Distressed: Solid gains


Distressed funds started the year off well, with the Absolute Return Distressed Index posting a net gain of 1.60%. Even with credit spreads extremely tight, Schultze Partners was well positioned, finishing the month up a solid 4.10%. Highland Crusader Fund netted a gain of 3.14%* for January on positions in wireless communications companies and independent power producers. Also faring well: Bay Harbour's Trophy Hunter Partners, which estimates a 2.95% climb for the month. Camulos Capital's flagship multistrategy credit portfolio, run by former Soros trader Richard Brennan, was up about 3% in January, according to an investor. Canyon Value