Duncan Farley, portfolio manager for BlueBay Asset Management -- manager of the BlueBay Destra International Event-Driven Credit Fund -- says that the rising cost of capital for businesses and interest rates that are staying higher for longer is creating more "special situations" opportunities and that it's not too late for investors to take advantage of those credits despite several years of strong performance in the event-driven credit arena. He noted that it's easy to shake off common worries over defaults rising when interest rates go up by buying paper as close as possible to the recovery value. His fund has largely avoided trouble -- as proven by Morningstar placing it at the very top of its peer group over its five-year existence -- and he believes it can continue to deliver strong results because good opportunities are easier to find in worrisome market conditions, though he says finding them requires more due diligence.