Event-driven equity funds have suffered lean times in recent years, but Richard Perry's eponymous hedge fund is an exception.
The $5 billion Perry Partners International is up 10.50% for the year-to-date and 15.84% for the last 12 months. The fund gained 0.16% in October and has been performing steadily throughout the year, notching up small gains month after month to add up to double digits - no mean feat in a year when many funds are treading water. The fund has produced an annualized return of 15.28% since its inception in September 1993.
Observers say Perry has drifted fairly heavily