This Hedge Fund Giant Outperformed While Cutting Exposure And Risk In Q1 Amid “Dismal (And Occasionally Baffling) Valuation”Michelle Jones
The Canyon Value Realization Fund gained 6.19% for the first quarter and another 1.62% for last month through Apr. 26. The fund recorded gains in all the major asset classes it invested in during Q1.
The Canyon team cut the fund's "level of investedness" 9% in the six months before the fourth quarter of 2018 and then another 4% in October and November. They said accumulating all that cash enabled them to "act as a liquidity provider rather than a liquidity seeker when the markets entered freefall." In December they made large purchases of corporate . . .
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