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Another strong month for Welton CTA After delivering 6.77% in April and 3.33% in May, the Welton Global Directional Portfolio (GDP) returned +5.17% in June and is now up 9.52% YTD. The program had a 7.25% drawdown in March, however the recently strong performance brought the tailing 12- and 24-month performance to +12.44% and +48.05% respectively. Since June 2004, GDP has outperformed the S&P Managed Futures Net Value Index by +54.46%. The program is now managing $310m. (www.welton.com)

Trinad Capital `Micro-Cap Value Activist Fund` up 22.26% YTD Trinad Capital, LP who labels itself as `Micro-Cap Value Activist Fund`, returned 5.25% in May and is up 22.26% (est.) for the year. The fund was launched in March 2004 and is managed by Robert Ellin and Jay Wolf: (bgropper@trinadcapital.com)

MD Sass launches Waterfall Victoria Fund with $200m From Finalternatives.com: MD Sass has launched the Waterfall Victoria Fund, a hedge fund investing in less-liquid asset-backed securities. The firm has commitments from its existing institutional investors of $200 million for the new offering.

The $12 billion firm currently manages the two-year old Waterfall Eden Fund, which specializes in high-yield and distressed ABS. Late last year, MD Sass decided to create a less-liquid version of Waterfall Eden in order to take advantage of a potentially large supply ......................

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