Observatory Capital, Credit Markets Fund - October 2005

Perhaps few investors in Observatory Capital’s Credit Markets Fund would have expected to enjoy a happy first birthday – the London-based fund managers launched their portfolio in July 2004 into an aggressively tightening market, then widening and GM’s and Ford’s downgrade with one almighty credit crunch, and then doldrumsridden volatility. Investors’ smiles were therefore all the broader when the Credit Markets Fund returned 26.69% (net) to 19 July with an annu