The credit crunch that earlier this year took out Sailfish Capital Partners, a $2 billion multistrategy hedge fund, is proving to be bad news for a number of funds that trade credit spreads.
In January, at least a handful of big names saw high single-digit or low double-digit losses, and those declines have extended into February. GLG Credit Fund, for example, lost 4.38% in the first week of February, putting the fund at
-17.21% for the year. Satellite Credit Opportunities Fund gave up 1.6% in the first two weeks of February, producing a total loss thus far of