Chart of the month - Andromeda Global Credit Fund


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%