Performance

Bear Stearns profits

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Treasury yields rallied for longer-term bonds, and many fixed-income managers benefited from the resulting flattening yield curve. The Bear Stearns High Yield Opportunities Fund LP posted a 0.35% gain in January, bringing its three-month total to 3.45% and its six-month total to 7.64%. Five Mile Capital's Housatonic Fund posted a 0.15% gain for the month, bringing its three-month total to 0.57% and its six-month total to 1.79%. John Meriwether's Relative Value Opportunity II fund notched a roughly 0.92% gain for the month. The FrontPoint Fixed Income Opportunity Fund returned 1.11% in January, bringing its three-month total to -0.02%