Durham, N.C.-based Tiden Capital has launched a hedge fund to focus on investing in relative-value corporate structured-credit opportunities.

The firm unveiled its Core Fund Limited in September to invest in single-name credit default swaps and in baskets and tranches of structured-credit portfolios, according to fund documents. The fund will hedge its bets via bonds, equities, interest rate swaps, Treasuries and options, including stock and credit default swaps.

In its first three months of trading, the $49.7 million fund lost 4.8%. Corporate fixed-income relative-value hedge funds in general had a rough go last year, dropping  more than 20% through November, according to industry figures.

Rex Goulding and John Burkert spun Tiden out of Silverback Asset Management in 2007. Prior to Silverback, Burkert was at JPMorgan Chase while Goulding was with Boston-based Eaton Vance Management and Franklin Templeton Investments. The firm managed $259.7 million as of the end of November.