Chart of the month: Marathon Special Opportunity


Marathon Asset Management's Special Opportunity Fund started in April 1999 and is run by the firm's co-founders, Bruce Richards and Louis Hanover. The fund returned 1.15% in August to bring its year-to-date to 9.68%. Since inception, it has gained 369% compared to the Absolute Return Fixed Income & High Yield index, which returned 76.7% over the same period.

Currently managing $1.9 billion in assets, the fund focuses on high-yield bonds, bank debt, distressed securities and special situations in the U.S. and abroad. The recent strong performance has been attributed to distressed investments in the automotive