Distressed guru Randall Smith had a spectacular 2009. This year's gains could require more patience.
Though Alden Global Capital generated blockbuster returns in 2009, the firm has struggled to repeat those gains this year.
The Alden Global Distressed Opportunities Fund is up only 2.9% through July, a far cry from its 186.9% return for 2009. The fund fell 11.7% in May and another 8.4% in June, though it returned to positive territory for July with a gain of 1.63%.
The firm was launched in October 2008 by distressed-debt market expert Randall Smith, who helped train some of the industry’s most notable names, including Avenue Capital Group chairman Marc Lasry; Jim Bennett of James Bennett Management;