Recovery is the major theme of 2009. And in 2009, the Gems Recovery Portfolio, which was launched in January 2002, was up 9.6% for the year to date, with gains of 1.75% in August alone. July was the $734 million fund's best month so far this year, up 3.31%.
The Recovery Portfolio, which focuses on credit-related hedge fund strategies, has had a compound annual return of 10.23% and 78.26% positive months since inception. Although the fund currently has 30% of its assets in cash, 21.67% of the portfolio is invested in distressed long-biased funds and 19.17% in distressed