Performance

Chart of the month - Andromeda Global Credit Fund

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As troubles in subprime mortgage securities spilled over into the broader credit and equity markets, liquidity dried up and leverage became the Achilles' heel of many credit managers. New York-based Constellation Capital Management is one exception. With an unlevered and globally diversified portfolio, Constellation's flagship Andromeda Global Credit Fund netted a gain of 0.52% in July, up 5.75% year to date. This compares with a 1.04% decline for the Absolute Return Credit Index, whose year-to-date gain was trimmed to 5.04%. Since its September 1999 inception, the $300 million Andromeda portfolio has averaged a net annual return of 14.68%