New York (HedgeCo.Net) – New York-based Avenue Capital, the hedge fund that manages roughly $20 billion, is back after a lagging first quarter. The company informed investors that the fund experienced gains in May for the second straight month.
The firm’s $1.5 billion Avenue International Ltd Fund was up over 1.5% in May, while the $1 billion Avenue Europe International Ltd Fund and the $574 million Avenue Investments LP Fund followed suit and also posted gains.
Hedge funds are optimistic after experiencing losses stemming from last years credit crunch and subprime fallout. Improved performance in credit markets as of late are making the future look bright for hedge funds.
The Avenue Capital Group was founded in 1995 and is headed by famed manager Marc Lasry. The funds specialize in a long/short strategy while focuses on distressed and undervalued debt and equity opportunities. The company recently raised $6.1 billion for “special situations” trading strategies.
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