The Canyon Balanced Fund returned an estimated 3.02% for the fourth quarter of 2019.
Following this performance, the fund ended the year up 12.2% net of fees and expenses, according to a copy of its fourth-quarter and full-year investor letter, which has been reviewed by ValueWalk.
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The credit-focused fund, which manages around $2.8 billion for clients, delivered positive returns in 10 out of the 12 months in the year.
Idiosyncratic events shaped the year
According to its year-end investor letter, while the broader credit markets rode a wave of discount rate compression, idiosyncratic events shaped the year for Canyon's portfolio.
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