The second quarter is proving to be much more congenial than the first for Avenue Capital Partners.

The $16.5 billion New York hedge fund manager reported its second-straight strong month, telling investors that its funds posted gains in May.

The firm’s $1.5 billion Avenue International fund was up 1.5% in May, almost matching April’s 1.58% return, though it remains in the red year-to-date. Avenue’s $1 billion Europe International Fund and $574 million Avenue Investments fund also posted gains after adding 1.28% and 1.29%, respectively, in April.

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Avenue Capital Funds Rise In April [0]