Apollo Credit Fund Beats Benchmark by Betting Against Tech

Apollo Global Management Inc.’s flagship credit hedge fund was essentially unchanged last year even as its benchmark dropped, helped by short bets against technology and cable companies, according to people with knowledge of the matter.

The $5.1 billion Apollo Credit Strategies Fund lost 0.5% through the end of December, said the people, who asked not to be identified because the matter is confidential. That compares with its benchmark, the ICE Bank of America High-Yield Index, which lost 11.2% last year. An index of credit hedge funds was down 2.66% last year.

A representative from Apollo declined ...