Canyon Does Some Bottom Fishing During October's Volatility

The Canyon Value Realization Fund closed a difficult third quarter by noting how central bank “policy experimentation” was causing it to be more conservative.

The value oriented credit hedge fund shaved -1.51 percent off performance to end the third quarter, but is still higher +3.68 percent year to date, an investor letter reviewed by ValueWalk. Coming into a volatile October, the fund was relatively unlevered with 19 percent of the portfolio in cash, which was a posture they believe to be appropriate for a slow growth world.

Canyon's goal of keeping a high level of cash

The...