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Data Funds
Fund performance
CLOs take over top 10 as all in category perform positively in October
Entering the final three months of the year, CLO funds took a clean sweep of the top 10 spots in the Creditflux tables. October was strong overall, as over 85% of funds listed made positive returns.
Following on from last month’s success, where the CLOs category index reached 1.30%, in October it hit 1.74%, without a single CLO fund performing negatively.
As we reach the end of the year, competition for the top performing fund of 2024 is still fierce, with only a 5% difference between first and ninth place. Alegra currently leads with two funds, Alegra CLO Opportunities Fund and Alegra ABS 2, on 25.53% and 25.25% respectively.
Spire follows closely behind at 23.92% after a strong year for its multi-strategy credit fund, Spire Partners Credit Strategies Sub-Fund.
Creditflux index returns October (%)
Leading fund
Sound Point Harbor Fund
New York-headquartered Sound Point took the top spot in October, as Sound Point Harbor Fund reached 4.56% for the month. This brings the fund’s year-to-date performance to 15.08%.
Launched in July 2019, the fund has since reached an annualised return of 13.34%. It invests predominantly in third-party CLO equity and mezzanine tranches in both the new issue and secondary markets.
According to Creditflux’s 3Q24 rankings, Sound Point is in the top 10 of the largest CLO managers globally, with a total AUM just over USD 33bn. It most recently refinanced a 2019-vintage US BSL deal, Sound Point CLO XXII. This priced with triple A notes at SOFR plus 103bps, one of the tightest refis so far in 2024.
Top credit funds in October (%)
Sound Point Harbor Fund vs CLOs cumulative returns (%)
*Data since fund inception (July 2019)
**Estimates
See hedge fund listing notes
