Performance

Distressed: More solid gains

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Distressed defied its name, gaining 0.92% for the month to total 7.89% YTD. The vast majority of distressed funds in the Absolute Return database turned in positive results. Bay Harbour Management, founded by Steve Van Dyke, continues its stellar year. The firm's flagship Bay Harbour Partners gained 4.02% for the month and is up an astounding 39.65% YTD, while the firm's Trophy Hunter Partners rose 4.46% to total 33.53% for the year. The $4 billion Cerberus International rose 0.6%* to total 9.64%* YTD. But not everyone had such a good month. Schultze Partners

Offshore Fund declined 0.9% in