Kingdon Capital Management has had mixed results in its funds this year. While the firm’s $4.3 billion global long/short equity strategy is down slightly, its $133 million credit fund has gained 5.6% through June. “After a sharp recovery from the financial crisis, both the economy and credit markets are pausing to catch their breath,” Michael Pohly, portfolio manager for Kingdon Credit, wrote in a July 21 investor letter. “The slowdown is part of the normal inventory cycle that follows around the second year of a recovery, but it is exacerbated by the efforts of consumers and governments to de-lever their balance sheets.” Kingdon Credit Master...