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The credit-oriented multistrategy firm headed by Josh Friedman and Mitch Julis is profiting from gains in its bond portfolio
Joshua Friedman, Canyon Partners (photo credit: Patrick T. Fallon/Bloomberg)
This is shaping up to be Canyon Capital Advisors' best year since 2013, even as the firm tells investors that there are no bargains in the markets.
"We don't find broad market exposure particularly appealing at the moment," Canyon states in its second-quarter letter to investors, obtained by Alpha.
Rather, the multistrategy firm headed by Joshua Friedman and Mitchell Julis says its holdings have become increasingly targeted in what it calls "transitional securities," which it says have "relatively subdued correlation with broader market movements."
The Canyon Value Realization Fund gained 3.53 percent in the second quarter and another 1 percent in July. As a result, the fund...