Published in London & New York
10 Queen Street Place, London
1345 Avenue of the Americas, New York
Creditflux is an
company
© Creditflux Ltd 2024. All rights reserved. Available by subscription only.
Data Funds
Fund performance
Spire, Prytania and Serone funds enter top 10 dominated by CLOs
In May, funds from Spire, Prytania and Serone stepped into the top 10 arena that has recently been dominated by CLO funds. The three funds posted returns of 4.27%, 3.37% and 2.90%, respectively. This strong month has helped Spire push into second place in 2024 at 15.56%, a close race with top performer for May, Alegra.
In a solid month overall, 95% of funds in the Creditflux rankings made a positive return. CLO funds continued their strong performance with 19 of them in the top 30.
CIFC in particular had a confident month, with all three of its CLO funds pushing above 3.3% and claiming three of the top 10 spots, as well as claiming third in the 2024 rankings so far.
Creditflux index returns May (%)
Leading fund
Alegra ABS 2
Switzerland-based Alegra Capital sits at the head of the May credit fund tables, returning 4.82% in yet another strong month for CLO funds. This performance takes it to a 13.1% annualised return since inception as the fund turns 17 years old.
Tarun Buxani, partner, said: “Performance so far this year has been driven by capital appreciation on shorter junior mezzanine notes and strong cash-on-cash equity distributions. In May, this was enhanced by a CLO liquidation recovering more than its carrying value through the equity, and from an uplift in other positions that could benefit in a similar manner.
“Going forward, the fund’s prospects are supported by robust cashflows projected on equity exposure that remains fully invested, further optimisation of key equity positions including via possible refis or resets, and by continued scope for capital gains on larger CLO debt holdings.”
Top credit funds in May (%)
Alegra ABS 2 vs CLOs cumulative returns (%)
*Data since fund inception (June 2007)
**Estimates
See hedge fund listing notes
