Canyon Capital wins with gaming stocks despite casino closures

The Canyon Balanced Fund was up 4.58% in May, bringing its return for the first five months of the year to -20.1% net. In their May letter to investors, which was reviewed by ValueWalk, the Canyon team said the month’s strength was driven partially by expectations that the policy backdrop would be supportive. Q2 2020 hedge fund letters, conferences and more Investors especially looked forward to the Federal Reserve’s capital markets initiatives. Market optimism about a recovering economy also drove May’s strength. The Canyon team said the positive May sentiment came from declining virus infections, business reopenings, easing travel restrictions,…