Performance

Chart of the year

by

York Credit Opportunities Fund LP

Distressed funds enjoyed a robust return environment in 2004, contributing to the impressive form of the New York-based York Credit Opportunities Fund, which finished the year with a 37.74% gain. This is particularly good considering that the median return for funds in the Absolute Return Distressed index was 13.70% for 2004.

The fund benefited from its long-standing investment with RCN, ultimately taking advantage of the resurgence in post-bankruptcy equity. The fund's involvement with the telecom and cable industry was another major contribution to its positive performance, as well as its slight bias to small