Chart of the month


Strategic Value Restructuring Fund

Victor Khosla's Strategic Value Restructuring Fund had a big month in July, returning 4.5% to bring the year-to-date to 9.5%. Strategic Value Partners' $1.2 billion fund started in September 2002 and has produced an annualized return of 24.1%. Distressed debt has certainly been one of the hottest areas over the last few years, but saturation in the United States has recently flattened returns. The attention paid by Khosla's team to its non-U.S. investments over the last 24 months has enabled the fund to avoid the glut. As an example, investments in the