Savvy credit bets pushed the hedge fund performance at Leon Black's Apollo Global Management into the stratosphere in 2009, but the firm is reversing course in 2010. The Apollo Strategic Value Fund returned 76.84%, bouncing back decisively from its 30% loss in 2008 to bring the fund's net annualized return since inception to 10.45%. But the managers are now backing away from credit and moving toward investments in restructurings, arguing that equities will produce bigger gains in this market.