Dear Canyon Crew

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According to the investor letter, dated August 14, 2009, Canyon Value Realization Fund, L.P. returned +18.78% for the second quarter of 2009. This brings year-to-date returns through June 30, 2009, to +24.87%.
Also enclosed are plans for the future. The Fund's "strategy," basically. The short version is: suck less than '08, Canyon's worst year ever. The long version can be found in the letter.
Worst Year Ever For Canyon Hedge Funds [FINalternatives]

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