What Drove Canyon’s Sharp Reversal of Fortune

The credit-driven multistrategy fund posted its strongest quarter in over a decade. Here’s how.

(David Paul Morris/Bloomberg)

(David Paul Morris/Bloomberg)

Canyon Partners’ largest hedge fund posted its strongest quarterly gain in 11 years after suffering its worst month in recent memory.

The Canyon Value Realization Fund, a credit-driven multistrategy fund with a strong emphasis on fixed-income strategies, gained 14.2 percent in the second quarter, its best three-month period since 2009, according to a person familiar with the results.

To continue reading, subscribe now to Premium Journalism. Already a subscriber? login.