Hedge funds betting on mergers and acquisitions, bankruptcies and other corporate events have made winning bets in the healthcare sector in what was otherwise a meagre 2015.

Event-driven hedge funds made gains of just 1.7%. in the year through July, according to data provided by Lyxor Managed Account Platform, against 2.6% for all hedge fund strategies. They were particularly hard hit in July, with losses of 0.6% against gains of 0.7% for all strategies.