MacKay Shields bucks October downdraft


Despite the challenging markets that credit funds faced in October, the $1 billion MacKay Shields long/short strategy managed to stay just above water, netting 0.05% and bringing its year-to-date performance to 2.51%.

That's well above the benchmark CSFB High Yield Index, which lost 0.94% in October for a year-to-date sum of 0.72%. It also comes at a time when uncertainty over energy prices and consumer demand pushed high-yield spreads wider by 75 basis points to 1% and stock indices down by 1.25% to 1.75%.

The rise marks New York-based MacKay Shields' fifth straight month of gains after a rocky