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From Kirsten Bischoff, Opalesque New York:

According to BarclayHedge Database, $275m New York-based firm Phoenix Investment Adviser, manager of the JLP Credit Opportunity Fund has returned +7.71% through February in 2011, following the impressive returns the firm delivered in 2010 (+36.33%) and 2009 (+158.95%).

“People are starting to say – in the bond world, there is not a lot of upside potential because interest rates are so low, spreads are relatively tight, and there is just not that much opportunity in the bond world. Small, niche funds that can add a lot of value are going to have their day in the sun now,” Founder, CEO and Portfolio Manager Jeff Peskind told Opalesque.

Although Peskind would not comment on the Fund’s returns he did talk to us a bit about the firm and its core strategy, which is value investing in deeply discounted high yield corporate bonds, focusing on stressed companies that the team believes will avoid bankruptcy.

Peskind’s financial background includes stints at Bank of America (Head distressed trader and co-manager of distressed trading business) and White Ridge Investment Advisors (prop manager of $500m of distressed assets). He founded Phoenix Investment Adviser in 2003 and initially ran the strategy with $1m in assets before being seeded in 2005. The firm then grew to $300m before dropping down to $100m in the wake of the financial crisis.

In 2008, Barcla......................

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