Credit: ZAIS, BlackRock climb


Credit spreads tightened in early February only to reverse direction later in the month, a move that provided opportunities for many credit funds to profit. The Absolute Return Credit Index rose 1.50% for the month to total 3.05% YTD. Outperformers include ZAIS CDO Opportunity Fund, which climbed 3%*, and BlackRock Galaxite Fund, up 2.60%. Also reporting gains were Highland Credit Strategies Fund, which rose 2.24%* in February, and Whitebox Hedged High Yield Ltd, up 1.77% for the month. Fairfield Raven Credit Opportunities Fund netted a 0.47% gain, its 20th consecutive month of positive performance. On the Pequot platform,