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Data Funds
Fund performance
CLO funds cap off strong 2024 with yet another good month
CLO funds finished 2024 on a high note. Seven of the top 10 spots in our listing were taken by funds in the category.
Credit funds overall ended the year positively, with 83% of them sitting in the black in December. Over half the funds listed in the Creditflux tables made double-digit returns in 2024.
CLO funds continued their strong showing into the final month of the year, as the December index for CLOs reached 1.09%. Alegra and Lupus Alpha both brought two CLO funds to the top 10, with their best performing funds reaching 32.13% and 28.11%, respectively.
Multi-strategy credit funds from Owl Creek and UBS, as well as Serone’s corporate distressed fund, also did well in December. They returned 2.09%, 1.62% and 1.49%, respectively.
Creditflux index returns December (%)
Leading fund
Alegra CLO Opportunities Fund
Liechtenstein and Switzerland-based manager Alegra Capital took the top spot in December, as Alegra CLO Opportunities Fund hit 3.52% for the month. This final push helped propel the fund into the top spot for 2024 overall, beating its other CLO fund, Alegra ABS 2.
When asked about the strong performance in 2024, partner and portfolio manager at Alegra, Tarun Buxani, said: ‘‘In the CLO Opportunities Fund, we were able to reset a couple of equity holdings that resulted in par flushes and mark-to-market gains.
“We also purchased late 2026 RP deals in the secondary market earlier in the year that had some chance of refinancing their mezzanine notes — one of which did so over the summer.
“In December, we experienced a valuation uplift in a recently reset equity position thanks to some activity in the secondary market.”
Top credit funds in December (%)
Alegra CLO Opps Fund vs CLOs cumulative returns (%)
*Data since fund inception (December 2020)
**Estimates
See hedge fund listing notes
