JWM and III race up


High yield has been a strong performing asset class, which is good news for fixed-income arbitrageurs. Bear Sterns High Grade Structured Credit Strategies (Overseas) gained 0.94% in July and is up 11.62% year-to-date. John Meriwether's Relative Value Opportunity II notched a reported 0.36% gain in July and is up an estimated 5.6% for the year. The III Fund LP also had a solid July, posting a 1.2% gain. It is up 5.51% for the year and 15.74% for the last 12 months. The Boldwater Credit Opportunities Fund I also posted July gains, with a 0.54% gain for the