Many happy returns as Observatory Capital fund enjoys its first birthday

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 doldrums-ridden volatility.

Investors' smiles were therefore all the broader when the Credit Markets Fund returned 26.69% (net) to 19 July with an annualised Sharpe ratio of 5.42 to

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