With many multistrategy managers struggling to keep their heads above water, Don Morgan's Brigade Leveraged Capital Structures Fund is outperforming its peers simply by turning in small gains.
In April, the $2.8 billion long/short multistrategy fund, which focuses on high-yield and distressed strategies, returned 0.78%, lifting its year-to-date gain to 1.2%. In comparison, the Absolute Return Multistrategy Index had gained 0.94%, leaving it with a loss of 0.84% through April.
Brigade, which invests in high-yield debt and other obligations of leveraged companies, focuses on long-term growth, with an emphasis on capital preservation. To identify opportunities, the fund's managers rely on