Performance

Cerberus stands firm

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With most of October's volatility coming from the equity markets, distressed funds held up better than many other strategies. Still, the Absolute Return Distressed Index was down slightly (-0.48%) to put it at 6.94% for the year. Among the gainers were Steve Feinberg's Cerberus International, which rose 1.2% to total 10.17% for the year. Bay Harbour Partners gained 3.24% for a year-to-date sum of 13.04%. Lots of funds turned out smaller gains, including Levco Debt Opportunities Fund (up about 0.77% to total some 9.08%); DB Distressed Opportunities Fund (up 0.62% to total 7.22%); and Marathon Structured Finance Fund