Autos drive market


While negatively impacting other types of hedge funds, the credit downgrades among auto manufacturers gave a boost to event-driven hedge funds in May. Carl Icahn's Icahn Fund Ltd. returned 0.79% in May, bringing its year-to-date gain to 3.45%. Perry Partners International returned 0.95%, bringing its year-to-date total to 2.47%. York's Global Value Partners LP fund was up 2.20%, bringing its year-to-date total to 0.22%. JANA Partners LP gained 2.40% in May and is up 4.07% for the year. Pirate Capital's Jolly Roger Fund had a strong month, gaining 3.98%. It is now up 4.47% for 2005. Owl Creek