With the markets' huge reversal in May, not many hedge fund strategies managed to log gains. DDJ Capital, which invests in high-yield, distressed and special situations, was no exception, though it managed to survive the turnaround better than some. The DDJ October Fund netted a loss of 0.94% for the month of May to total 3.58% for the year. From its February 2000 inception through May, the fund has logged an annualized return of 16.31%.
Waltham, Mass.-based DDJ Capital manages approximately $3 billion. The October Fund is run by David Goolgasian. Recently, alpha has been generated by the fund's