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Data Funds
Fund performance
Structured finance leads but all indices stay positive as 2025 begins
The year kicked off with CLO funds slipping to second place in our index ranking after a strong December. But seven of the top 10 funds for January belonged to this category.
In second place for the month, Axiom’s Credit Opportunity fund returned 3.94%, closely behind Cartesia’s top performer. Structured finance funds from Prytania and Tabula both made the top 10, reaching 2.82% and 2.50%, respectively.
Overall for 2024, Alegra was the best performer. Alegra CLO Opportunities Fund and Alegra ABS 2 reached 33.64% and 26.95%, respectively. And both funds have stayed strong into 2025, as both made our January top 10.
Creditflux index returns January (%)
Leading fund
Descartes Fund – CLOEE 2019
Parisian independent management firm Cartesia took home the first top spot of 2025, as its CLO fund Descartes Fund — CLOEE 2019 reached 4.02% in January. This brought the fund’s annualised return since inception to 10.81%. It was launched in April 2019.
Pierre Mirat, managing partner at Cartesia, said: “Secondary equity tranches continued to be well supported. In a context of very light inventories shown by dealers, there are, furthermore, barely any sellers in the market.
“The CLOEE 2019 Fund has delivered in January a very solid performance thanks to elevated cashflows distributed and an aggressive bid from many types of investors looking to increase their exposure to CLO equity tranches at all costs.”
Mirat added that the firm remains positive on CLO equity tranches, which continue to offer a rare combination of significant carry and contained risk profile in a stable-to-low default-rate environment.
Top credit funds in January (%)
Descartes Fund — CLOEE 2019 vs CLOs cumulative returns (%)
*Data since fund inception (April 2019)
**Estimates
See hedge fund listing notes
