Arini Capital Management’s flagship hedge fund lost 32% this year after a 19.7% October decline, as the firm underestimated the severity of the selloff in the riskiest corporate bonds. The London-based credit specialist, managed by founder Hamza Lemssouguer, reduced gross leverage to its lowest level since early 2022, sold selected holdings and plans to diversify its portfolio. The fund is reviewing its five largest investments, which represent roughly two-thirds of net asset value, while attracting $389 million in inflows over the past week toward a $1.5 billion fundraising effort.