Global credit funds & CLO's
January 2020
| Issue 219 Published in London & New York.
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January 2020
|
Issue 219 Data funds
Fund performance.
Long-short funds rule in October as CLO funds struggle
Many credit hedge funds suffered a rocky start to Q4 as just over half (52%) present in the
Creditflux
hedge fund database made negative returns in October. This trend was most noticeable in the CLO fund category where only one fund made positive returns - Lupus alpha CLO Opportunity Notes II with 0.74%. The credit multi-strategy and US high yield categories also suffered as 35% and 18% of funds returned positive figures, respectively. Corporate long-short funds performed admirably as half of the top 10 funds in October belonged to this category. Orchard, Selwood and Tikehau all managed to grab spots in the top 10, which is led by two Cheyne funds. October also saw Chenavari European Deleveraging Opportunities Fund II and Mahogany Credit Fund from the structured finance category pull their YTD figures up to 7.66% and 8.22%, respectively.
Leading fund
Duncan Sankey, head of credit research told us: “The strategy captures the persistent excess risk premium in credit spreads versus realised defaults, without taking interest rate risk. It was well positioned to capitalise on spread tightening and relative spread decompression between investment grade and high yield over the past year.”
He also noted that “historically steep credit curves continue to furnish strong returns from roll-down while dampening sensitivity to market spread movements over time.”
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Top performers in October 2019 (%)
Cheyne Total Return Credit Fund December 2024
Creditflux index returns October (%)
Cheyne Total Return Credit Fund Dec 2024 vs corporate long-short cumulative returns (%)
*Data since fund inception (May-19)
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hedge fund listing
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**Estimates
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