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Global credit funds & CLO's
August 2022 | Issue 248
Published in London & New York.
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August 2022 | Issue 248
Data
funds
Fund performance
Fund performance
Select funds shine in dreary June for credit hedge funds
Credit funds suffered through June, as only 8% of listed funds reached the black. This made June the fourth month in a row in which negative returns increased. The positive 8% of funds all made it into our top 10, as 6 different categories make up the top of the table.
Creditflux index returns June (%)
In the most represented category, corporate long-short, three funds pushed above 0%. Millstreet, Redhedge and III made 1.26%, 0.66% and 0.22% respectively. This helped lift the long-short index to the middle of the pack at -4.08%.
Fair Oaks and CIS both performed well despite CLO funds struggling in June. Wollemi Investments made 0.63% and CLO Alpha Compartment Taunus just reached 0%, retaining its spot at the top of the 2022 leaderboard with 30.8% year-to-date. LCC Latam Consumer Credit also retained its top 10 spot from last month as it made 1.07%. The fund has not registered a negative return in the last 12-months.
Leading fund
Serenitas Credit Gamma Fund
Boston-headquartered LMCG Investments took the top spot in June as Serenitas Credit Gamma Fund hit an estimated 1.44%. This pushed the YTD figure up to 4.98%, making it fourth on our leaderboard.
Christopher Premock, managing director at LMCG, says: “One of the primary reasons we perform well in challenging markets is the team’s expertise in derivatives dating back to 2006. Very few, if any, credit hedge funds are using derivatives the way our team does, in combination with its unique skillset in exploiting relative value opportunities in mortgage and corporate credit. The net result is a market-neutral like approach that generates an uncorrelated return pattern.”
The fund follows a strategy focused on mortgage, corporate and synthetic credit, with a low exposure to interest rates and credit spreads.
Top credit funds in June (%)
Serenitas Credit Gamma Fund vs structured finance total returns(%)
*Data since fund inception (January-2013)
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