TORONTO — Onex Corp. says it swung to a profit in the second quarter, rebounding from segment losses of more than $1.1 billion in the first three months of the year as markets roared back in spite of the pandemic. The investment management firm, which reports in U.S. dollars, says net gains in Onex's private equity and credit investments rode the upswing to net earnings of $629 million, a 144 per cent jump from $258 million a year earlier. About 95 per cent of Onex's segment net earnings of $689 million — $7.02 per diluted share — derived from its investing division, with the rest stemming from its asset and wealth management segment, which relies on fees and interest. The Toronto-based company says its private equity investments generated a gross return of 16 per cent in the quarter ended June 30. The broader picture in the first half of 2020 wasn't as rosy, with total segment losses of $363 million or $3.64 per diluted share in the first six months of the year due to market declines triggered by COVID-19.