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June 2023 | Issue 255

Fund performance

CLO funds lead the way as credit funds turn positive in April
Credit funds sprang forward in April after a lousy March, with 85% making a positive return last month. CLO funds bounded back particularly strongly, with six landing in the top 10 for April.
Creditflux index returns April (%)
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European-based CLO fund managers Alegra, Accunia and Fair Oaks performed well, each closing in on 3% for the month. Not only did Credit Suisse Asset Management claim the Manager of the Year Award at the annual Creditflux awards this month, its Sumus Credit Opportunities Fund landed in the top 10 with a 2.79% return.
Looking at the YTD figures, it was another solid month for both Axiom and Crystal Fund, and the two remain at the top of the YTD leaderboard, reaching 15.71% and 14.34%, respectively.
Prytania also continued its strong performance. Athena Fund — our top-performing fund in March — reached 3.09%, pushing its 2023 figure to 12.68%.
Leading fund
Prytania’s Plutus CLO Fund
Prytania has taken the top spot in our fund rankings in back-to-back months.
March saw Athena Fund top the charts, and now Plutus CLO Fund has taken the lead. The CLO fund hit 3.87% in April, bringing its YTD return to 9.50% and placing the fund 10th so far in 2023.
John Kouretas, a portfolio manager at Prytania, said: “Limited primary supply of CLOs and an easing of the fears about the banking system helped to tighten spreads, while the coupons on bonds in the portfolio continue to reset higher to reflect the impact of ongoing central bank tightening.
“These positive fundamental and technical factors are expected to support the returns in the Plutus Fund in the near term, and we still project a return to maturity in the low teens.”
Top credit funds April (%)
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Plutus CLO Fund vs CLOs cumulative returns (%)
*Data since fund inception (Sep-2020)
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Global credit funds & CLO's
June 2023 | Issue 255
Published in London & New York.
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