Perry marches on


A meager supply of merger opportunities has been offset by a relentless bull run in the high-yield and distressed arenas, putting event-driven strategies among the top-performing hedge fund styles so far in 2003.

Perry Partners racked up about 2.1% in April, leaving returns at roughly 4.3% over the last 3 months.

Some of the biggest gains for portfolio managers have stemmed from tapping opportunities emerging in the rebounding telecom, tech and media sectors. Also, there has been a fair degree of cover, in terms of risk, as default rates held steady at relatively modest rates in April.

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