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February 2024 | Issue 261
Data
funds
Fund performance
Fund performance
CLO funds dominate top 10, but long-short and Ucits funds find places too
CLO funds made sure to end the year their way: once again they claimed most of the top performance spots. Six of the 10 best-performing funds in December have a majority of their assets invested in CLOs.
Creditflux index returns December 2023 (%)
Despite that, our top-performing fund, managed by Finanz Konzept, was from the corporate long-short category (see right). Another strong long-short manager was Blueglen Investment Partners. Based in London, Blueglen had a strong end to the year as all three of its funds reached a greater than 25% YTD return. Its strategy relies on harvesting excess return from European credit markets, especially ABS, corporate and financials, and credit derivatives.
In an unusual twist, the second and third places for December were occupied by Ucits-compliant funds from Arena and Advent. Arena focuses on short duration high yield debt, loans and special purpose acquisition companies.
Leading fund
Triple Opportunity Fixed Income Fund
Zurich-based Finanz Konzept took the final top spot of 2023, as its Triple Opportunity Fixed Income Fund hit 8.02% in December. This drastic recovery from a poor year helped push its annual performance to -10.17%, and was the fund’s second largest NAV return since January 2012 when the fund hit 8.07%.
The fund’s rally helped the corporate long-short index move up to third place in both December and 2023 overall, reaching 2.62% and 12.45%, respectively.
Triple Opportunity Fixed Income Fund, which launched in 2011, has now raised its annualised return since inception into the black. This figure reached 0.47% after December’s performance, whereas a month prior it was sitting at –0.14%.
Top credit funds in December (%)
Triple Opportunity Fixed Income Fund vs corporate long-short cumulative returns (%)
*Data since fund inception (May 2011)
**Estimates
For hedge fund listing notes see here
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Global credit funds & CLO's
January 2024 | Issue 261
Published in London & New York.
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