While the broader stock and credit markets rode a wave of "discount rate compression and multiple expansion in 2019," idiosyncratic events "shaped the year" for Canyon Partners' Distressed Opportunity Fund II.
According to the fund's year-end 2019 letter to investors, a copy of which has been reviewed by ValueWalk, the majority of the gains in the fund's portfolio came from to post distressed companies that announced symbiotic M&A transactions.
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