Lagging the pack


For the month of September, fixed-income and high-yield strategies underperformed the Absolute Return Composite Index, with median returns at just 0.46%. That brings the strategy's year-to-date total up to a very tame 4.19%. Broadly speaking, long/short credit funds seemed to do better than fixed-income arbitrage portfolios. The Class A shares of Moore Credit Fund gained 3.1% for an annual total of 7.9%. Mackay Shields Fund (offshore), managed by Donald Morgan, gained roughly 1.68%. And David Tepper's Palomino Fund (Class B) was up 1.82% to total 16.61% for the year. Among the arbitrage funds, several managers turned in modest