David Tawil, Co-founder and Portfolio Manager at Maglan Capital, explains how his hedge fund will apply its event-driven, distress-focused strategy to equities and fixed income as the market changes. For the next year or so, Tawil expects to focus on equities, but 2015 may be a "repositioning year" as Maglan prepares for a potential uptick in defaults. Tawil is paying close attention to industries that are especially sensitive to interest rates, such as real estate. The real estate sector may be particularly prone to distress as interest rates rise. The Deal's Lisa Allen has details from Wall Street.