Cerberus stands firm


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