Armory distressed fund top again as upswing continues – May Performance Review

The Armory Credit Opportunity Fund delivered more stellar performance and tops Alt Credit Intelligence’s list of best performers for a second month in a row. Its total returns for the month of May were almost 12% while the fund’s AuM has jumped from $33m to $37m since April.

Los Angeles-headquartered Armory Group, which also provides a range of advisory services across the fi nancial services spectrum, has seen its credit fund produce impressive 28.3% YTD.

While Arizona-based Pacifi cor, which focuses on high yield debt for HNWIs and institutions, saw its RMBS Carve Out bring in 14.6% returns in May and 16.6% so far in 2016.

Clayton DeGiacinto’s Axonic Capital continued its strong performance for 2016 with its arbitrage fund producing 16.6% returns YTD and 3.3% for the month of May. Meanwhile JLP’s $697m Credit Opportunity Fund (14.4% YTD) and Sidus IV Credit Opportunity Fund (15.8% YTD) also maintained upward curve for the year.

Another notable performer is the eponymous fund from Marble Ridge Capital. Th  firm, which was launched by ex-Paulson & Co. pro Dan Kamensky earlier this year saw the Marble Ridge LP produce 2.4% in May placing it 13th in this month’s top 20 performers.

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 April review

Top Performers in May

Top Credit L/S FundSymphony Event Driven Opp Fund LP
$83.8m3.9%
Top Convertible ARBPolygon Convertible Opport Fund - A$431.3m2.2%
Top Fixed Income ARBAxonic Systematic Arbitrage Fund LP
$178m3.3%
Top Distressed SecuritiesArmory Credit Opportunity Fund LP$37m11.9%
Top FoHFStenham Credit Opportunities USD$21.6m1.8%
Top Fixed Income MBSPacificor RMBS Carve Out$2.9m14.6%
Top Fixed Income High YieldVenator Income Fund F$57.2m2.8%
Top Alt Credit UcitsIgnis Abs Return Government Bond USD$410.8m2.8%
Top 40 Act FundNuveen Symphony Dynamic Credit A$8m2.5%

Top 20 Overall YTD (May)

NameAum ($m)MayYTD
Armory Credit Opportunity Fund LP37.011.928.3
Pacificor RMBS Carve Out2.914.616.6
Axonic Systematic Arbitrage Fund LP178.03.316.6
SIDUS IV Credit Opportunity Fund LP32.11.715.8
JLP Credit Opportunity Fund LP697.02.614.4
Phoenix Fund NV46.24.311.4
Wexford Credit Opps LP Class A83.14.511.4
Silverdale Fund SP-1AN/A0.310.2
Hellebore Credit Arbitrage150.30.99.7
IAM Structured Credit Strat Composite108.93.39.4
JLP Institutional Credit Fund237.01.19.1
Cheyne Total Return Credit Dec 2019202.01.58.8
Marble Ridge LP21.42.48.5
Nykredit Alpha Mira102.23.08.4
Venator Income Fund F55.71.98.2
NZC Guggenheim Fund Ltd318.02.08.1
SGAS Pearl Vega Limited24.11.47.5
Asgard Fixed Income Fund I Ltd EUR473.01.97.3
Cheyne Total Return Credit Dec 2020259.01.77.2
Brookfield Credit Opportunities Fund304.22.06.7

Top 50 Credit L/S May

ProgramFund Size ($m)May 2016. Return (%)YTD Return (%)
Symphony Event Driven Opp Fund LP83.83.93.9
Rhodium Captl Credit Master Fund Ltd5.53.61.9
Kingdon Credit Master Fund LP344.02.62.6
Franklin Fixed Income Opps Composite59.42.44.2
Cedar Ridge Investors I LP32.62.15.9
KLS Diversified Master Fund LP1622.02.01.1
NZC Guggenheim Fund Ltd318.02.08.1
Fifth Street Opportunities Fund LP60.61.84.6
Cheyne Total Return Credit Dec 2020259.01.77.2
SIDUS IV Credit Opportunity Fund LP32.11.715.8
Orchard SquarePartners Credit Fund Ltd196.81.71.4
Serengeti Lycaon Fund266.71.63.5
Cheyne Total Return Credit Dec 2019202.01.58.8
Napier Park European Credit Opp Fund452.21.42.8
BulwarkBay Credit Opp Fund LPN/A1.43.6
LNG Europa Credit Fund87.01.45.9
PIMCO Tactical Opportunities Fund989.01.42.2
Triple Opportunity Fixed Income B12.21.46.6
SGAS Pearl Vega Limited24.11.47.5
CVC Global Credit Opportunities Fund375.01.31.9
JLP Institutional Credit Fund237.01.19.1
Coherence Capital Spectrum LP A94.41.13.2
Serone Key Opportunities Fund EUR167.01.03.1
Northlight European Fundamental Credit241.61.01.2
PIMCO Glbl Credit Opportunity Strategy3427.00.92.0
Prologue Ltd Class A Shares Series USD1000.00.92.1
Chenavari - Reg Cap Strat DR EUR170.10.84.5
AAG Aviation Fund93.80.9-2.2
Rimrock Low Volatility QP Master384.10.90.6
Eiffel Credit Opportunities60.40.8-1.9
Rimrock High Income PLUS Ltd2524.00.6-0.6
BlueBay Credit Alpha L/S Fund219.10.6-1.2
Column Park Partners LP330.40.62.9
Samuel Municipal Total Return Fund LP28.60.51.6
P Gracie SMA245.60.44.6
Rivoli Long Short Bond Fund18.00.32.9
Gabelli Intermediate Credit LPN/A0.34.1
Gracie Credit Opportunities LP60.30.33.9
Rimrock Structured Product Fund277.10.31.0
III Relative Value Crdt Strat Ltd (3)150.00.33.3
Silverdale Fund SP-1AN/A0.310.2
Alpha Opportunities15.00.21.3
CKC Credit Opportunity Fund103.00.21.3
III Select Credit Fund LP (B)209.00.23.7
Loomis Sayles Credit L/S Ltd651.50.22.1
KKR Credit Alpha Fund Ltd (GBP)6.5-0.2-1.2
BlueBay Event Driven Credit Fund157.1-0.3-0.6
Candlewood Structured Credit Hrvst Ltd442.0-0.6-5.7
GAM Global Rates (US) USD113.1-1.2-1.2
Teak Hill Fund151.7-3.1-15.6

Top 50 Credit L/S YTD

ProgramFund Size ($m)May 2016. Return (%)YTD Return (%)
SIDUS IV Credit Opportunity Fund LP32.11.715.8
Silverdale Fund SP-1AN/A0.310.2
JLP Institutional Credit Fund237.01.19.1
Cheyne Total Return Credit Dec 2019202.01.58.8
NZC Guggenheim Fund Ltd318.02.08.1
SGAS Pearl Vega Limited24.11.47.5
Cheyne Total Return Credit Dec 2020259.01.77.2
Triple Opportunity Fixed Income B12.21.46.6
Cedar Ridge Investors I LP32.62.15.9
LNG Europa Credit Fund87.01.45.9
Fifth Street Opportunities Fund LP60.61.84.6
P Gracie SMA245.60.44.6
Chenavari - Reg Cap Strat DR EUR170.10.84.5
Franklin Fixed Income Opps Composite59.42.44.2
Gabelli Intermediate Credit LPN/A0.34.1
Gracie Credit Opportunities LP60.30.33.9
Symphony Event Driven Opp Fund LP83.83.93.9
III Select Credit Fund LP (B)209.00.23.7
BulwarkBay Credit Opp Fund LPN/A1.43.6
Serengeti Lycaon Fund266.71.63.5
III Relative Value Crdt Strat Ltd (3)150.00.33.3
Coherence Capital Spectrum LP A94.41.13.2
Serone Key Opportunities Fund USD167.01.03.2
Column Park Partners LP330.40.62.9
Rivoli Long Short Bond Fund18.00.32.9
Napier Park European Credit Opp Fund452.21.42.8
Kingdon Credit Master Fund LP344.02.62.6
PIMCO Tactical Opportunities Fund989.01.42.2
Loomis Sayles Credit L/S Ltd651.50.22.1
Prologue Ltd Class A Shares Series USD1000.00.92.1
PIMCO Gl. Credit Opportunity Strategy3427.00.92.0
CVC Global Credit Opportunities Fund375.01.31.9
Rhodium Captl Credit Master Fund Ltd5.53.61.9
Samuel Municipal Total Return Fund LP28.60.51.6
Orchard SquarePartners Credit Fund Ltd196.81.71.4
CKC Credit Opportunity Fund103.00.21.3
Alpha Opportunities15.00.21.3
Northlight European Fundamental Credit241.61.01.2
KLS Diversified Master Fund LP1622.02.01.1
Rimrock Structured Product Fund277.10.31.0
Rimrock Low Volatility QP Master384.10.90.6
Rimrock High Income PLUS Ltd2524.00.6-0.6
BlueBay Event Driven Credit Fund157.1-0.3-0.6
KKR Credit Alpha Fund Ltd (GBP)6.5-0.2-1.2
BlueBay Credit Alpha L/S Fund219.10.6-1.2
GAM Global Rates (US) USD113.1-1.2-1.2
Eiffel Credit Opportunities60.40.8-1.9
AAG Aviation Fund93.80.9-2.2
Candlewood Structured Credit Hrvst Ltd442.0-0.6-5.7
Teak Hill Fund151.7-3.1-15.6

Top 10 Convertible Arb May

ProgramFund Size ($m)May 2016. Return (%)YTD Return (%)
Polygon Convertible Opport Fund - A431.32.23.6
Whitebox Relative Value Partners LP352.12.26.4
Pine River Convert Master Fund Ltd219.02.06.5
Palisade Strat. Master (Cayman) Ltd147.11.82.6
Mohican VCA Fund LP16.51.22.5
Basso Investors Ltd453.81.12.4
Silverback Arb Ltd320.01.11.1
Castle Creek Arb LLC644.00.80.8
Steelhead Pathfinder Fund576.00.83.7
Context Partners Fund LP59.30.72.1
Advent Global Partners238.50.52.2
Symphony Rhapsody Fund LP41.70.31.5
Polar Cap ALVA Gl Convert Ltd (A) USD73.40.20.6
GLG Gl Convertible A USD146.10.1-1.5
Quest Global Convertible Fund Ltd30.00.00.1
Lazard Rathmore Fund Ltd2.7-0.40.6

Top 10 Convertible Arb YTD

ProgramFund Size ($m)May 2016. Return (%)YTD Return (%)
Pine River Convert Master Fund Ltd219.02.06.5
Whitebox Relative Value Partners LP352.12.26.4
Steelhead Pathfinder Fund576.00.83.7
Polygon Convertible Opport Fund - A431.32.23.6
Palisade Strat. Master (Cayman) Ltd147.11.82.6
Mohican VCA Fund LP16.51.22.5
Basso Investors Ltd453.81.12.4
Advent Global Partners238.50.52.2
Context Partners Fund LP59.30.72.1
Symphony Rhapsody Fund LP41.70.31.5
Silverback Arb Ltd320.01.11.1
Castle Creek Arb LLC644.00.80.8
Polar Cap ALVA Gl Convert Ltd (A) USD73.40.20.6
Lazard Rathmore Fund Ltd2.7-0.40.6
Quest Global Convertible Fund Ltd30.00.00.1
GLG Gl Convertible A USD146.10.1-1.5

Top 10 Fixed Income Arb May

ProgramFund Size ($m)May 2016. Return (%)YTD Return (%)
Axonic Systematic Arbitrage Fund LP178.03.316.6
Symphony Long-Short Credit Offshore471.72.5-4.8
Asgard Fixed Income Fund I Ltd EUR473.01.97.3
Danske Invest Hedge FI Strategy1116.31.66.1
Lawrence Park Credit Strategies Fund267.20.93.2
Hellebore Credit Arbitrage150.30.99.7
Barnegat Fund Ltd (B)660.20.83.4
Coast Value Fund I Ltd27.00.63.1
Blue Mountain Credit Alternatives Ltd5662.20.5-1.5
Serenitas Credit Gamma Master Fund LP36.80.4-1.2
III Fund LP171.00.42.4
III Convex Strategies Fund Ltd101.00.22.9
NGA Capital Ltd (A)160.90.2-2.4
Capula Global RV Fund Ltd F USD8895.40.22.9

Top 10 Fixed Income Arb YTD

ProgramFund Size ($m)May 2016. Return (%)YTD Return (%)
Axonic Systematic Arbitrage Fund LP178.03.316.6
Hellebore Credit Arbitrage150.30.99.7
Asgard Fixed Income Fund I Ltd EUR473.01.97.3
Danske Invest Hedge FI Strategy1116.31.66.1
Barnegat Fund Ltd (B)660.20.83.4
Sanctum Fixed Income Fund287.00.13.3
Lawrence Park Credit Strategies Fund267.20.93.2
Coast Value Fund I Ltd27.00.63.1
Capula Global RV Fund Ltd F USD8895.40.22.9
III Convex Strategies Fund Ltd101.00.22.9
III Fund LP171.00.42.4
Rion Master Fund Ltd38.0-0.6-0.4

Top 10 Distressed Securities May

ProgramFund Size ($m)May 2016. Return (%)YTD Return (%)
Armory Credit Opportunity Fund LP37.011.928.3
Candlewood Special Situations Fund Ltd672.14.7-3.6
Wexford Credit Opps LP Class A83.14.511.4
Phoenix Fund NV46.24.311.4
Sothic Capital European Opps Ltd A248.13.42.0
PSAM Rebound Fund Ltd39.03.21.0
Bowery Opportunity Fund LP52.93.14.2
Polygon Distressed Opp Fund A102.32.93.3
Scoggin Worldwide Distressed Fund LLC151.02.75.6
Armory Fund LP38.22.73.3
JLP Credit Opportunity Fund LP697.02.614.4
Marble Ridge LP21.42.48.5
Venor Capital Offshore Ltd282.62.40.6
PENN Distressed Fund LP6.82.00.4
Brookfield Credit Opportunities Fund304.22.06.7
Knighthead Master Fund2200.01.60.2
Altum Credit Master Fund Ltd427.01.63.1
Clareant Gl Special Situations Fund134.71.62.1

Top 10 Distressed Securities YTD

ProgramFund Size ($m)May 2016. Return (%)YTD Return (%)
Armory Credit Opportunity Fund LP37.011.928.3
JLP Credit Opportunity Fund LP697.02.614.4
Phoenix Fund NV46.24.311.4
Wexford Credit Opps LP Class A83.14.511.4
Marble Ridge LP21.42.48.5
Brookfield Credit Opportunities Fund304.22.06.7
Scoggin Worldwide Distressed Fund LLC151.02.75.6
OCP Debt Opp Intl Ltd261.00.95.0
Trilogy Financial Ptnrs Intl Ltd125.00.44.2
Bowery Opportunity Fund LP52.93.14.2
Riva Ridge Capital LP289.01.43.5
Armory Fund LP38.22.73.3
Polygon Distressed Opp Fund A102.32.93.3
Altum Credit Master Fund Ltd427.01.63.1
Clareant Gl Special Situations Fund134.71.62.1
Sothic Capital European Opps Ltd A248.13.42.0
Southpaw Credit Opp Ptnrs LP1328.01.41.9
Ironshield Special Situations L1 Fund116.01.21.8
Hain Capital Investors LLC15.60.71.8
Corrib Master Fund104.00.91.0
PSAM Rebound Fund Ltd39.03.21.0

Top 40 40 Act Funds May

Nuveen’s $8m fund, run by Gunther Stein and Jenny Rhee, was the top performer this month with 2.5% returns taking its YTD tally to -1.3%. The fund is made up of 76% bonds and 20% cash. Around two thirds (64%) of the bonds are B with 36% below B. Around a quarter are BB and the fund has a short exposure of -27% to BBB bonds. The vast majority of the bonds, 87%, are based in the US with 3% in the UK and 2% each in Ireland and Luxembourg.

NameFund size ($m)Total return MayTotal return YTD
Nuveen Symphony Dynamic Credit A82.5-1.3
Catalyst/Princeton Hedged Income A12.05.2
Altegris Fixed Income Long Short A611.4-7.6
PF Global Absolute Return P1321.30.5
Franklin K2 Long Short Credit A641.32.6
Spectrum Low Volatility Investor281.28.8
PIMCO Floating Income A3101.13.2
Eaton Vance Glbl Macro Abs Ret Advtg A1,6251.01.6
Prudential Unconstrained Bond A261.04.9
PIMCO Fixed Income SHares LD321.01.1
Parametric Absolute Return Institutional120.9-3.1
Salient Tactical Muni Strategy Instl1270.94.2
Arbitrage Credit Opportunities C560.81.8
Redwood Managed Volatility I2330.87.5
Guggenheim Macro Opportunities A3,1260.82.7
Eaton Vance Glbl Macr Absolute Return A4,6760.81.2
Loomis Sayles Strategic Alpha A1,2080.72.6
Goldman Sachs Fxd Inc Mcr Strts A620.7-0.1
Calvert Unconstrained Bond A730.72.8
Goldman Sachs Strategic Income A12,3970.7-0.3
Schroder Global Strategic Bond Advisor670.70.2
GMO Debt Opportunities VI1,6230.61.4
Hartford Global Alpha A250.60.1
PIMCO Credit Absolute Return A3510.61.7
Transamerica Unconstrained Bond I1640.63.3
JPMorgan Strategic Income Opps A12,6760.53.7
JHancock Global Cnsrv Abs Ret A1080.50.5
Collins Long/Short Credit A160.52.9
Deutsche Ultra-Short Duration Instl2670.50.9
Driehaus Active Income2,5950.51.3
Navigator Duration Neutral Bond A820.5-0.4
Toews Unconstrained Income1030.54.7
AAM/HIMCO Unconstrained Bond I510.51.6
Counterpoint Tactical Income A1470.48.1
Catalyst/Stone Beach Income Opp A50.41.7
RBC BlueBay Absolute Return I2830.4-3.3
Dreyfus Global Dynamic Bond A250.41.8
BlackRock Global Long/Short Credit Inv A4,6040.40.4
JPMorgan Unconstrained Debt A2,7800.42.6
Delaware Diversified Floating Rate A2960.41.1

Top 40 40 Act Funds YTD

BTS’s $337m tactical fixed income fund, managed by Matthew Pasts and Vilis Pasts, continued its double digit YTD performance with 0.1% growth in May taking overall growth to 11.3%. The portfolio has 92% exposure to bonds, mostly corporate, and 7% in cash. Nearly half, 46%, of bonds are BB with 40% B and 13% below B. Eighty percent of the bonds are based in the US, with 5% in Canada and 5% in Luxembourg with 3% based in the UK.

NameFund Size ($m)Total return (%) AprilTotal return (%) YTD
BTS Tactical Fixed Income A$3112.811.2
Navigator Tactical Fixed Income A$36710,369,595.79.7
Counterpoint Tactical Income A$1383.07.6
Spectrum Low Volatility Investor$263.47.5
Redwood Managed Volatility I$2293.36.7
WST Asset Manager - US Bond Instl$612.86.3
Robinson Tax Advantaged Income A$1112.75.6
Stone Harbor Strategic Income Instl$371.75.3
Scout Unconstrained Bond Instl$1,3031.85.2
Highland Opportunistic Credit Z$5612.15.1
Pioneer Dynamic Credit A$2902.64.8
Touchstone Credit Opportunities A$561.94.8
Western Asset Macro Opportunities A$7282.64.5
Columbia Strategic Income A$2,6202.24.4
JNL/Scout Unconstrained Bond A$1,1041.34.4
Anchor Tactical Credit Strategies Inv$1391.44.3
Iron Strategic Income Institutional$1642.64.2
Toews Unconstrained Income$921.64.2
Wavelength Interest Rate Neutral$171.04.1
AB Credit Long/Short A$222.24.1
North Star Bond I$121.14.1
SunAmerica Flexible Credit A$2862.14.1
WHV/Acuity Tactical Credit Long/Short A$291.24.0
Legg Mason BW Absolute Return Opp A$1,5721.03.9
Prudential Unconstrained Bond A$262.73.9
MFS Absolute Return A$2081.73.6
Altrius Enhanced Income I$52.03.5
CMG Tactical Bond I$341.33.4
Salient Tactical Muni Strategy Instl$1391.23.3
Virtus Strategic Income A$292.23.2
Catalyst/Princeton Hedged Income A$12.73.2
JPMorgan Strategic Income Opps A$13,2242.13.2
MainStay Unconstrained Bond A$1,5382.03.1
Sierra Strategic Income A$4040.93.1
JHancock Short Duration Credit Opps A$1,3911.73.0
Arrow Alternative Solutions A$1490.72.9
Goldman Sachs Long Shrt Crdt Strats Inst$1971.52.8
SMI Bond$80.22.8
Transamerica Unconstrained Bond I$1632.32.7
Principal Credit Opps Explor A$191.42.6

Top 10 FOHF May

ProgramFund Size ($m)May 2016. Return (%)YTD Return (%)
Stenham Credit Opportunities USD21.61.81.9
Lighthouse Credit Opp. Ltd (B)231.01.8-4.3
Corbin Opportunity Fund705.91.03.1
Permal Fixed Income Holdings A USD2098.70.9-0.5
EnTrust Diversified Select Credit LP40.80.60.3
Morrocroft Special Opportunity II LP45.00.51.6
Sandalwood Debt Fund B LP199.00.40.3
Burkian Fund Strategy18.00.4-2.3
GLL Single Strategy LP22.00.4-1.8
Narrapuno SPC - Convergence A USD31.00.20.5
TAS Fixed Income Arbitrage A USD47.60.10.1
Acorn Credit Strategies Fund Ltd19.20.0-1.4

Top 10 FOHF YTD

ProgramFund Size ($m)May 2016. Return (%)YTD Return (%)
Corbin Opportunity Fund705.91.03.1
Stenham Credit Opportunities USD21.61.81.9
Morrocroft Special Opportunity II LP45.00.51.6
TAS Fixed Income Arbitrage H USD47.60.20.5
Narrapuno SPC - Convergence A USD31.00.20.5
Sandalwood Debt Fund B LP199.00.40.3
EnTrust Diversified Select Credit LP40.80.60.3
Permal Fixed Income Holdings A USD2098.70.9-0.5
Acorn Credit Strategies Fund Ltd19.20.0-1.4
GLL Single Strategy LP22.00.4-1.8
Burkian Fund Strategy18.00.4-2.3
Lighthouse Credit Opp. LP (B)67.01.6-3.2

Top 40 Alt Credit UCITS May

Ignis’s $400m vehicle cut its YTD losses to -0.7% after it was the top achiever in May with 2.8% returns. The fund aims to achieve its objective through the active long/short management of bond, derivatives and foreign currency positions. The team predominantly invests in fixed rate securities issued by sovereigns and suprasovereigns, money market instruments, foreign currencies and financial derivative instruments.

ProgramFund Size ($m)May 2016. Return (%)YTD Return (%)
Ignis Abs Return Government Bond USD410.82.8-0.7
Polar Cap Gl Convert Fund I EUR478.62.6-2.0
Convertible & Credit A USD110.01.5-1.2
DWS Euro High Yield Bond Master JPY1583.61.4-1.9
RAM (Lux) Tactical Conv. Europe EUR I110.21.4-0.6
Alegra High Grade ABS Fund UCITS87.51.30.5
Deutsche Inv I Euro-Gov Bonds FC866.31.13.4
DWS Eurorenta677.91.14.5
Cheyne Convertibles Absolute Return73.50.8-0.6
Oyster European FI C EUR262.20.83.5
Deutsche Inv I Convertibles USD FCH245.70.7-2.2
Oyster Global High Yield I USD HD240.20.76.9
Breisgau-Rent76.90.70.3
Bethmann Vermoegensverwaltung Ertrag201.30.6-0.2
Duemme Sicav - Gl Conv Plus I44.50.6-2.0
Man GLG Cred-Eq Alternative IN H USD52.20.6-4.1
RWC Core Plus Fund B EUR33.50.6-0.7
LFIS VISION UCITS Credit Class IS EUR37.60.5-0.7
Cheyne Global Credit UCITS IV I1 EUR112.00.52.7
Barmenia Renditefonds DWS25.70.55.0
RWC Global Convertibles Fund B USD1712.20.5-1.8
db PrivatMandat Comfort Einkommen U765.00.5-1.1
DWS Euro-Bonds (Long)95.60.40.2
Quaesta Capital Bond Gl Select Fund1.30.4-1.4
Pictet Abs Ret FI I USD1136.00.41.6
DWS Covered Bond Fund FD211.80.42.6
Deutsche Inv I Euro Bonds (Prem) FC62.30.4-0.1
Rubrics Global Credit UCITS GBP C296.00.42.8
Schroder GAIA BSP Credit USD C37.70.40.9
Oyster Flexible Credit C EUR PR70.90.3-0.8
Rubrics Global FI UCITS (A-USD)297.00.32.5
Deutsche Inv I Euro HY Corp USD FCH4.10.35.8
Deutsche Inv I Euro Corp Bonds IC397.20.33.5
DWS Euro-Bonds (Medium)252.50.22.7
Man GLG Gl Convertibles IM USD188.70.2-1.5
GAM Star (Lux) Convertible Alpha D USD15.30.20.1
BlackRock Absolute Return Bond D897.50.1-0.6
Deutsche Inv I Euro HY Corp LC71.80.15.2
Altana Corporate Bond Fund UCITS28.80.11.3
Deutsche Inv I Short Dur Credit LC171.50.11.8
Lyxor / Chenavari Credit Fund I USD21.70.1-3.5
Oyster European Corp Bonds C EUR376.90.11.9
Oyster Global Convertibles C USD HP677.10.1-1.8

Top 40 Alt Credit UCITS YTD

The $1.6bn DWS Euro High Yield Bond Master Fund continued its double digit performance for 2016 with 0.5% in May taking returns for the year so far to 10.5%. The fund seeks to achieve strong growth in returns and a growth in assets in the medium to long-term. To achieve this goal, it places its investment focus on high-yield corporate bonds denominated in Euro. It has 76% exposure to corporate bonds, 9% to financial bonds, 4% to emerging markets and 1% to corporates.

ProgramFund Size ($m)May 2016. Return (%)YTD Return (%)
DWS Euro High Yield Bond Master BRL1583.60.510.5
Oyster Global High Yield I USD240.20.68.1
Renminbi Bond Fund UI GBP Inst26.4-1.96.3
Deutsche Inv I Euro HY Corp USD FCH4.10.35.8
Man GLG Corporate Bond Fund Prof Inc138.3-0.75.2
Barmenia Renditefonds DWS25.70.55.0
PTR Kosmos I GBP584.1-2.24.7
DWS Eurorenta677.91.14.5
Rubrics International Bond A - USD5.0-0.44.3
Oyster USD Bonds C USD104.2-0.14.2
Deutsche Inv I Euro Corp Bonds IC397.20.33.5
Oyster European FI C EUR262.20.83.5
Deutsche Inv I Euro-Gov Bonds FC866.31.13.4
Rubrics Global Credit UCITS GBP C296.00.42.8
Cheyne Global Credit UCITS IV I1 EUR112.00.52.7
DWS Euro-Bonds (Medium)252.50.22.7
RAM (Lux) Tactical Gl Bnd Tot Re E EUR108.0-0.12.7
DB Fixed Income Opp DPM USD185.30.12.6
DWS Covered Bond Fund FD211.80.42.6
Rubrics Global FI UCITS (A-USD)297.00.32.5
GAM Star Alt. FI Inst'nl GBP Income118.1-1.92.3
Duemme SICAV Euro Investments Plus141.40.12.2
Candriam Bonds Credit Op I-EUR1417.30.02.1
Man GLG Strategic Bond Fund Prof665.9-0.52.0
Polar Cap Gl Convert Fund I GBP478.60.52.0
Oyster European Corp Bonds C EUR376.90.11.9
Deutsche Inv I Short Dur Credit FC144.10.11.8
Pictet Abs Ret FI I USD1136.00.41.6
Oyster Multi Asset Inf Shield R USD43.5-0.11.5
Altana Corporate Bond Fund UCITS28.80.11.3
GAM Star AR Bond Plus EUR Instl A971.9-1.21.2
Schroder GAIA BSP Credit USD C37.70.40.9
GAM Star AR Bond EUR Instl Acc68.8-0.40.9
GAM Star AR Bond Def USD Instl Acc68.7-0.30.8
Ignis Abs Return Government Bond GBP441.81.10.8
Alegra High Grade ABS Fund UCITS87.51.30.5
Candriam L/S Credit C EUR1415.40.00.4
Deutsche Inv I Gov Liq USD LCH19.00.10.3
Breisgau-Rent76.90.70.3
DWS Euro-Bonds (Long)95.60.40.2
GAM Star (Lux) Convertible Alpha D USD15.30.20.1
Oyster Flexible Credit I EUR PR70.90.00.0
Man GLG ABS Fund Corp Acc185.30.8-0.2
Bethmann Vermoegensverwaltung Ertrag201.30.6-0.2
BlackRock Absolute Return Bond D897.50.1-0.6
RAM (Lux) Tactical Conv. Europe EUR I110.21.4-0.6
Cheyne Convertibles Absolute Return73.50.8-0.6
RWC Core Plus Fund B EUR33.50.6-0.7
LFIS VISION UCITS Credit Class IS EUR37.60.5-0.7

Top 10 Fixed Income MBS May

ProgramFund Size ($m)May 2016. Return (%)YTD Return (%)
Pacificor RMBS Carve Out2.914.616.6
IAM Structured Credit Strat Composite108.93.39.4
Nykredit Alpha Mira102.23.08.4
Nykredit Alpha KOBRA103.32.25.1
Dwight Securities Fund A43.01.62.6
IAM Credit Opportunities Master Fund39.81.53.2
Cello Fixed Income Master Fund246.31.43.8
Bluebird Funds LP71.21.3-0.7
Structured Servicing Holdings1166.01.3-1.3
New Providence Income Fund57.51.15.1
Voya Mortgage Investment1237.51.13.8
PTAM Enhanced Structured Credit LP57.61.1-3.2
Pine River Fixed Income Master Fd Ltd1626.31.0-2.6
MBS Agency Fund774.01.02.4
SPM Core868.01.00.6
Midway Market Neutral Fund490.01.05.2
Regan Credit Opportunities Fund LP150.30.91.7
PCM Provident Agency LP178.20.81.7
Dalton High Yield Opportunities Fund88.00.80.3
Cheyne RE Credit Holdings A GBP467.00.72.8
KWK Partners LP187.40.71.9
Spectrum Master Fund Ltd90.60.7-0.1

Top 10 Fixed Income MBS YTD

ProgramFund Size ($m)May 2016. Return (%)YTD Return (%)
Pacificor RMBS Carve Out2.914.616.6
IAM Structured Credit Strat Composite108.93.39.4
Nykredit Alpha Mira102.23.08.4
Midway Market Neutral Fund490.01.05.2
Nykredit Alpha KOBRA103.32.25.1
New Providence Income Fund57.51.15.1
Voya Mortgage Investment1237.51.13.8
Cello Fixed Income Master Fund246.31.43.8
IAM Credit Opportunities Master Fund39.81.53.2
Cheyne RE Credit Holdings A GBP467.00.72.8
Dwight Securities Fund A43.01.62.6
MBS Agency Fund774.01.02.4
KWK Partners LP187.40.71.9
Relative Value Fund (The)5.60.41.8
WAF Master Fund LP160.40.71.8
PCM Provident Agency LP178.20.81.7
Regan Credit Opportunities Fund LP150.30.91.7
Lynx Plus Fund178.00.51.2
Providence MBS Fund LP1136.2-0.30.9
Goldstein Cap Managed Bond Port30.10.40.7
SBF Opportunities Fund33.90.30.7

Top 10 Fixed Income High Yield Funds May

ProgramFund Size ($m)May 2016. Return (%)YTD Return (%)
Aristeia International Ltd B957.53.13.3
Venator Income Fund F55.71.98.2
Capital Four Credit Opportunities Fund128.81.51.5
FTM Limited B0.81.55.2
MidOcean Credit Opp Fund768.01.41.8
Pacificor LLC Public HY Opportunities2.71.43.1
Tradex Gl Short-Biased High Yield9.10.8-15.0
BCM High Yield Fund A EUR7.80.7-2.7
Canepa Short-Term High Yield Offshore88.60.73.8
Concise Capital Composite Fund89.40.73.8
Pictet EUR High Yield I JPY1788.80.7-2.9
Cedarview Liquid Short Duration Fund12.00.61.8
Pictet EUR Short Term Hi Yield HI USD3542.00.53.1
PENN Core HY Bond Fund LP372.90.43.6

Top 10 Fixed Income High Yield Funds YTD

ProgramFund Size ($m)May 2016. Return (%)YTD Return (%)
Venator Income Fund F55.71.98.2
FTM Limited B0.81.55.2
Renminbi Bond Fund CHF B51.9-1.85.0
Horizon Credit Opp LP7.10.24.1
Candriam Bonds Euro High Yield (I)2414.50.33.9
Candriam Bonds Gl High Yield (N)499.60.03.8
Canepa Short-Term High Yield Offshore88.60.73.8
Concise Capital Composite Fund89.40.73.8
WB Opportunities Fund Ltd119.00.43.6
PENN Core HY Bond Fund LP372.90.43.6
Aristeia International Ltd B957.53.13.3
Pictet EUR Short Term Hi Yield HI USD3542.00.53.1
Pacificor LLC Public HY Opportunities2.71.43.1
Pictet EUR Hi Yield HI USD1786.00.03.0