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Data Funds
Fund performance
Emerging markets index takes top spot in solid month for credit overall
September was another positive month for credit funds. In almost every category our indices were positive, and four strategies showed solid average returns of 1% or more. Emerging markets was the leading sector for a second month, adding 1.45%. The month also welcomed CLO funds back into the top three strategies after more modest returns over the summer.
Funds from the CLO category dominated our top 10 list for September, winning nine of the 10 spots. CIFC had a particularly good month for its CLO funds, taking three of the top spots. Vibrant and Fair Oaks complete the round-up of medal winners this month, with a very honourable mention reserved for Alegra CLO Opportunities Fund. It took fifth place in September, but YTD delivered an impressive 21.55% for investors, just behind Spire Partners Credit Strategies Sub-Fund on 23.06% YTD and Alegra ABS 2 on 22.16%.
Creditflux index returns September (%)
Leading fund
CIFC CLO Opportunity Fund III
New York-based CIFC Asset Management had the top performing fund in September in our listings. The firm’s CLO Opportunity Fund III returned 4.16% during the month, bringing its year-to-date performance up to 13.62%.
The CLO fund has also made three quarterly distributions during the year, totalling 15.1%, according to sources.
Jay Huang, CIFC’s structured credit portfolio manager, noted: “The fund’s strong performance was a result of the improvement in the mark-to-market prices of the CLO equity positions leading up to October’s payment date, which drives strong investor distribution.
“We continue to see significant potential upside across the firm’s structured product strategies. Pressure on bank loan issuers has eased following the Fed’s 50bps rate cut and many loan issuers have repriced their debt tighter during 2024.”
Top credit funds in September (%)
CIFC CLO Opp. Fund III vs CLO funds cumulative returns (%)
*Data since fund inception (February 2019)
**Estimates
See hedge fund listing notes
