Distressed: Cerberus, Bay Harbour gain


The distressed markets haven't lost their tailwind just yet. In 2005, the Absolute Return Distressed Index beat all other domestic strategies tracked, gaining 1.21% in December to end the year up 8.73%. One of the big outperformers was Steve Feinberg's Cerberus International, which rose 14.57% for the year. December was a huge month for Bay Harbour Partners, which gained 7% to finish with a whopping 27.31% gain. Other notables include the $2.2 billion Canyon Value Realization Fund, which climbed 1.27% to total 9.44%, and Turnberry Capital International, up roughly 2.3% for an annual total of about 8.17%.