Icahn Doubles Down On Distressed Debt

May 13 2009 | 10:02am ET

Carl Icahn is bullish on distressed debt, and his hedge fund is snapping bonds, he told investors earlier this month.

The famed corporate raider sees a “once in a generation” opportunity in distressed debt, he wrote in a May 1 letter obtained by the New York Post. And he’s seeking to make the most of it, with some 42% of Icahn Partners’ portfolio now in bonds, compared to just 9% in stocks.

“Credit investments are becoming a larger percentage of the portfolio and we expect these investments to be a larger driver of returns this year than in years past,” he wrote.

Icahn didn’t name many names in the letter, but the veteran activist promised he would be “active in the names we have purchased.”

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