East Lodge Capital founder Ali Lumsden was among the few to post huge gains during the financial crisis, but his main fund slipped 26% in March amid the coronavirus pandemic, Bloomberg reported Tuesday. The hedge fund focuses on securitized credit positions, a corner of the market particularly battered by the virus and related business closures. As revenue streams dry up, risk of companies defaulting on credit soars. Lumsden posted a 73% gain during the last recession by betting against the subprime mortgage market. Visit the Business Insider homepage for more stories.