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April 2022 | Issue 244

Fund performance

Credit slumps widely as CLOs lag furthest behind
February’s market turn brought a variety of fund categories into the Creditflux top ten as six different categories were represented -- US high yield standing tallest among them.
Creditflux index returns February (%)
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Ayaltis’s Narrapuno SPC took third place with 1.87%, pushing its 2022 returns to 2.61%. It was followed closely by EJF Debt Opportunities Fund at 1.71% which helped the structured finance fund recover from its 4.56% drop in January performance to push YTD figures to -2.93%.
After a bumper month in January, CLO funds were left out of the top order. Priority Income Fund came closest in 12th place with 0.64%, while a flat month means Flat Rock Opportunity Fund remains the top performer in 2022 with 3.74%.
A tough month led to 83% of funds making negative returns, which is markedly down from the 56% of funds that made positive returns in January. Only 5% of funds made over 1% in February.
Leading fund
Areca Value Discovery Fund
Zürich-based Ayaltis, a fund of fund operator, took the top spot in February as its Areca Value Discovery Fund made 2.66%. This pushed the fund to the second-highest position in 2022 with 3.53%.
Andrea Luzzi, CEO at Ayaltis, says: “Our global macro managers were positioned to take advantage of the over-extension of ultra-loose monetary conditions as the war exacerbated the already fragile status of western economies.”
“Having solid market-neutral performing allocations has helped us deliver some of the best performance results in the industry. The structure of the fund’s portfolio is designed not only to withstand the threats that inflation may bring to all traditional asset classes, but to benefit through the diversification of our risk drivers and our focus on short-term tactical trading.”
Top credit funds in February (%)
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Areca Value Discovery Fund vs credit funds of funds total returns (%)
*Data since fund inception (December-08)
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Global credit funds & CLO's
April 2022 | Issue 244
Published in London & New York.
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