(The Wall Street Journal) -- Problems in the credit markets are affecting even the savviest investors.

TPG-Axon Capital Management, an $11bn (€8.1bn) hedge fund led by Dinakar Singh, who ran Goldman Sachs' in-house trading unit, has scored gains of 22% so far this year, according to investors, thanks to a variety of bets anticipating problems in the subprime mortgage market.