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Suzanne Elizabeth Murphy From Komfie Manalo, Opalesque Asia:

The Claren Road Credit Master Fund, Ltd., which is managed by the $4.5bn New York-based long-short hedge fund focused on liquid credit assets Claren Road Asset Management, returned +0.69 % in June, increasing the year to date returns to 5.10%, at a time when most hedge fund strategies were showing losses.

The average hedge fund lost almost 2% in June as most hedge fund indices reported negative returns. The HFRX Global Hedge Fund Index fell -1.59% during the month (-2.12% YTD), while the RBC Hedge 250 Index was -1.24% (+0.57% YTD) and the Dow Jones Credit Suisse Hedge Fund Index also posted a decline of -1.36% in June. Other hedge fund indices did not fare well last month either.

Claren Road Credit has been turning in solid performance the past 9 months since October 2009. The fund was all positive this year with +1.92%, +0.82%, +0.11%, +0.51%, and +0.96% from January to May respectively.

In its report to investors, Claren Road said that the funds long positions in tobacco municipals and sovereigns, and short positions in banks and mortgage insurers all turned in positive last month and that contribut......................

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