Distressed funds on the rise

Sun Jun 1, 2003

1) Mellon HBV Rediscovered Opportunities

Mellon HBV Rediscovered Opportunities Fund has managed to post returns of roughly 8.3% over the last 12 months ending in April. The distressed fund gained a respectable 0.7% in April, pushing year-to-date returns to 3.0%.

Bonds and bank debt lifted the portfolio in April, led by debt holdings in bankrupt software and services company Peregrine Systems. Another help in April was 43 basis point gain in bonds of the Personnel Group of America, which repaid a large chunk of debt to...

ISSN: 2151-1845 / CDC10004H

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