Canyon Profits On Covid Crisis Refinancings

Canyon Partners’ Canyon Balanced Funds returned -0.91% in October, net of fees and expenses, bringing the year-to-date return to -13.01%. However, according to a copy of the firm’s investor correspondence, which ValueWalk has been able to review, the fund quickly bounced back in November, adding 7.3% for the month. Net of fees, the letter reported, this took the year-to-date return to -6.62%. Q3 2020 hedge fund letters, conferences and more Equity positions detracted 125 basis points of performance in October. The letter noted the largest loser was a “gaming company that traded down with the broader gaming sector.” While the…