Canyon July Returns Hurt By Distressed Equities

The Canyon Value Realization Fund (CVRF), the $6.7 billion fund managed by Canyon Capital Advisors LLC, lost 0.55% in July bringing it to a 4.7% gain for the year through the end of July, putting it behind the S&P 500 (up 5.66% over the same period) but well ahead of other benchmarks. “In July, risk assets sold off on a mixture of weak earnings, geopolitical tension, and good economic news in the US (which seemingly proved to be bad news for security prices),” says the recent CVRF letter to investors. Canyon’s large, ‘idiosyncratic’ bond holdings outperform benchmarks Canyon Value Realization…