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February 2022 | Issue 242

Fund performance

Wasserstein’s early 2021 performance drives it to the top
The final top 10 of 2021 featured a variety of funds as five different strategies were ranked among the best. US high yield was the most highly represented with two BlackRock funds and an Angel Oak in the top 10.
Creditflux index returns December (%)
Despite average returns of 0.07% for CLO funds in December, two still took top spots: Wollemi Investments and Alegra ABS 2 made 2.34% and 1.48% respectively. This pushed their 2021 returns to 26.96% and 18.65%.
Hellebore and Acer Tree represented multi-strategy funds as they made 2.64% and 1.57%, taking their YTD figures up to 0.99% and 17.27% respectively. Overall, 76% of funds made a positive return in December, while 18% gained above 1%.
US high yield fund Wasserstein Debt Opportunities topped the charts for 2021 with 53.28%. CLO funds then followed, as Lupus Alpha CLO Opportunity Notes II and BK Opportunities Fund VI made 36.30% and 28.55% respectively.
Leading fund
Marathon Global Emerging Markets Fund
New York-headquartered Marathon Asset Management led the way in December as its Global Emerging Markets Fund made 3.42%. This took the fund’s year to date return to 1.13% and annualised return since inception to 3.5%.
The fund employs value-based fundamental analysis and looks at the macroeconomic backdrop to evaluate and capitalise on attractive risk/reward opportunities.
The opportunistic fund focuses on global emerging markets across Latin America, eastern Europe, Asia, Africa and the middle east. It seeks attractive absolute returns through a combination of opportunistic trading and value-based investing strategies. Marathon was established in 2003 and has about $23 billion under management. Gabriel Szpigiel heads the emerging market business.
Top performers in December (%)
Marathon Global Emerging Markets Fund vs emerging markets cumulative returns (%)
*Data since fund inception (Jan-14)
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Global credit funds & CLO's
February 2022 | Issue 242
Published in London & New York.
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