Canyon Up 2.6% In Q2, Bumps Up Cash Position

Distressed asset hedge fund Canyon Value Partners was up 2.6% in the second quarter, bringing up the year-to-date gain to 5.2%. Canyon is not a generic investor In its quarterly letter, Canyon stresses that its style of investing and types of holdings have little in common with the average ways of the market. Canyon said that less than 25% of its equity portfolio is allocated to the S&P 500 (INDEXSP:.INX). Another unique thing about Canyon’s portfolio is that the fund likes to hold cash. In the second quarter, Canyon upgraded its cash holdings to 15% of its assets. Managers expect to use…