Pirate-themed Pieces of Eight fund is claiming its booty.
| Tom Hudson|
The Wilton, Conn. manager targets distressed companies, including bankruptcies, investing a majority of its portfolio in high-yield corporate debt and preferred equities. As of the end of August, Pieces of Eight was comprised of roughly 22% common equity, 40% preferred equity, and 38% corporate debt, according to investor materials.
According to Doubloon’s August newsletter, examples of positions include real estate investment trust First Industrial (“very attractive yields for today’s high yield