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Data Funds
Fund performance
Emerging markets funds deliver hottest summer performance
August returns were largely positive for credit hedge funds, as 88% of those listed in the Creditflux database reached into the black.
CLO funds were slightly subdued during the summer, as despite most of them making positive returns, Prospect’s Priority Income Fund was the only fund to join the top 10, reaching 1.90%.
Instead, the summer sun shone on emerging markets in Q3. Funds from Marathon, Galloway and Mashreq all made it into the top 10. According to its monthly fact sheet, Galloway invests in global emerging market corporate and sovereign high yield bonds. The firm particularly favours bonds in Latin America, which make up over 60% of its investment allocation.
Helped by a strong August performance of 3.71%, Spire’s Credit Strategies Sub-Fund has climbed to the top position for 2024 at 22.18%.
Creditflux index returns August (%)
Leading fund
Athena Fund
London-based Prytania Investment Advisors took home the top performer prize in August. Its Athena Fund made 3.90%. This has helped boost the fund’s performance to 4.74% year-to-date after challenging market conditions early in Q2.
Michael Husemann, portfolio manager at Prytania, said: “The fund enjoyed a wide spread increase in the mark to market of many of the bonds, together with significant principal and interest receipts.
“CLO equity, European NPLs, European CMBS and European SME bonds were the largest contributors to the gain. We continue to see further upside in a range of opportunities that the fund is targeting.”
This performance follows Prytania’s Plutus CLO fund recently topping the Creditflux rankings. The fund returned 2.78% in June.
Top credit funds in August (%)
Athena Fund vs structured finance cumulative returns (%)
*Data since fund inception (May 2008)
**Estimates
See hedge fund listing notes
