Distressed debt

"We seek to produce steady, consistent and attractive returns by investing exclusively in inefficiently-priced US distressed securities," says the manager of Scott's Cove, Phillip Schaeffer.

One of the fund's big positives is that the investment universe for distressed and defaulted securities has gone from $250bn (face amount) at 31 December 1999 to over $650bn at the end of last year.

Schaeffer set up Scott's Cove Capital Management LLC on 1 April 1999, when he spun-off from Robert Fleming (New

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