Exclusive: Canyon Capital has recouped half of its losses after its worst quarter in over a decade

Canyon Balanced Funds started to recover during the second quarter after the difficult first quarter. March was the worst month in the funds' 30-year history, but the second quarter that followed it brought their highest quarterly return since 2009.

Q2 2020 hedge fund letters, conferences and more

Canyon has continued to generate positive returns in July and August and has so far recovered about half of the first-quarter drawdown. In their second-quarter letter to investors, which was reviewed by ValueWalk, the Canyon team said the pace of recovery this time around was much faster than it was in 2009 after the Global Financial Crisis.

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