Marathon wins race


Strong earnings, narrowing spreads and the emergence from bankruptcy of two high-profile companies - WorldCom and PG&E - helped boost performance for distressed funds, one of the few hedge fund strategies to generate positive returns in April. There was also little selling pressure in the credit markets, and strong names held up well. Marathon Partners Structured Finance was up 2.18%, bringing its year-to-date to 10.73%. Schultze Partners was up 0.7%, boosting its year-to-date total to 8.76%. However, the Contrarian Equity Fund posted a 3.62% loss and is mostly flat for the past three months, in contrast to its