Though Alden Global Capital generated blockbuster returns in 2009, the firm has struggled to repeat those gains this year. The Alden Global Distressed Opportunities Fund is up only 2.9% through July, a far cry from its 186.9% return for 2009. Alden was launched in 2008 by distressed-debt market expert Randall Smith, who helped train some of the industry’s most notable names, including Avenue Capital Group chairman Marc Lasry. Alden manages about $3 billion, of which roughly one-third is Smith’s own money. The firm attributed its losses in May and June to an across-the-board sell-off in the market during those months, following the so-called flash crash that took place in the first week of May. Alden noted it has made changes to its portfolio.
Britt Erica Tunick
