Canyon Distressed Opportunity Funds II sent its third-quarter letter to investors last week. The fund has been winding down its portfolio and will continue to do so in the coming months. Canyon issued its first two capital distributions in July and August and started its harvesting period on Sept. 1. Winners and losers The fund said its biggest detractors during the quarter were its positions in offshore drilling, which came under pressure due to increasing concerns about the pace of recovery in the industry. Some offshore drillers have more flexibility built into their capital structures, which the Canyon team believes…
This debt fund highlighted the gap between the “haves” and “have-nots”
Michelle deBoer-Jones
Michelle deBoer-Jones is editor-in-chief of Hedge Fund Alpha. She also writes comparative analyses of stocks for TipRanks and runs Providence Writing Services. Previously, she was a television news producer for eight years, producing the morning news programs for NBC affiliates in Evansville, Indiana and Huntsville, Alabama and spending a short time at the CBS affiliate in Huntsville.