Cerberus powers on


On the event-driven and distressed fronts, distressed managers are faring comparatively well, as the economy is coming out of a recession, so distressed companies with bad balance sheets are still enjoying a low interest rate environment. Distressed managers are finding opportunities in the small to mid-cap range, where default rates are strong. Cerberus posted a 0.32% gain in July, bringing its year-to-date total to 7.27%. Daniel Loeb's Third Point Offshore fund was flat for July but is up 10.95% for the year-to-date. Quixote Capital was also flat for July, and its year-to-date total is now 1.09%. Perry Partners