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Data Funds
Fund performance
CLO funds maintain strong start to 2024 to stay top year to date
The first quarter of 2024 has been a memorable one for CLO funds, as the category continues its dominant spell, claiming 7 of the top 10 spots in March. Year to date CLO funds also lead, with a 5.62% return through Q1 in the Creditflux index.
CIFC’s CLO opportunity funds performed strongly, claiming second, third and fourth spots in the top 10. The investment strategy of this series focuses on CLO debt, equity and warehouses, backed primarily by senior secured loans.
The good start to the year continued, with 95% of funds making positive returns in March, and 97% of funds making a positive year-to-date return.
Spire remains at the top of the YTD table with 11.44%, despite a -1.85% setback in March.
Lupus Alpha retains the lead for the last 12-months return, sitting at 41.60%.
Creditflux index returns March (%)
Leading fund
III Credit Opportunities Fund
Florida-based III Capital Management tops this month’s credit fund tables, returning 3.86%** in March. The fund primarily invests in debt tranches of CLOs, and has reached 10.64% YTD, the second highest figure for 2024 so far.
III Capital Management (“triple-eye”) is a multi-strategy, multi-asset class, alternative investment advisor with over USD 5bn under management.
The firm aims to focus on finding opportunities that exhibit asymmetric risk/reward. It says the ability to identify major structural mispricings is one of its core competencies.
Both III Credit Opportunities and Select Credit Fund were launched in the late 2000s, and both highlight the firm’s chosen niche of investing in structures with long time horizons.
These funds have made annualised returns since inception of 9.79% and 4.67%, respectively.
Top credit funds in March (%)
III Credit Opportunities Fund vs CLOs cumulative returns (%)
*Data since fund inception (April 2010)
**Estimates
See hedge fund listing notes
