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Data Funds
Fund performance
Corporate distressed rises again but outliers drag down CLOs
Opportunities in corporate distressed yielded another positive month for that section of the fund market in October. Pictet Alt’s Distressed & Special Situations fund grew over 3% for the second month running, helping the segment to an average return of 2.27%. Emerging markets and structured finance also enjoyed solid performance, seeing 0.90% and 0.67% growth, respectively.
By contrast, CLO funds struggled. Their average return of -0.26% was impacted by some notably weak performances from a handful of products. In particular, Lupus Alpha’s CLO funds had a difficult month, with CLO Opportunity Notes I delivering -8.38% and CLO Opportunity Notes II losing 13.38%. Both funds dipped into negative territory for the year-to-date.
The top 10 funds came from various sectors of the market, including structured finance, corporate distressed, UCITS credit and emerging markets.
Creditflux index returns October (%)
Leading fund
Hildene Opportunities Fund
The 3.23% return attained by Hildene’s Opportunities Fund in October ensured it both headed the list of monthly fund performance, and powered to the top of Creditflux’s 12-month fund performance rankings.
The fund delivered its best monthly performance in almost five years, matching the figure it attained in November 2020. This year has proved a strong one: its cumulative year-to-date returns to the end of October sit at 16.19% — the best of any fund in Creditflux’s index, and on track for its best year since 2017.
Hildene Opportunities Fund’s 12-month cumulative return was 19.74%. That puts it 1.75% ahead of the second-placed fund in Creditflux’s index over that period, Advent Global Partners UCITS Fund, which was the top-performing fund in September.
Hildene Capital Management was founded by Brett Jefferson in 2008. It launched its Opportunities Fund that same year. The firm currently has around USD 18bn in AUM.
Top credit funds October (%)
Hildene Opportunities Fund vs structured finance cumulative returns (%)
*Estimate
See hedge fund listing notes
