Alcentra fund takes top spot – November performance review

Alcentra’s €164m Special Situations Fund is top performer YTD, despite a dip in November, with the middle market lending fund up 24.3% YTD.

The fund invests in undervalued, sub-investment grade credit opportunities, primarily in Europe where the firm believes that the deleveraging cycle has only just begun.

New York-based Kane Street ran a distant second, up by 19.93% YTD. The fund was up 4.79% in November achieving the highest monthly return among all top 20 performers with its $106.5m distressed debt fund.

VR Global Offshore Fund saw positive monthly returns of 1.98% after achieving 5.64% last month. The $2.1bn fund focuses on distressed debt and special situations.

$15.4bn Pine River’s $1bn Liquid Rates Fund made it into the top 10, increasing its YTD performance from 9.63% to 11.12% in November.

Deer Park’s STS Partners also made the top 10 with its $1.5bn distressed debt fund up 0.29% in November after falling the previous month. YTD performance has increased from 8.43% in October to 8.74% at the end of November.

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 October review

Top Performers in November

NameFund SizeReturns
Top Credit L/S FundHayate Credit Investment$6.3M2.87%
Top Convertible ARBPerinvest Convertible$30M1.22%
Top Fixed Income ARBPine River Liquid Rates Fund$1BN1.36%
Top Distressed SecuritiesKane Street Fund$106.5M4.79%
Top Credit FoHFPortland Private Income Fund$11.5M1.07%
Top Alt Credit 40 Act FundParametric Absolute Return Institutional$33M1.43%
Top Fixed Income ARB UCITS fundHermes Investment - Multi Strategy Credit€693M4.13%

Top 20 Overall YTD (November)

NameAmountNovemberYTD
Alcentra Global Special Situations Fund€164m-0.0724.30
Kane Street Fund$106.50 m4.7919.93
Stornoway Recovery Fund$23.90 m0.7716.82
VR Global Offshore Fund$2.1bn1.9815.65
Contrarian Emerging Markets Off Fund$361m1.2913.29
Pine River Liquid Rates Fund$1bn1.3611.12
Income Flood$95.88 m0.8210.49
Endeavour Pembroke Fund$36.20 m0.6810.12
Portland Private Income Fund16,054,4361.078.81
STS Partners Fund$1,500.00 m0.298.74
Clareant Structured Credit Opportunities Fund II€254m1.818.63
Napier Park European Credit Opportunites€364m0.698.03
Platinum Partners Credit Opp Fund$323.00 m0.717.87
BCA Alternative Income Fund$37.7m0.557.70
Capula Global Relative Value Fund$7.9bn0.597.21
Gulf International Bank Emerging Markets Opportunities Fund$353m0.376.79
BAF Latam Trade Finance Fund$750m0.526.78
Bluebird Funds LP$71.61 m0.076.53
TIG Securitised Asset Fund$862m0.266.32
Hayate Credit Investment$741.42 m2.876.29
Long/Short Credit
Convertible Arbitrage
Fixed Income Arbitrage
Distressed Securities
40 Act Funds
Fund of Hedge Funds
Alt Credit UCITS