Performance

Angelo motors ahead

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One of the best-performing funds this year is GAM Arbitrage, managed by New York-based John Angelo of Angelo, Gordon & Co.

The fund is now up 5.29% year-to-date. Much of this good performance came from prices in the distressed sector, which accounted for 79% of assets continuing in January on the uptrend that began in November and December, having rebounded from October lows.

Risk arb was also profitable in January, mainly due to the portfolio's holding of German speciality chemical company Degussa AG- whose agreement to be acquired by RAG was stopped by the German courts in December.

Angelo ratcheted