BlackRock's Obsidian keeps powering ahead


Taking advantage of favorable market conditions for fixed-income strategies, BlackRock's Obsidian Funds outpaced most competitors to post gains in July.

Both the onshore and offshore funds, which run about $1.9 billion between them in diversified relative value fixed-income strategies, posted gains of about 1%, bringing their year-to-date totals to 10.27% and 10%, respectively. The July figure may seem modest until put into perspective - most major hedge fund indices posted negative aggregate returns, and many managers have said they would be happy to finish the year with gains of 5% - a figure Obsidian has already doubled. The funds