Canyon Capital has recouped 70 percent of its Q1 losses: Q3 Letter

The Canyon Balanced Funds have gained more than 28% since the end of the first quarter, recovering 70% of its first-quarter losses. In their November letter to investors, which was reviewed by ValueWalk, the fund's management said due to the unprecedented backdrop of this year, they have shifted to a more defensive portfolio with lower beta.

Q3 2020 hedge fund letters, conferences and more

Slower recovery pays off for Canyon

Although that has resulted in a slower recovery for the funds, the Canyon team believes it offers a more reliable path to steadier performance without concerns for market conditions. Their idea was tested in September and October when the S&P 500...