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Data Funds
Fund performance
Emerging markets lead as CLOs and credit multi- strategy returns dip
June saw emerging markets funds take the top spot in Creditflux’s funds index, returning an average of 2.23%. The category was led by Marathon’s Emerging Markets Bond Fund, which posted a 2.76% return — its best since December 2023.
CLO funds, which topped the rankings in May with an average 2.23% return, fell to mid-table in June, with a 1.24% average. Several CLO funds saw returns fall substantially month-on-month, including CIFC CLO Opportunity Fund III, which dropped from 6.07% in May to an estimated 2.88%.
Credit multi-strategy declined from 1.71% in May to 0.90% in June, although it included the standout Hildene Opportunities Fund II, which posted a 5.23% return, 1.85% clear of the next best.
All categories were again positive, with the overwhelming majority of funds showing some gain. However, European high yield was a noticeable laggard. It showed an average 0.36% return.
Creditflux index returns June (%)
Leading fund
Hildene Opportunities Fund II
Opportunities Fund II was the standout performer in June, delivering its best monthly performance since January 2021, with a return of 5.23%.
The credit multi-strategy fund was well clear of its nearest rivals, Lupus Alpha’s CLO Opportunity Notes II and CIFC CLO Opportunity Fund III.
Launched in August 2011, Hildene Opportunities Fund II has delivered a cumulative return for the year-to-date of 8.25%. It is up 13.74% over the past 12 months. These figures are both well ahead of the credit multi-strategy category averages of 2.94% and 8.22%, respectively.
Founded in 2008, Connecticut-based Hildene Capital Management is an institutional asset manager focused on asset-based and credit opportunities.
Hildene Opportunities Fund II follows opportunistic allocations in structured credit via a bottom-up, price disciplined unlevered strategy. It focuses on niche asset-backed securities including CLOs, issued preference shares and other single name bank credits.
Top credit funds in June (%)
Hildene Opportunities Fund II vs credit multi-strategy cumulative returns (%)
*Estimate
See hedge fund listing notes
