Last three months prove tough for Palmyra


Los Angeles-based Palmyra Capital Advisors, founded in 2002 with backing from Capital Z, has had a difficult run of performance over the last three months and finished the month of May with a loss of more than 8% in each of its funds. The long/short, value-oriented shop quickly raised assets and closed in short order after its debut in February 2002, and posted good performance for its first two years - up 12.51% net for 2002 and up 26.09% net for 2003.

But the firm's Palmyra Capital Fund LP, with $34.5 million in assets, and its offshore counterpart,