedge funds such asBrevan Howard, Man Group's AHL and Winton are makingmoney for investors despite Europe's deepening debt crisis whichhas plunged global financial markets into turmoil.
As global stocks sank for an eighth straight session onFriday, hitting the performance of many hedge funds
christian louboutin wedding high heels peep toe , some topmanagers are profiting from trades such as exposure to gold , which is up 11 percent since the end of June asinvestors run for safe havens.
Funds have also made money shorting European bank stocks andbetting against the debt of companies in sectors such asfinancials, cyclicals and telecoms.
And anecdotal evidence suggests managers have moved awayfrom bets on CDS (credit default swaps) on countries such asGreece
christian louboutin wedding high heels peep toe , Portugal and Ireland, and are now betting on the nexttier of countries, such as Italy, or on countries like Francewhose CDS are already moving on worries over the euro zone'sproblems.
"A lot of people are taking bets in sovereign risk, eitheras protection or taking a view (on what's going to happen),"said one fund of hedge funds manager who spoke on condition ofanonymity. Continued...