Performance

Schultze posts 60%

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A boost in announced mergers, coupled with tightening credit spreads, helped a strong December for event-driven and distressed strategies. The big winner in this category for 2004 was Schultze Partners. A 1.3% gain in December brought its year-to-date tally up to an eye-popping 60%. Also among the top performers was Daniel Loeb's Third Point Offshore fund, which gained 1.40% in December and about 30% for the year. Owl Creek I LP had a big December, posting a 4.99% gain, which brought its 2004 total to 26.12%. Steve Feinberg's Cerberus International was up 2.56% for the month and finished