Assortment of funds step up

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April 2021 | Issue 233

Data

funds

Fund performance

Assortment of funds step up

Seven categories are represented in this month’s top 10, making it the most diverse since February 2020.

Creditflux index returns February (%)

All four Sandalwood credit funds of funds made it into the list, ranging from Bodleian Partners B at 3.13% to Sandalwood Special Credit Opportunities Fund with 3.56%. Wedged between the Sandalwood funds is Serone European Special Situations Fund, which has pushed 12-month returns up to 40.88% making it the second highest returning fund in the last 12-months. It is second only to Wasserstein Debt Opportunities Fund which sits in the top spot for both year-to-date (26.75%) and 12 month returns (49.48%).

Millstreet Credit Fund is second with 5.19% gains for February. According to the fund’s factsheet, the performance “was driven by some catalysts within our distressed portfolio with minimal drag from our short book”.

Lupus Alpha CLO Opportunity Notes II take the third spot in February with 5.10%, driving it to second place in 2021 with 17.49% year-to-date.

Leading fund

EJF Debt Opportunities Fund

Headquartered just outside of Washington DC, EJF Debt Opportunities Fund takes first place in Creditflux’s listings for February as it made a monthly return of 6.02%. This performance has helped the fund take fourth place in year-to-date performance for 2021 with 8.76% and its annualised return since inception is now 11.41%.

The fund deploys capital in niche markets impacted by dramatic structural changes and seeks to exploit inefficiencies and dislocations.

According to the February factsheet, “the fund’s monoline portfolio performed well as it saw an uptick in the pricing for the MBIA Insurance Corp’s senior surplus notes largely due to the favourable ruling for MBIA in its representation and warranty litigation against Credit Suisse that was announced during the month”.

Top credit funds in February (%)