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Data Funds
Fund performance
CLO funds dominate in early summer with clean sweep of top 10
CLO funds were the star performers in July, accounting for the 11 top performers in Creditflux’s rankings. That helped the category deliver an average return of 1.53%, improving slightly from the 1.31% recorded in June. Completing the podium were credit funds of funds (1.17%) and European high yield (1.13%), which put in a much-improved showing compared to their laggard performance the previous month.
CLO funds came out as the top category for the second time this year, repeating their strong result from May.
Overall, July proved another solid month across the board, with the overwhelming majority of funds recording positive returns. Corporate distressed struggled somewhat, due in significant part to a -1.45% return for Pictet Alt’s Distressed & Special Situations Fund — its first negative monthly performance since July last year.
Creditflux index returns July (%)
Leading fund
Oxford Gate Master Fund
Oxford Gate Master Fund emerged as the top-ranked fund in Creditflux’s index for the second time in three months, cementing a strong run since May. It returned 4.21% in July, meaning that its total return from May to July added up to 12.23%. That has helped turn around its start to the year, which saw the fund decline 12.39% over the four months to the end of April.
The fund invests primarily in US CLO equity tranches, US CLO junior debt tranches, and US CLO warehouse equity investments.
Overall, the fund’s year-to-date performance sits at -0.83%. It has returned 6.21% over the past 12 months and has an annualised return since its inception in November 2018 of 10.88%.
On average, CLO funds in Creditflux’s index have returned 3.33% so far this year, and 9.58% over the past 12 months.
Top credit funds in July (%)
Oxford Gate Master Fund vs CLOs cumulative returns (%)
*Estimate
See hedge fund listing notes
