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Global credit funds & CLO's
October 2022 | Issue 249
Published in London & New York.
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October 2022 | Issue 249
Data
funds
Fund performance
Fund performance
August provides much-needed relief for CLO funds
August figures showed improvements for credit funds, especially CLO funds, after a tough June saw each Creditflux index in the red. July showed tentative signs of recovery as Cheyne, Capital Four and Wasserstein led the way, topping the table with 9.40%, 8.90% and 7.58%, respectively.
Creditflux index returns August (%)
In August 80% of funds were in the black, with 10 funds pushing above 5% and three funds even managing to hit double-figure returns for the month. CLO funds dominated the top 10 performance table, with Wasserstein and Cartesia representing non-CLO funds from the US high yield and credit multi-strategy categories, respectively.
Lupus Alpha and Crystal Funds each saw two funds placed in the top 10, with Crystal’s BK Opportunities Fund IV hitting 14.04% year-to-date. Outside the top 10, Ayaltis’ Areca Value Discovery Fund returned 3.94%, which helped solidify its 12.72% year-to-date performance.
Leading fund
Plutus CLO Fund
London-headquartered Prytania Asset Management took first place in August as Plutus CLO Fund reached 15.42%. This helped pull its year-to-date figure back to -20.29% after a tough period for CLO funds which saw the Creditflux CLO index down 8.99% over the previous three months.
Mark Hale, CEO and CIO at Prytania, says: “The fund focuses mainly on BSL CLO triple As and double As, with 3% in middle-market and SME investments. August performance was helped by the significant increase in the price of both US and European assets as the rally which began in the second half of July continued in the first three weeks of August.”
“Our defensive stance has been maintained throughout August as we felt the background to CLO markets would remain challenging and that supply pressures would resume in September.”
Top credit funds in August (%)
Plutus CLO Fund vs CLOs cumulative returns (%)
*Data since fund inception (September-2020)
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