Share this report:
Global credit funds & CLO's
April 2024 | Issue 263
Published in London & New York.
Copyright Creditflux. All rights reserved. Check our Privacy Policy and our Terms of Use.
April 2024 | Issue 263
Data
funds
Fund performance
Fund performance
CLO funds continue domination of top performers table
In February, CLO funds once again claimed the majority of top positions in our fund ranking — this time taking eight of the top 10 spots (see table below).
Creditflux index returns January (%)
Beneath Spire’s top performing multi-strategy fund (which includes CLO investments) are two CLO funds from each of Alegra, CIFC and Crystal. All funds in our top 10 were up more than 2.5% for the month.
The optimistic start to 2024 continues, with more than 90% of funds making positive returns for the second month in a row. Spire’s big start to the year has helped them reach 13.54% YTD over the first two months, whilst over 95% of funds have posted a positive start to the year.
Lupus Alpha sits at the top of the 12-month table, with 39.28% after a strong year and only a single negative return.
Leading fund
Spire Partners Credit Strategies Sub-Fund
London-based Spire Partners have had a great start to 2024, putting up a 13.54% return so far, pushed largely by a 7.92% performance in February.
The fund has a flexible mandate that enables it to invest through multiple strategies in the non-investment grade corporate credit market, across loans, bonds and structured credit.
Oliver Drummond Smith, portfolio manager at Spire, said: “The fund’s performance in February was driven by a combination of various positive catalysts across the portfolio of event-driven corporate loan and bond investments, alongside improvements in risk sentiment, and decreasing default rate expectations flowing through to both the floating rate loan and structured credit investments (including CLO equity and debt instruments).
“The CLO equity positions, in particular, have benefited from both increasing NAVs and strong quarterly distributions in the higher rate environment.”
Top credit funds in February (%)
Spire Partners Credit Strategies Sub-Fund vs CLO cumulative returns (%)
*Data since fund inception (April 2018)
For hedge fund listing notes see here
Share this article:
