Yields on corporate bonds around the world have fallen to 3.36 percent from 3.67 percent at year-end, according to a Bank of America Merrill Lynch index that includes investment-grade and junk-rated debt. Yields have averaged 4.94 percent during the past decade.

Investor interest in hedge funds hasn’t translated into bigger returns this year. The Bank of America Merrill Lynch Global Broad Market index gained 1.13 percent in the three months ended Sept. 30, compared with an average 0.13 percent gain earned by credit-focused relative-value hedge funds, HFR data show.

The BofA bond index returned 5.4 percent in the the first nine months of the year, versus a 4.94 percent gain for the hedge funds.

The performance has done little to curb demand for the product. The hedge funds received $11.08 billion in the three months ended Sept. 30 following $29.5 billion of inflows in the first six months of the year, HFR data show. In fairness, much of that money flowed toward hedge-fund managers who’ve had a good track record over the past few years.

CQS Fund

CQS, the debt-focused hedge-fund firm started by Michael Hintze, has received a net $3 billion of new money this year, according to a person with direct knowledge of the matter. Its credit multi-strategy fund started in February 2013 has amassed $2.3 billion since then, said the person, who asked not to be identified because the information isn’t public.

Its $3.2 billion CQS Directional Opportunities Feeder Fund Ltd. has returned 3 percent this year and 20 percent annualized since its 2005 inception.

Michael Rummel, a spokesman for CQS, declined to comment.

Pine River, based in Minnetonka, Minnesota, increased its assets under management to $15.6 billion as of September from $13.9 billion at the beginning of the year, according to an investor memo obtained by Bloomberg News. Pine River Master Fund has grown by about $1 billion in the period, to $4.5 billion.

The fund said in June it would close the fund to new investors. It has returned 4.1 percent in 2014 through September, compared with 9.6 percent last year.