Distressed strats continue to outperform – September performance review

As we move into the final quarter of 2016, the familiar performance themes seen throughout the year are continuing in the credit space.

Distressed-oriented strategies remained the standout performers across credit markets in September with six of the top 20 performing funds operating in the area.

Armory’s opportunistic distressed credit fund continues to top performance tables with returns now surpassing 50% through September, while JLP’s similarly diversified $777m fund sits third with 1.7% delivered for the month and plus-30% YTD.

However JLP’s vehicle did suffer a sharp decline in gains month-to-month from 7.2% in August to under 2% for September which has resulted in fund assets dropping by $50m.

Other distressed vehicles who continue to have strong performance for the year include Wexford Capital’s predominantly energy and MLP-focused strategy which posted gains in excess of 3% for September, Marble Ridge’s debut fund up to nearly $40m in AuM, while Phoenix Capital’s fund is now up almost 15% for the year.

However the best performing fund for the month of September was Sancus Capital’s long/short credit strategy which posted 3.4% for the month and is now up 41.8% for the year.

If you fund is not listed here, please contact c.matthews@hfmweek.com.

The Alt Credit Intelligence data pages are based on self-reported data provided to Morningstar and a number of other sources plus some self-reported returns provided to the HFM team. The liquid alternatives spread is based on data from Morningstar and LuxHedge. If you would like your fund to be listed in future editions please contact paul.mcmillan@hfmweek.com.

Click here for August review

Top Performers in September

Top Credit L/S FundSancus Capital Select Master Fund Ltd$34.1m3.4%
Top Convertible ARBWhitebox Relative Value Partners LP$354.1m3.3%
Top Fixed Income ARBWhitebox Credit Partners LP$268.1m3.9%
Top Distressed SecuritiesTrilogy Financial Ptnrs Intl Ltd$125m4.2%
Top FoHFMorrocroft Special Opportunity II LP$45m0.8%
Top Fixed Income MBSDwight Securities Fund A$56.4m4%
Top Fixed Income High YieldBCM High Yield Fund A EUR$7.9m5.2%
Top Alt Credit UcitsDWS Euro High Yield Bond Master ZAR$1.5bn4.3%
Top 40 Act FundCatalyst/Princeton Uncons Hedged Inc A$1m14.9%

Top 20 Overall YTD (July)

 Fund size ($m)Return (%)YTD Return (%)
Armory Credit Opportunity Fund LP45.00.553.5
Sancus Capital Select Master Fund Ltd34.13.441.8
JLP Credit Opportunity Fund LP777.01.732.3
SIDUS IV Credit Opportunity Fund LP35.02.329.4
Wexford Credit Opps LP Class A99.13.227.8
Pacificor RMBS Carve Out2.71.021.1
Cheyne Total Return Credit Dec 2019241.02.520.3
Marble Ridge LP39.81.118.9
Silverdale Fund SP-1AN/A0.917.5
Cheyne Total Return Credit Dec 2020318.01.517.0
JLP Institutional Credit Fund213.00.916.8
Whitebox Relative Value Partners LP354.13.315.9
Cedar Ridge Investors I LP29.52.315.4
IAM Structured Credit Strat Composite98.40.615.3
Asgard Fixed Income Fund I Ltd EUR599.11.115.0
NZC Guggenheim Fund Ltd265.51.314.8
Axonic Systematic Arbitrage Fund LP195.31.614.7
Phoenix Fund NV59.80.614.4
JLP Partners Fund LP23.70.713.4
Hellebore Credit Arbitrage198.90.713.0

Top 50 Credit L/S September

ProgramFund Size ($m)Sep 2016. Return (%)YTD Return (%)
Sancus Capital Select Master Fund Ltd34.13.441.8
Cheyne Total Return Credit Dec 2019241.02.520.3
SIDUS IV Credit Opportunity Fund LP35.02.329.4
Cedar Ridge Investors I LP29.52.315.4
Teak Hill Fund112.01.9-15.4
NZC Guggenheim Master Fund851.81.813.9
Napier Park European Credit Opp Fund520.11.68.8
Cheyne Total Return Credit Dec 2020318.01.517.0
CVC Global Credit Opportunities Fund344.01.55.5
PIMCO Tactical Opportunities Fund1045.01.47.5
BlueBay Event Driven Credit Fund144.91.31.5
Serone Key Opportunities Fund USD161.81.211.6
KLS Diversified Master Fund LP1742.01.25.4
AAG Aviation Fund108.71.22.4
III Select Credit Fund LP (B)217.01.28.5
III Relative Value Crdt Strat Ltd (3)154.01.15.9
One Oak Capital Mgt Alpha Opp Fund15.01.06.7
Rimrock Structured Product Fund307.61.03.8
JLP Institutional Credit Fund213.00.916.8
Silverdale Fund SP-1AN/A0.917.5
Kingdon Credit Master Fund LP339.00.96.8
Danske Invest Hedge FI Rel Value359.70.86.0
Rimrock High Income PLUS Ltd2404.40.81.2
Rimrock Low Volatility QP Master374.00.83.0
Candlewood Structured Credit Hrvst Ltd442.00.7-3.4
Fifth Street Opportunities Fund LP62.60.77.4
Northlight European Fundamental Credit227.00.63.4
BayCity Event Driven Opp Fund L.P.84.10.68.3
Cardinal Point Master Fund I LtdN/A0.56.5
PIMCO Glbl Credit Opportunity Strategy3465.00.44.1
Orchard SquarePartners Credit Fund Ltd194.20.41.8
CKC Credit Opportunity Fund166.00.32.7
Gabelli Intermediate Credit LPN/A0.38.0
Aesir Credit Master Fund Ltd Founder B60.90.23.5
Eiffel Credit Opportunities44.60.12.5
Rivoli Long Short Bond Fund18.60.14.2
Rhodium Captl Credit Master Fund Ltd8.00.08.3
LFIS VISION Credit Opportunities I USD252.50.00.6
Samuel Municipal Total Return Fund LP29.00.03.4
Coherence Capital Spectrum LP A105.00.06.8
Old Orchard Credit Master Fund LP196.0-0.310.2
P Gracie SMA240.2-0.43.0
GAM Global Rates (US) USD103.4-0.4-5.4
Serengeti Lycaon Fund279.5-0.45.5
SGAS Pearl Vega Limited23.9-0.45.5
Gracie Credit Opportunities LP57.5-0.42.2
Loomis Sayles Credit L/S Ltd652.2-0.62.1
Prologue Ltd Class A Shares Series SGD881.0-0.7-1.5
BlueBay Credit Alpha L/S Fund203.2-0.8-1.6
LNG Europa Credit Fund85.0-3.2-3.9

Top 50 Credit L/S YTD

ProgramFund Size ($m)Sep 2016. Return (%)YTD Return (%)
Sancus Capital Select Master Fund Ltd34.13.441.8
SIDUS IV Credit Opportunity Fund LP35.02.329.4
Cheyne Total Return Credit Dec 2019241.02.520.3
Silverdale Fund SP-1AN/A0.917.5
Cheyne Total Return Credit Dec 2020318.01.517.0
JLP Institutional Credit Fund213.00.916.8
Cedar Ridge Investors I LP29.52.315.4
NZC Guggenheim Fund Ltd265.51.314.8
Serone Key Opportunities Fund USD161.81.211.6
Old Orchard Credit Master Fund LP196.0-0.310.2
Napier Park European Credit Opp Fund520.11.68.8
III Select Credit Fund LP (B)217.01.28.5
BayCity Event Driven Opp Fund L.P.84.10.68.3
Rhodium Captl Credit Master Fund Ltd8.00.08.3
Gabelli Intermediate Credit LPN/A0.38.0
PIMCO Tactical Opportunities Fund1045.01.47.5
Fifth Street Opportunities Fund LP62.60.77.4
Coherence Capital Spectrum LP A105.00.06.8
Kingdon Credit Master Fund LP339.00.96.8
One Oak Capital Mgt Alpha Opp Fund15.01.06.7
Cardinal Point Master Fund I LtdN/A0.56.5
Danske Invest Hedge FI Rel Value359.70.86.0
III Relative Value Crdt Strat Ltd (3)154.01.15.9
Serengeti Lycaon Fund279.5-0.45.5
SGAS Pearl Vega Limited23.9-0.45.5
CVC Global Credit Opportunities Fund344.01.55.5
KLS Diversified Master Fund LP1742.01.25.4
Rivoli Long Short Bond Fund18.60.14.2
PIMCO Glbl Credit Opportunity Strategy3465.00.44.1
Rimrock Structured Product Fund307.61.03.8
Aesir Credit Master Fund Ltd Founder B60.90.23.5
Northlight European Fundamental Credit227.00.63.4
Samuel Municipal Total Return Fund LP29.00.03.4
P Gracie SMA240.2-0.43.0
Rimrock Low Volatility QP Master374.00.83.0
CKC Credit Opportunity Fund166.00.32.7
Eiffel Credit Opportunities44.60.12.5
AAG Aviation Fund108.71.22.4
Gracie Credit Opportunities LP57.5-0.42.2
Loomis Sayles Credit L/S LP32.8-0.62.2
Orchard SquarePartners Credit Fund Ltd194.20.41.8
BlueBay Event Driven Credit Fund144.91.31.5
Rimrock High Income PLUS Ltd2404.40.81.2
LFIS VISION Credit Opportunities I USD252.50.00.6
Prologue Ltd Class A Shares Series SGD881.0-0.7-1.5
BlueBay Credit Alpha L/S Fund203.2-0.8-1.6
Candlewood Structured Credit Hrvst Ltd442.00.7-3.4
LNG Europa Credit Fund85.0-3.2-3.9
GAM Global Rates (US) USD103.4-0.4-5.4
Teak Hill Fund112.01.9-15.4

Top 10 Convertible Arb September

ProgramFund Size ($m)Sep 2016. Return (%)YTD Return (%)
Whitebox Relative Value Partners LP354.13.315.9
Pine River Convert Master Fund Ltd177.21.210.9
Context Partners Fund LP69.41.09.3
Basso Investors Ltd466.70.94.8
Mohican VCA Fund LP17.40.77.1
Polygon Convertible Opport Fund - A459.30.79.3
Steelhead Pathfinder Fund613.00.67.1
Silverback Arb Ltd339.00.55.5
Advent Global Partners242.00.54.2
Polar Cap ALVA Gl Convert Ltd (A) USD65.20.32.4
Palisade Strat. Master (Cayman) Ltd152.30.26.3
GLG Gl Convertible A USD149.40.10.4
Castle Creek Arb LLC660.0-0.12.2

Top 10 Convertible Arb YTD

ProgramFund Size ($m)Sep 2016. Return (%)YTD Return (%)
Whitebox Relative Value Partners LP354.13.315.9
Pine River Convert Master Fund Ltd177.21.210.9
Context Partners Fund LP69.41.09.3
Polygon Convertible Opport Fund - A459.30.79.3
Mohican VCA Fund LP17.40.77.1
Steelhead Pathfinder Fund613.00.67.1
Palisade Strat. Master (Cayman) Ltd152.30.26.3
Silverback Arb Ltd339.00.55.5
Basso Investors Ltd466.70.94.8
Advent Global Partners242.00.54.2
Symphony Rhapsody Fund LP42.5-0.22.8
Polar Cap ALVA Gl Convert Ltd (A) USD65.20.32.4
Castle Creek Arb LLC660.0-0.12.2

Top 10 Fixed Income Arb September

ProgramFund Size ($m)Sep 2016. Return (%)YTD Return (%)
Whitebox Credit Partners LP268.13.97.1
Serenitas Credit Gamma Master Fund LP39.52.85.9
NGA Capital Ltd (A)113.62.41.2
Axonic Systematic Arbitrage Fund LP195.31.614.7
BayCity L/S Credit Offshore Ltd481.11.3-1.3
Asgard Fixed Income Fund I Ltd EUR599.11.115.0
Danske Invest Hedge FI Strategy1167.10.810.6
Hellebore Credit Arbitrage198.90.713.0
Lawrence Park Credit Strategies Fund282.10.56.9
Barnegat Fund Ltd (B)643.40.43.8
III Fund Ltd193.00.13.5

Top 10 Fixed Income Arb YTD

ProgramFund Size ($m)Sep 2016. Return (%)YTD Return (%)
Asgard Fixed Income Fund I Ltd EUR599.11.115.0
Axonic Systematic Arbitrage Fund LP195.31.614.7
Hellebore Credit Arbitrage198.90.713.0
Danske Invest Hedge FI Strategy1167.10.810.6
Whitebox Credit Partners LP268.13.97.1
Lawrence Park Credit Strategies Fund282.10.56.9
Serenitas Credit Gamma Master Fund LP39.52.85.9
Coast Value Fund I Ltd23.50.15.1
III Convex Strategies Fund Ltd104.0-0.13.9
Barnegat Fund Ltd (B)643.40.43.8
Sanctum Fixed Income Fund USD307.00.13.6
III Fund Ltd193.00.13.5

Top 10 Distressed Securities September

ProgramFund Size ($m)Sep 2016. Return (%)YTD Return (%)
Trilogy Financial Ptnrs Intl Ltd125.04.212.7
Candlewood Special Situations Fund LP127.43.3-1.3
Wexford Credit Opps LP Class A99.13.227.8
Marathon Special Opportunity Fund1216.02.96.1
PENN Distressed Fund LP6.52.410.2
X2 Opportunistic Debt Fund LLC5.52.06.5
Altum Credit Master Fund Ltd500.01.89.1
JLP Credit Opportunity Fund LP777.01.732.3
PSAM Rebound Fund Ltd36.01.68.7
Knighthead Master Fund2000.01.51.1
MKP Credit Fund Ltd1184.01.4-7.8
Marble Ridge LP39.81.118.9
Sound Point Beacon Fund LP381.61.16.5
Libero Development Fund A11.21.17.7

Top 10 Distressed Securities YTD

ProgramFund Size ($m)Sep 2016. Return (%)YTD Return (%)
Armory Credit Opportunity Fund LP45.00.553.5
JLP Credit Opportunity Fund LP777.01.732.3
Wexford Credit Opps LP Class A99.13.227.8
Marble Ridge LP39.81.118.9
Phoenix Fund NV59.80.614.4
JLP Partners Fund LP23.70.713.4
Trilogy Financial Ptnrs Intl Ltd125.04.212.7
Scoggin Worldwide Distressed Fund Ltd101.00.211.8
Polygon Distressed Opp Fund A113.50.311.4
PENN Distressed Fund LP6.52.410.2
Altum Credit Master Fund Ltd500.01.89.1
PSAM Rebound Fund Ltd36.01.68.7
Libero Development Fund A11.21.17.7

Top 40 40 Act Funds September

The Catalyst fund continues to hold the top spot on YTD rankings and is only bettered by Pimco’s upward performance in its bond fund.

The New York-headquartered firm, founded in 2006, still posted 1.3% through September and has poste returns in excess of 16% for the year.

The fund is 82% invested in corporate bonds with 12% also in cash or equivalents.

The strategy has an 83% exposure to the US, followed by Canada with 6%, Bermuda with 5% and Australia with 4%

NameFund size (m)Total Ret (Sep) %Total Ret YTD (%)
PIMCO Unconstrained Tax Managed Bd A121.41.43.1
Catalyst/Princeton Uncons Hedged Inc A0.81.316.4
Columbia Mortgage Opportunities A263.91.24.6
Altegris Fixed Income Long Short A50.21.1-2.9
Putnam Diversified Income A3,066.01.11.5
Putnam Mortgage Opportunities I10.21.02.1
GMO Debt Opportunities VI1,551.61.04.2
James Alpha Hedged High Income A14.71.06.8
Hartford Schroders Global Strategy Bd A68.10.91.1
Altrius Enhanced Income I29.30.99.6
PIMCO Unconstrained Bond A3,655.40.93.8
Putnam Absolute Return 300 A492.70.80.5
PIMCO Mortgage Opportunities A2,290.30.84.4
Shelton Tactical Credit A32.40.89.9
Counterpoint Tactical Income A200.60.814.7
Palmer Square Long/Short Credit A17.10.84.6
Semper MBS Total Return Institutional486.90.72.1
BTS Tactical Fixed Income A448.70.713.1
Navigator Tactical Fixed Income A447.30.715.4
PIMCO Credit Absolute Return A404.50.76.1
MFS Absolute Return A212.00.75.4
Guggenheim Macro Opportunities A3,320.60.67.6
Janus Global Unconstrained Bond A1,585.90.64.8
Janus Aspen Global Unconstnd Bd Instl6.60.64.4
Prudential Unconstrained Bond A27.20.68.8
Arbitrage Credit Opportunities C55.50.63.5
Anfield Universal Fixed Income A88.80.63.8
Arrow Alternative Solutions A191.30.68.6
1290 Unconstrained Bond Managers A69.30.53.2
PIMCO Floating Income A311.10.58.2
Legg Mason BW Alternative Credit IS379.50.54.8
JPMorgan Strategic Income Opps A12,179.50.57.6
DoubleLine Flexible Income I308.40.55.2
Franklin K2 Long Short Credit A70.00.56.3
Deutsche Fixed Income Opportunities Inst225.80.53.1
WST Asset Manager - US Bond Instl71.80.511.5
PIMCO Fixed Income SHares LD31.20.53.2
Calvert Unconstrained Bond A77.00.55.3
Neuberger Berman Long Short Credit A30.40.42.1
Redwood Managed Volatility I269.00.414.3
Eaton Vance Glbl Macro Abs Ret Advtg A1,751.00.45.5
Metropolitan West Unconstrained Bd I2,466.80.43.5
Transamerica Unconstrained Bond I217.80.46.2
Hatteras Long / Short Debt A27.80.4-4.8
Pioneer Dynamic Credit A265.80.39.9
Metropolitan West Strategic Income M140.30.32.9
Wells Fargo Strategic Income A25.60.35.1
PF Global Absolute Return P90.00.34.1
RBC BlueBay Absolute Return I152.30.3-1.5
BlackRock Strategic Income Opps Inv A27,824.10.32.2
Morgan Stanley Inst Strategic Income A9.80.32.0
Delaware Diversified Floating Rate A290.50.32.6
Ascendant Tactical Yield A28.10.32.2
Payden Absolute Return Bond Adviser74.40.33.5
Voya Strategic Income Opportunities A129.30.33.8
Brown Advisory Strategic Bond Adv40.50.34.2
American Beacon Flexible Bond A140.20.33.2
Wavelength Interest Rate Neutral17.80.38.1
Sentinel Unconstrained Bond A27.00.34.5
North Star Bond I14.60.37.3
Collins Long/Short Credit A42.20.35.6
Eaton Vance Glbl Macr Absolute Return A5,340.00.33.5
Virtus Strategic Income A30.50.37.9
Driehaus Select Credit91.30.22.1
Goldman Sachs Strategic Income A9,363.70.21.0
Touchstone Credit Opportunities A55.10.29.4
Manning & Napier Unconstrained Bond S891.90.24.5
Columbia Strategic Income A3,106.50.28.2
Sierra Strategic Income A518.80.27.4
Cedar Ridge Unconstrained Credit Instl75.10.26.3
Lazard Enhanced Opportunities Instl19.10.23.9
Anchor Tactical Credit Strategies Inv142.50.23.7
Scout Unconstrained Bond Instl1,513.60.26.2
Stone Harbor Strategic Income Instl39.20.210.1
Prudential Global Absolute Return Bond A25.90.24.1
FPA New Income5,048.60.22.2
JNL/Scout Unconstrained Bond A1,241.60.25.1
MainStay Unconstrained Bond A1,436.00.27.4
Eaton Vance Multi-Strat Absolute Ret A126.20.23.2
Prudential Absolute Return Bond A1,557.60.24.2
Hartford Unconstrained Bond A87.60.23.0
Invesco Unconstrained Bond A14.90.2-1.8
BlackRock Allocation Target Shrs Ser P134.20.1-5.7
Toews Unconstrained Income105.90.18.2
BlackRock Global Long/Short Credit Inv A4,120.00.11.9
Putnam Absolute Return 100 A179.40.11.5
Catalyst/Stone Beach Income Opp A4.10.11.9
Legg Mason BW Absolute Return Opp A1,459.60.03.6
JPMorgan Unconstrained Debt A2,949.30.05.1
Henderson Unconstrained Bond A26.6-0.13.1
Western Asset Total Return Uncons I1,119.5-0.14.0
Driehaus Active Income2,298.6-0.13.2
Dreyfus Opportunistic Fixed Income A195.5-0.1-0.8
Goldman Sachs Fxd Inc Mcr Strts A61.7-0.1-0.5
Iron Strategic Income Institutional143.3-0.14.9
Franklin Flexible Alpha Bond A10.9-0.11.2
Loomis Sayles Strategic Alpha A1,179.0-0.14.6
SMI Bond7.7-0.25.9
AB Credit Long/Short A21.2-0.23.5
Crow Point Alternative Income Investor6.7-0.22.6
Dreyfus Global Dynamic Bond A37.6-0.23.7
Spectrum Low Volatility Investor34.9-0.313.3
Bramshill Income Performance Instl75.3-0.3
Salient Tactical Muni & Credit Instl101.0-0.36.4
AB Unconstrained Bond A294.5-0.33.0
Nuveen Symphony Dynamic Credit A7.9-0.3-0.2
JHancock Global Cnsrv Abs Ret A107.8-0.40.6
CMG Tactical Bond I26.3-0.45.2
T. Rowe Price Global Unconstrain Bd Adv229.7-0.53.4
Ivy Targeted Return Bond A102.4-0.5
Robinson Tax Advantaged Income A139.1-0.56.6
Western Asset Macro Opportunities A834.6-0.67.6
Navigator Duration Neutral Bond A79.4-0.6-1.5
Goldman Sachs Long Shrt Crdt Strats Inst213.0-0.64.4
Neuberger Berman Unconstrained Bd A54.5-0.60.3
Russell Unconstrained Total Return A247.8
Anchor Tactical Municipal Strats Instl102.1

Top 40 40 Act Funds YTD

This offering from veteran Philadelphia-based asset manager Clark Capital Management continues to outperform many in the space.

With almost $450m in AuM, the firm’s fixed income-focused vehicle, comprised of 65% bonds and 31% cash, delivered only 0.7% for the month of September but is up more than 15% for the year.

NameFund size (m)Total Ret (Sep) %Total Ret YTD (%)
Catalyst/Princeton Uncons Hedged Inc A0.81.316.4
Navigator Tactical Fixed Income A447.30.715.4
Counterpoint Tactical Income A200.60.814.7
Redwood Managed Volatility I269.00.414.3
Spectrum Low Volatility Investor34.9-0.313.3
BTS Tactical Fixed Income A448.70.713.1
WST Asset Manager - US Bond Instl71.80.511.5
Stone Harbor Strategic Income Instl39.20.210.1
Shelton Tactical Credit A32.40.89.9
Pioneer Dynamic Credit A265.80.39.9
Altrius Enhanced Income I29.30.99.6
Touchstone Credit Opportunities A55.10.29.4
Prudential Unconstrained Bond A27.20.68.8
Arrow Alternative Solutions A191.30.68.6
PIMCO Floating Income A311.10.58.2
Columbia Strategic Income A3,106.50.28.2
Toews Unconstrained Income105.90.18.2
Wavelength Interest Rate Neutral17.80.38.1
Virtus Strategic Income A30.50.37.9
Western Asset Macro Opportunities A834.6-0.67.6
JPMorgan Strategic Income Opps A12,179.50.57.6
Guggenheim Macro Opportunities A3,320.60.67.6
MainStay Unconstrained Bond A1,436.00.27.4
Sierra Strategic Income A518.80.27.4
North Star Bond I14.60.37.3
James Alpha Hedged High Income A14.71.06.8
Robinson Tax Advantaged Income A139.1-0.56.6
Salient Tactical Muni & Credit Instl101.0-0.36.4
Cedar Ridge Unconstrained Credit Instl75.10.26.3
Franklin K2 Long Short Credit A70.00.56.3
Scout Unconstrained Bond Instl1,513.60.26.2
Transamerica Unconstrained Bond I217.80.46.2
PIMCO Credit Absolute Return A404.50.76.1
SMI Bond7.7-0.25.9
Collins Long/Short Credit A42.20.35.6
Eaton Vance Glbl Macro Abs Ret Advtg A1,751.00.45.5
MFS Absolute Return A212.00.75.4
Calvert Unconstrained Bond A77.00.55.3
DoubleLine Flexible Income I308.40.55.2
CMG Tactical Bond I26.3-0.45.2

Top 10 FOHF September

ProgramFund Size ($m)Sep 2016. Return (%)YTD Return (%)
Morrocroft Special Opportunity II LP45.00.85.7
Corbin Opportunity Fund729.60.87.8
Stenham Credit Opportunities USD21.30.73.6
Lighthouse Credit Opp. LP (B)64.00.5-0.7
Sandalwood Debt Fund B LP200.00.52.9
Burkian Fund Strategy19.00.41.6
TAS Fixed Income Arbitrage H USD42.30.41.8
Narrapuno SPC - Convergence A USD31.00.12.3
EnTrustPermal FI Holdings NV USD A1717.9-0.80.6
Prestige Select Finance Ltd USDN/A-1.4-0.5

Top 10 FOHF YTD

ProgramFund Size ($m)Sep 2016. Return (%)YTD Return (%)
Corbin Opportunity Fund729.60.87.8
Morrocroft Special Opportunity II LP45.00.85.7
Stenham Credit Opportunities USD21.30.73.6
Sandalwood Debt Fund B LP200.00.52.9
Narrapuno SPC - Convergence A USD31.00.12.3
TAS Fixed Income Arbitrage H USD42.30.41.8
Burkian Fund Strategy19.00.41.6
EnTrustPermal FI Holdings NV USD A1717.9-0.80.6
Prestige Select Finance Ltd USDN/A-1.4-0.5
Lighthouse Credit Opp. LP (B)64.00.5-0.7

Top 40 Alt Credit UCITS September

The Ucits offering the German banking giant’s asset management arm is continuing its upward curve for the year and has delivered 4.3% gains through September.

The long-only vehicle, which has posted almost 7% returns in 2016, and sits tops of the Ucits monthly performance with its corporate bond-focused portfolio (76%). It also hold 9% in financial bonds and 4% in emerging market interests among other areas.

ProgramFund Size ($m)Sep 2016. Return (%)YTD Return (%)
DWS Euro High Yield Bond Master ZAR1515.34.36.8
GAM Star Alt. FI Inst'nl GBP Income125.63.17.9
Polar Cap Gl Convert Fund I GBP504.92.417.3
PTR Kosmos I GBP631.21.819.2
Man GLG ABS Fund Corp Acc122.91.23.6
Man GLG Cred-Eq Alternative IN H USD50.71.0-2.2
Alegra High Grade ABS Fund UCITS88.11.03.3
LFIS VISION UCITS Credit IS EUR36.61.00.5
Man GLG Corporate Bond Fund Prof Acc120.30.923.6
DB Platinum IV Sovereign Plus R1D104.90.84.7
Oyster Global High Yield I USD224.80.814.8
Convertible & Credit A USD113.90.82.0
Oyster Global Convertibles C USD HP702.50.70.6
GAM Star AR Bond GBP Instl Acc1079.10.62.6
New Capital WNBF USD/INR Hedge Inst1018.60.514.2
GAM Star AR Bond Def USD Instl Acc65.70.52.0
GAM Star (Lux) Convertible Alpha D USD15.90.43.2
RWC Asia Convertibles Fund B USD49.00.42.3
RWC Global Convertibles Fund B USD1516.50.40.6
Cheyne Convertibles Absolute Return53.90.40.4
Man GLG Gl Convertibles IM USD180.90.31.0
BGF FI Global Op A1 USD7847.70.2-0.8
BlackRock FI Strategies A2 EUR6643.90.2-1.1
RWC Core Plus Fund B EUR27.40.20.8
Deutsche Inv I Euro-Gov Bonds FC901.80.26.6
Deutsche Inv I Gov Liq USD LDH1.90.10.8
Cheyne Global Credit UCITS IV I1 EUR110.00.14.7
Oyster Flexible Credit R EUR PR68.00.12.8
DWS Covered Bond Fund FD190.80.14.4
Duemme Sicav - Gl Conv Plus I45.00.0-0.9
Lyxor / Chenavari Credit Fund I USD21.50.0-0.6
BlackRock Absolute Return Bond D910.10.00.6
Byron Fixed Income Alpha Sub-Fund16.90.0-0.5
Oyster Multi Asset Inf Shield R USD40.90.04.5
DWS Euro-Bonds (Long)82.10.03.7
DWS Euro-Bonds (Medium)239.10.05.3
Deutsche Inv I Euro Bonds (Prem) FC53.90.03.6
Deutsche Inv I Euro Bonds (Short) FC1318.8-0.11.3
DB Fixed Income Opp DPM USD163.6-0.15.0
Deutsche Inv I Short Dur Credit FC144.1-0.12.7
Renminbi Bond Fund UI USD25.7-0.110.1
DB Platinum MidOcean AR Credit R0C G60.5-0.12.0
BSF Global Absolute Return Bond A593.0-0.22.4
Duemme SICAV Euro Investments Plus150.6-0.24.3
db PrivatMandat Comfort Einkommen U778.8-0.20.2
Candriam L/S Credit C EUR1481.6-0.20.6
Deutsche Inv I Convertibles USD FCH161.0-0.2-1.9
Rubrics Global Credit UCITS USD A312.0-0.26.3
Pictet Abs Ret FI I USD1562.0-0.23.1
Rubrics International Bond A - USD2.0-0.25.2
RAM (Lux) Tactical Conv. Europe EUR I115.8-0.3-0.8
Deutsche Inv I Euro HY Corp USD FCH2.3-0.311.0
Rubrics Global FI UCITS (A-USD)305.0-0.34.5
Ignis Abs Return Government Bond USD364.8-0.30.6
Deutsche Inv I Euro Corp Bonds IC570.7-0.37.0
Oyster European FI C EUR270.9-0.36.7
RAM (Lux) Tactical Gl Bnd Tot Re E EUR122.5-0.34.5
Quaesta Capital Bond Gl Select Fund1.2-0.3-3.5
Altana Corporate Bond Fund UCITS29.3-0.42.9
Oyster USD Bonds C USD159.0-0.47.3
DWS Eurorenta698.7-0.56.7
PVE Credit Value Fund A34.7-0.5-2.9
Candriam Bonds Credit Op I-EUR1776.1-0.53.5
BSF Euro Credit Strategies H2 CHF354.3-0.6-11.5
Man GLG Strategic Bond Fund Prof Inc G469.3-0.65.0
Oyster European Corp Bonds C EUR366.8-0.63.3
Bethmann Vermoegensverwaltung Ertrag212.0-0.70.6
Schroder GAIA BSP Credit USD C35.8-0.7-1.2
DB Platinum IV Sovereign Optima I2D-E161.5-0.916.1
Breisgau-Rent79.5-1.00.8

Top 40 Alt Credit UCITS YTD

The investment giant remains the standout performer for 2016 in the credit Ucits space. Its $120m corporate bond fund has now produced 23.6% returns in 2016 and is up 0.9% through September.

The positive returns come at a time of significant internal changes at the $76bn investment giant. After Luke Ellis’s appointment as CEO led to a flurry of other senior changes and also the creation of the firm’s Global Private Markets units  which aims to take advantages of opportunities in the broader credit space.

ProgramFund Size ($m)Sep 2016. Return (%)YTD Return (%)
Man GLG Corporate Bond Fund Prof Acc120.30.923.6
PTR Kosmos I GBP631.21.819.2
DWS Euro High Yield Bond Master BRL1515.3-2.118.1
Polar Cap Gl Convert Fund I GBP504.92.417.3
DB Platinum IV Sovereign Optima I2D-E161.5-0.916.1
Oyster Global High Yield I USD224.80.814.8
New Capital WNBF USD/INR Hedge Inst1018.60.514.2
Renminbi Bond Fund UI GBP Inst25.7-0.311.6
Deutsche Inv I Euro HY Corp USD FCH2.3-0.311.0
GAM Star Alt. FI Inst'nl GBP Income125.63.17.9
Oyster USD Bonds C USD159.0-0.47.3
Deutsche Inv I Euro Corp Bonds IC570.7-0.37.0
DWS Eurorenta698.7-0.56.7
Oyster European FI C EUR270.9-0.36.7
Deutsche Inv I Euro-Gov Bonds FC901.80.26.6
Rubrics Global Credit UCITS USD A312.0-0.26.3
DWS Euro-Bonds (Medium)239.10.05.3
Rubrics International Bond A - USD2.0-0.25.2
Man GLG Strategic Bond Fund Prof Inc G469.3-0.65.0
DB Fixed Income Opp DPM USD163.6-0.15.0
DB Platinum IV Sovereign Plus R1C104.90.84.7
Cheyne Global Credit UCITS IV I1 EUR110.00.14.7
DB Fixed Income Opp ADV USD71.0-0.24.5
Oyster Multi Asset Inf Shield R USD40.90.04.5
RAM (Lux) Tactical Gl Bnd Tot Re E EUR122.5-0.34.5
DWS Covered Bond Fund FD190.80.14.4
Rubrics Global FI UCITS (C-GBP)305.0-0.44.4
Duemme SICAV Euro Investments Plus150.6-0.24.3
DWS Euro-Bonds (Long)82.10.03.7
Man GLG ABS Fund Corp Acc122.91.23.6
Deutsche Inv I Euro Bonds (Prem) FC53.90.03.6
Candriam Bonds Credit Op I-EUR1776.1-0.53.5
Alegra High Grade ABS Fund UCITS88.11.03.3
Oyster European Corp Bonds C EUR366.8-0.63.3
GAM Star (Lux) Convertible Alpha D USD15.90.43.2
Pictet Abs Ret FI I USD1562.0-0.23.1
Altana Corporate Bond Fund UCITS29.3-0.42.9
Oyster Flexible Credit R EUR PR68.00.12.8
Deutsche Inv I Short Dur Credit FC144.1-0.12.7
GAM Star AR Bond GBP Instl Acc1079.10.62.6
BSF Global Absolute Return Bond A593.0-0.22.4
RWC Asia Convertibles Fund B USD49.00.42.3
DB Platinum MidOcean AR Credit R0C G60.5-0.12.0
GAM Star AR Bond Def USD Instl Acc65.70.52.0
Convertible & Credit A USD113.90.82.0
Deutsche Inv I Euro Bonds (Short) FC1318.8-0.11.3
Man GLG Gl Convertibles IM USD180.90.31.0
Breisgau-Rent79.5-1.00.8
RWC Core Plus Fund B EUR27.40.20.8
Deutsche Inv I Gov Liq USD LDH1.90.10.8
Oyster Global Convertibles C USD HP702.50.70.6
RWC Global Convertibles Fund B USD1516.50.40.6
Candriam L/S Credit C EUR1481.6-0.20.6
BlackRock Absolute Return Bond D910.10.00.6
Bethmann Vermoegensverwaltung Ertrag212.0-0.70.6
Ignis Abs Return Government Bond GBP364.8-0.30.6
LFIS VISION UCITS Credit IS EUR36.61.00.5
Cheyne Convertibles Absolute Return53.90.40.4
db PrivatMandat Comfort Einkommen U778.8-0.20.2
Byron Fixed Income Alpha Sub-Fund16.90.0-0.5
Lyxor / Chenavari Credit Fund I USD21.50.0-0.6
RAM (Lux) Tactical Conv. Europe EUR I115.8-0.3-0.8
BGF FI Global Op A1 USD7847.70.2-0.8
Duemme Sicav - Gl Conv Plus I45.00.0-0.9
BlackRock FI Strategies A2 EUR6643.90.2-1.1
Schroder GAIA BSP Credit USD C35.8-0.7-1.2
Deutsche Inv I Convertibles USD FCH161.0-0.2-1.9
Man GLG Cred-Eq Alternative IN H USD50.71.0-2.2
PVE Credit Value Fund A34.7-0.5-2.9
Quaesta Capital Bond Gl Select Fund1.2-0.3-3.5
BSF Euro Credit Strategies H2 CHF354.3-0.6-11.5

Top 10 Fixed Income MBS September

ProgramFund Size ($m)Sep 2016. Return (%)YTD Return (%)
Dwight Securities Fund A56.44.011.1
Lynx Plus Fund199.02.88.6
Aperio RMBS Credit Opp LLC17.02.33.3
PCM Provident Agency LP175.41.95.1
Metacapital Mortgage Opp Fund867.01.84.9
Providence MBS Fund Ltd1199.61.7-1.6
Semper MIDAS Fund LP58.01.50.7
PTAM Enhanced Structured Credit LP48.11.46.7
SBF Opportunities Fund34.31.34.6
MBS Mantra SMA2.01.16.1
LibreMax Offshore Fund Ltd1078.01.11.5

Top 10 Fixed Income MBS YTD

ProgramFund Size ($m)Sep 2016. Return (%)YTD Return (%)
Pacificor RMBS Carve Out2.71.021.1
IAM Structured Credit Strat Composite98.40.615.3
Nykredit Alpha Mira127.11.011.5
IAM Credit Opportunities Master Fund42.00.511.2
Dwight Securities Fund A56.44.011.1
Nykredit Alpha KOBRA109.00.810.0
CCP Total Return Fund7.70.99.0
Sterling Mortgage Income Fund Class A60.01.08.9
Lynx Plus Fund199.02.88.6
Midway Market Neutral Fund525.00.88.6
Voya Mortgage Investment1287.11.17.8
MBS Agency Fund623.00.17.0
Cello Fixed Income Master Fund270.40.16.9
PTAM Enhanced Structured Credit LP48.11.46.7

Top 10 Fixed Income High Yield Funds September

ProgramFund Size ($)Sep 2016. Return (%)YTD Return (%)
BCM High Yield Fund A EUR7.95.22.1
Canepa Short-Term High Yield Offshore95.61.811.9
Concise Capital Composite Fund96.81.811.9
FTM Limited B1.01.011.7
Aristeia Partners LP (UR)777.51.09.8
MidOcean Credit Opp Fund779.50.95.2
Capital Four Credit Opportunities Fund124.90.84.2
Cedarview Liquid Short Duration Fund11.00.74.2
Pictet US High Yield I USD627.00.57.3
Brandywine Global Alternative Credit587.70.54.6
PENN Core HY Bond Fund LP369.60.58.8
Horizon Fund94.80.43.4
Post Credit Opportunities Master Fund14.30.39.1

Top 10 Fixed Income High Yield Funds YTD

ProgramFund Size ($)Sep 2016. Return (%)YTD Return (%)
Canepa Short-Term High Yield Onshore1.21.812.0
Venator Income Fund F59.4-0.111.9
Concise Capital Composite Fund96.81.811.9
FTM Limited B1.01.011.7
Renminbi Bond Fund CHF B52.60.210.4
Aristeia Partners LP (UR)777.51.09.8
Post Credit Opportunities Master Fund14.30.39.1
PENN Core HY Bond Fund LP369.60.58.8
Candriam Bonds Gl High Yield (I)522.5-0.28.4
Horizon Credit Opp LP7.4-0.37.5
Pictet US High Yield I USD627.00.57.3
Candriam Bonds Euro High Yield (I)2466.4-0.56.8