Upswing continues with newcomers in top performers – August Performance Review

August may have been a quiet month for many in the hedge fund industry, but there was still some stellar performance by those operating in the credit space. Armory’s opportunistic credit fund continues to top performance tables with returns now surpassing 50% through August, while JLP’s similarly diversified $827m fund sits third with 7% delivered for the month and plus-30% YTD.

In keeping with the launch theme for this month’s issue, August’s top 20 performers also features two firms from last year’s launch analysis.

Marble Ridge Capital, the distressed venture launched in January by ex-Paulson & Co. director Dan Kamensky, continues to deliver for investors. Its $23m debut fund is up almost 18% for the year, while Jed Nussbaum’s Nut Tree Management has also been on an upward trajectory since its February launch.

The New York firm’s Master Fund is up 14.5% for the year and has amassed assets in excess of $230m since opening.

Established credit manager Cheyne Capital is another firm posting positive figures through the summer.

The London firm’s Total Return Fund 2019 is eighth with 17.3% returns for the year and its $304m Total Return Fund 2020 is up more than 15% so far in 2016.

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 July review

Top Performers in July

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)Aug 2016. Return (%)YTD Return (%)
Armory Credit Opportunity Fund LP45.02.952.7
Sancus Capital Select Master Fund Ltd33.00.737.2
JLP Credit Opportunity Fund LP827.07.230.1
SIDUS IV Credit Opportunity Fund LP35.02.326.5
Wexford Credit Opps LP Class A94.14.123.0
Pacificor RMBS Carve Out2.71.119.8
Marble Ridge LP23.72.117.6
Cheyne Total Return Credit Dec 2019233.03.817.3
Silverdale Fund SP-1AN/A1.616.4
JLP Institutional Credit Fund231.02.615.7
Cheyne Total Return Credit Dec 2020304.03.815.3
IAM Structured Credit Strat Composite98.10.314.6
Nut Tree Master Fund236.12.414.5
Phoenix Fund NV55.81.913.8
Asgard Fixed Income Fund I Ltd EUR554.92.613.7
NZC Guggenheim Fund Ltd261.21.713.4
Cedar Ridge Investors I LP28.81.412.9
Axonic Systematic Arbitrage Fund LP158.1-1.412.9
JLP Partners Fund LP28.010.712.6
Whitebox Relative Value Partners LP366.81.512.2

Top 50 Credit L/S July

ProgramFund Size ($m)Aug 2016. Return (%)YTD Return (%)
Eiffel Credit Opportunities46.94.32.4
Serone Key Opportunities Fund USD160.54.010.3
Cheyne Total Return Credit Dec 2019233.03.817.3
Cheyne Total Return Credit Dec 2020304.03.815.3
LFIS VISION Credit Opportunities I USD250.83.80.6
Franklin Fixed Income Opps Composite62.83.49.2
Napier Park European Credit Opp Fund487.92.87.1
JLP Institutional Credit Fund231.02.615.7
Triple Opportunity Fixed Income B12.32.49.8
SIDUS IV Credit Opportunity Fund LP35.02.326.5
NZC Guggenheim Master Fund835.32.112.3
One Oak Capital Mgt Alpha Opp Fund15.02.05.6
Kingdon Credit Master Fund LP334.02.05.8
Rhodium Captl Credit Master Fund Ltd8.01.68.2
AAG Aviation Fund107.41.51.2
PIMCO Tactical Opportunities Fund1006.01.56.0
BayCity Event Driven Opp Fund L.P.83.51.47.7
Danske Invest Hedge FI Rel Value346.51.45.2
Cedar Ridge Investors I LP28.81.412.9
Old Orchard Credit Master Fund LP193.01.410.5
Rimrock Structured Product Fund311.31.32.8
Coherence Capital Spectrum LP A103.41.36.8
Loomis Sayles Credit L/S Ltd648.01.22.7
BulwarkBay Credit Opp Fund LP32.11.26.6
GAM Global Rates (US) USD103.41.1-5.0
Candlewood Structured Credit Hrvst Ltd442.01.1-4.1
Gabelli Intermediate Credit LPN/A1.17.6
CVC Global Credit Opportunities Fund367.01.04.0
Fifth Street Opportunities Fund LP62.00.86.7
KLS Diversified Master Fund LP1738.00.84.1
III Select Credit Fund LP (C)215.00.85.7
Aesir Credit Master Fund Ltd Founder B61.60.73.3
Rimrock Low Volatility QP Master371.20.72.2
Orchard SquarePartners Credit Fund Ltd193.50.71.4
Sancus Capital Select Master Fund Ltd33.00.737.2
III Relative Value Crdt Strat Ltd (3)153.00.64.8
Rimrock High Income PLUS Ltd2537.40.60.4
Northlight European Fundamental Credit225.10.52.8
Serengeti Lycaon Fund279.50.55.8
BlueBay Credit Alpha L/S Fund229.60.5-0.8
CKC Credit Opportunity Fund166.00.42.3
P Gracie SMA255.80.33.4
Gracie Credit Opportunities LP57.80.22.7
Gracie Int'l Credit Opp. Ltd37.90.22.7
LNG Europa Credit Fund85.00.2-0.8
PIMCO Glbl Credit Opportunity Strategy3446.0-0.13.7
BlueBay Event Driven Credit Fund142.7-0.20.2
Prologue Ltd Class A Shares Series SGD887.0-0.3-0.8
SGAS Pearl Vega Limited24.0-0.75.9
Rivoli Long Short Bond Fund18.2-1.24.1

Top 50 Credit L/S YTD

ProgramFund Size ($m)Aug 2016. Return (%)YTD Return (%)
Sancus Capital Select Master Fund Ltd33.00.737.2
SIDUS IV Credit Opportunity Fund LP35.02.326.5
Cheyne Total Return Credit Dec 2019233.03.817.3
Silverdale Fund SP-1AN/A1.616.4
JLP Institutional Credit Fund231.02.615.7
Cheyne Total Return Credit Dec 2020304.03.815.3
NZC Guggenheim Fund Ltd261.21.713.4
Cedar Ridge Investors I LP28.81.412.9
Old Orchard Credit Master Fund LP193.01.410.5
Serone Key Opportunities Fund USD160.54.010.3
Triple Opportunity Fixed Income B12.32.49.8
Franklin Fixed Income Opps Composite62.83.49.2
Rhodium Captl Credit Master Fund Ltd8.01.68.2
BayCity Event Driven Opp Fund L.P.83.51.47.7
Gabelli Intermediate Credit LPN/A1.17.6
Napier Park European Credit Opp Fund487.92.87.1
Coherence Capital Spectrum LP A103.41.36.8
Fifth Street Opportunities Fund LP62.00.86.7
BulwarkBay Credit Opp Fund LP32.11.26.6
Cardinal Point Master Fund I LtdN/A0.76.0
PIMCO Tactical Opportunities Fund1006.01.56.0
SGAS Pearl Vega Limited24.0-0.75.9
Kingdon Credit Master Fund LP334.02.05.8
Serengeti Lycaon Fund279.50.55.8
III Select Credit Fund LP (C)215.00.85.7
One Oak Capital Mgt Alpha Opp Fund15.02.05.6
Danske Invest Hedge FI Rel Value346.51.45.2
III Relative Value Crdt Strat Ltd (3)153.00.64.8
KLS Diversified Master Fund LP1738.00.84.1
Rivoli Long Short Bond Fund18.2-1.24.1
CVC Global Credit Opportunities Fund367.01.04.0
PIMCO Glbl Credit Opportunity Strategy3446.0-0.13.7
P Gracie SMA255.80.33.4
Aesir Credit Master Fund Ltd Founder B61.60.73.3
Rimrock Structured Product Fund311.31.32.8
Loomis Sayles Credit L/S LP32.61.22.8
Northlight European Fundamental Credit225.10.52.8
Gracie Credit Opportunities LP57.80.22.7
Eiffel Credit Opportunities46.94.32.4
CKC Credit Opportunity Fund166.00.42.3
Rimrock Low Volatility QP Master371.20.72.2
Orchard SquarePartners Credit Fund Ltd193.50.71.4
AAG Aviation Fund107.41.51.2
LFIS VISION Credit Opportunities I USD250.83.80.6
Rimrock High Income PLUS Ltd2537.40.60.4
BlueBay Event Driven Credit Fund142.7-0.20.2
LNG Europa Credit Fund85.00.2-0.8
Prologue Ltd Class A Shares Series SGD887.0-0.3-0.8
BlueBay Credit Alpha L/S Fund229.60.5-0.8
Candlewood Structured Credit Hrvst Ltd442.01.1-4.1
GAM Global Rates (US) USD103.41.1-5.0

Top 10 Convertible Arb July

ProgramFund Size ($m)Aug 2016. Return (%)YTD Return (%)
Pine River Convert Master Fund Ltd171.82.69.6
Mohican VCA Fund LP17.22.36.4
Polygon Convertible Opport Fund - A454.52.28.6
Silverback Arb Ltd337.02.05.0
Context Partners Fund LP65.81.58.3
Whitebox Relative Value Partners LP366.81.512.2
Lazard Rathmore Fund Ltd2.41.20.6
Basso Investors Ltd472.60.93.9
Steelhead Pathfinder Fund606.00.86.4
GLG Gl Convertible A USD149.10.70.3
Palisade Strat. Master (Cayman) Ltd151.70.66.0
Castle Creek Arb LLC665.00.52.2
Advent Global Partners241.20.53.7
Quest Global Convertible Fund Ltd30.00.41.0

Top 10 Convertible Arb YTD

ProgramFund Size ($m)Aug 2016. Return (%)YTD Return (%)
Whitebox Relative Value Partners LP366.81.512.2
Pine River Convert Master Fund Ltd171.82.69.6
Polygon Convertible Opport Fund - A454.52.28.6
Context Partners Fund LP65.81.58.3
Steelhead Pathfinder Fund606.00.86.4
Mohican VCA Fund LP17.22.36.4
Palisade Strat. Master (Cayman) Ltd151.70.66.0
Silverback Arb Ltd337.02.05.0
Basso Investors Ltd472.60.93.9
Advent Global Partners241.20.53.7
Symphony Rhapsody Fund LP42.60.13.1
Castle Creek Arb LLC665.00.52.2
Polar Cap ALVA Gl Convert Ltd (A) USD65.80.32.1

Top 10 Fixed Income Arb July

ProgramFund Size ($m)Aug 2016. Return (%)YTD Return (%)
Serenitas Credit Gamma Master Fund LP38.43.13.0
Asgard Fixed Income Fund I Ltd EUR554.92.613.7
BayCity L/S Credit Offshore Ltd472.32.1-2.6
Whitebox Credit Partners LP280.21.93.1
Blue Mountain Credit Alternatives Ltd6014.81.41.0
Lawrence Park Credit Strategies Fund278.21.06.4
Danske Invest Hedge FI Strategy1147.71.09.0
Capula Global RV Fund LP9304.00.54.1
Hellebore Credit Arbitrage195.10.512.2
NGA Capital Ltd (A)112.60.4-1.2
III Convex Strategies Fund Ltd103.00.24.1
III Fund LP170.00.23.4

Top 10 Fixed Income Arb YTD

ProgramFund Size ($m)Aug 2016. Return (%)YTD Return (%)
Asgard Fixed Income Fund I Ltd EUR554.92.613.7
Axonic Systematic Arbitrage Fund LP158.1-1.412.9
Hellebore Credit Arbitrage195.10.512.2
Danske Invest Hedge FI Strategy1147.71.09.0
Lawrence Park Credit Strategies Fund278.21.06.4
Capula Global RV Fund Ltd F USD9322.60.64.6
Coast Value Fund I Ltd24.4-1.74.5
III Convex Strategies Fund Ltd103.00.24.1
Sanctum Fixed Income Fund325.00.13.5
III Fund LP170.00.23.4
Barnegat Fund Ltd (B)651.9-0.33.4
Whitebox Credit Partners LP280.21.93.1

Top 10 Distressed Securities July

ProgramFund Size ($m)Aug 2016. Return (%)YTD Return (%)
JLP Partners Fund LP28.010.712.6
JLP Credit Opportunity Fund LP827.07.230.1
Bowery Opportunity Fund Ltd B9.64.85.6
Wexford Credit Opps LP Class A94.14.123.0
PENN Distressed Fund LP6.54.17.7
Armory Credit Opportunity Fund LP45.02.952.7
PSAM Rebound Fund Ltd36.02.76.9
Sothic Capital European Opps Ltd A237.42.49.1
Altum Credit Master Fund Ltd469.02.47.1
Nut Tree Master Fund236.12.414.5
Marathon Special Opportunity Fund1189.02.43.0
Clareant Gl Special Situations Fund124.82.32.5
Sound Point Beacon Fund LP380.32.35.3
Marble Ridge LP23.72.117.6
OCP Debt Opp Intl Ltd279.02.19.9
Libero Development Fund A9.61.96.6

Top 10 Distressed Securities YTD

ProgramFund Size ($m)Aug 2016. Return (%)YTD Return (%)
Armory Credit Opportunity Fund LP45.02.952.7
JLP Credit Opportunity Fund LP827.07.230.1
Wexford Credit Opps LP Class A94.14.123.0
Marble Ridge LP23.72.117.6
Nut Tree Master Fund236.12.414.5
Phoenix Fund NV55.81.913.8
JLP Partners Fund LP28.010.712.6
Scoggin Worldwide Distressed Fund Ltd109.01.511.6
Polygon Distressed Opp Fund A113.41.311.0
OCP Debt Opp Intl Ltd279.02.19.9
Sothic Capital European Opps Ltd A237.42.49.1
Trilogy Financial Ptnrs Intl Ltd125.01.08.2
PENN Distressed Fund LP6.54.17.7
Altum Credit Master Fund Ltd469.02.47.1
PSAM Rebound Fund Ltd36.02.76.9
Libero Development Fund A9.61.96.6

Top 40 40 Act Funds July

The Catalyst fund continues to hold the top spot on both monthly and YTD rankings. The New York-headquartered firm, founded in 2006, has posted 3% through August and almost 15% for the year.

The fund is 73% invested in corporate bonds with 3% in securitised bonds and most of the rest 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 (Aug) %Total Ret YTD (%)
Catalyst/Princeton Uncons Hedged Inc A13.014.9
Hatteras Long / Short Debt A292.6-5.2
Driehaus Select Credit1132.61.9
Eaton Vance Glbl Macro Abs Ret Advtg A16882.55.1
Spectrum Low Volatility Investor342.313.6
PF Global Absolute Return P912.33.7
Neuberger Berman Unconstrained Bd A572.20.9
Counterpoint Tactical Income A1922.113.8
Redwood Managed Volatility I2612.013.8
Altegris Fixed Income Long Short A521.8-4.0
MainStay Unconstrained Bond A14551.77.2
Putnam Diversified Income A31081.70.5
Legg Mason BW Alternative Credit IS4051.74.3
James Alpha Hedged High Income A151.75.7
BTS Tactical Fixed Income A4111.612.2
CMG Tactical Bond I271.65.7
PIMCO Floating Income A01.67.6
Prudential Global Absolute Return Bond A261.63.9
Pioneer Dynamic Credit A2691.49.5
Goldman Sachs Fxd Inc Mcr Strts A611.4-0.3
Altrius Enhanced Income I261.48.6
Arrow Alternative Solutions A1651.48.0
Touchstone Credit Opportunities A551.49.1
Navigator Tactical Fixed Income A4281.414.5
Dreyfus Opportunistic Fixed Income A2241.3-0.7
Eaton Vance Glbl Macr Absolute Return A52091.33.3
WST Asset Manager - US Bond Instl701.311.0
Guggenheim Macro Opportunities A32651.36.9
JPMorgan Strategic Income Opps A123101.37.1
Columbia Strategic Income A30411.37.9
Stone Harbor Strategic Income Instl391.29.9
Palmer Square Long/Short Credit A171.23.8
Western Asset Macro Opportunities A8141.28.2
Navigator Duration Neutral Bond A801.2-0.9
Virtus Strategic Income A301.17.6
Franklin K2 Long Short Credit A01.15.8
Loomis Sayles Strategic Alpha A11731.04.7
Toews Unconstrained Income1081.08.1
Goldman Sachs Long Shrt Crdt Strats Inst2111.05.1
Driehaus Active Income23591.03.3

Top 40 40 Act Funds YTD

The California investment advisor continues its stellar performance for 2016 with its high yield-focused fund posting almost 14% or the year and 2.1% through August.

Its predominantly bond-focused portfolio, 81% in corporate bonds and also hold 10% in cash, is delivering fruitful returns with the fund now at almost at $200m in AuM.

The firm was founded by Michael Krause and John Koudsi in 2014 with the former also partner at Counterpoint Asset Management.

NameFund size (m)Total Ret (Aug) %Total Ret YTD (%)
Catalyst/Princeton Uncons Hedged Inc A13.014.9
Navigator Tactical Fixed Income A4281.414.5
Redwood Managed Volatility I2612.013.8
Counterpoint Tactical Income A1922.113.8
Spectrum Low Volatility Investor342.313.6
BTS Tactical Fixed Income A4111.612.2
WST Asset Manager - US Bond Instl701.311.0
Stone Harbor Strategic Income Instl391.29.9
Pioneer Dynamic Credit A2691.49.5
Touchstone Credit Opportunities A551.49.1
Shelton Tactical Credit A300.89.1
Altrius Enhanced Income I261.48.6
Western Asset Macro Opportunities A8141.28.2
Prudential Unconstrained Bond A270.88.2
Toews Unconstrained Income1081.08.1
Arrow Alternative Solutions A1651.48.0
Columbia Strategic Income A30411.37.9
Wavelength Interest Rate Neutral180.17.8
Virtus Strategic Income A301.17.6
PIMCO Floating Income A01.67.6
MainStay Unconstrained Bond A14551.77.2
Robinson Tax Advantaged Income A138-0.77.2
Sierra Strategic Income A4910.87.1
JPMorgan Strategic Income Opps A123101.37.1
North Star Bond I140.97.1
Guggenheim Macro Opportunities A32651.36.9
Salient Tactical Muni & Credit Instl1060.66.7
SMI Bond9-0.36.1
Cedar Ridge Unconstrained Credit Instl720.46.1
Scout Unconstrained Bond Instl14620.36.0
Transamerica Unconstrained Bond I1560.85.8
Franklin K2 Long Short Credit A01.15.8
James Alpha Hedged High Income A151.75.7
CMG Tactical Bond I271.65.7
PIMCO Credit Absolute Return A00.85.3
Collins Long/Short Credit A390.65.3
JPMorgan Unconstrained Debt A29560.65.2
Eaton Vance Glbl Macro Abs Ret Advtg A16882.55.1
Iron Strategic Income Institutional1480.85.1
Goldman Sachs Long Shrt Crdt Strats Inst2111.05.1

Top 10 FOHF July

ProgramFund Size ($m)Aug 2016. Return (%)YTD Return (%)
AIP Select Mortgage Fund LP71.01.5-0.5
Sandalwood Debt Fund B LP200.01.32.4
EnTrust Diversified Select Credit LP39.31.22.1
Lighthouse Credit Opp. Ltd (B)168.01.2-1.3
Stenham Credit Opportunities USD20.81.22.9
Corbin Opportunity Fund706.21.06.6
BCM Credit Opportunities Fund LP150.00.82.9
Narrapuno SPC - Convergence A USD31.00.71.8
BCA Alternative Income Fund48.20.54.7
EnTrustPermal FI Holdings NV USD A1812.50.41.3
TAS Fixed Income Arbitrage H USD42.30.31.4
Morrocroft Special Opportunity II LP45.00.34.8
Angel Oak Strategic Mortgage Income217.20.23.4
Acorn Credit Strategies Fund Ltd19.60.1-0.1

Top 10 FOHF YTD

ProgramFund Size ($m)Aug 2016. Return (%)YTD Return (%)
Corbin Opportunity Fund706.21.06.6
Morrocroft Special Opportunity II LP45.00.34.8
BCA Alternative Income Fund48.20.54.7
Angel Oak Strategic Mortgage Income217.20.23.4
Stenham Credit Opportunities USD20.81.22.9
BCM Credit Opportunities Fund LP150.00.82.9
Sandalwood Debt Fund B LP200.01.32.4
EnTrust Diversified Select Credit LP39.31.22.1
Narrapuno SPC - Convergence A USD31.00.71.8
Burkian Fund Strategy19.00.11.7
TAS Fixed Income Arbitrage H USD42.30.31.4
EnTrustPermal FI Holdings NV USD A1812.50.41.3
Acorn Credit Strategies Fund Ltd19.60.1-0.1

Top 40 Alt Credit UCITS July

The Ucits offering the German banking giant’s asset management arm is continuing its upward curve for the year and has delivered 3.9% gains through August, more than double the returns seen a month previous.

The long-only vehicle, which has posted 20.7% 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)Aug 2016. Return (%)YTD Return (%)
DWS Euro High Yield Bond Master BRL1502.93.920.7
RWC Asia Convertibles Fund B USD51.63.61.8
GAM Star Credit Opp - GBP Inst'l (Acc)293.63.410.6
Oyster Flexible Credit R EUR PR67.52.92.7
Man GLG ABS Fund Corp Acc135.72.72.4
Oyster Global High Yield I USD HD228.22.612.2
Deutsche Inv I Euro HY Corp USD FCH3.52.311.3
New Capital WNBF USD/INR Hedge Inst1004.12.313.7
New Capital WNBF NOK Inst Inc1004.11.912.1
Man GLG Corporate Bond Fund Prof Inc120.31.822.6
DB Platinum IV Sovereign Optima I2D-E161.61.717.1
Lyxor / Chenavari Credit Fund I USD21.71.5-0.6
RWC Global Convertibles Fund B USD1330.81.30.2
PTR Kosmos I GBP609.21.217.0
Rubrics Global Credit UCITS USD A303.01.26.5
Man GLG Strategic Bond Fund Prof509.91.15.4
GAM Star (Lux) Convertible Alpha D USD15.91.12.8
Renminbi Bond Fund UI GBP Inst25.11.011.9
Alegra High Grade ABS Fund UCITS86.61.02.2
BSF Euro Credit Strategies H2 CHF366.30.9-11.0
Polar Cap Gl Convert Fund I GBP489.10.914.6
Man GLG Gl Convertibles IM USD179.90.90.7
Altana Corporate Bond Fund UCITS29.40.93.2
Breisgau-Rent78.90.91.8
RWC Core Plus Fund B EUR29.00.90.6
DWS Eurorenta698.80.97.2
Duemme SICAV Euro Investments Plus152.70.84.4
Deutsche Inv I Convertibles USD FCH185.00.8-1.7
DWS Euro-Bonds (Medium)240.50.85.3
Cheyne Global Credit UCITS IV I1 EUR106.00.84.6
Candriam Bonds Credit Op I-EUR1735.80.84.1
RAM (Lux) Tactical Conv. Europe EUR I114.80.8-0.5
BSF Global Absolute Return Bond A592.00.72.5
Duemme Sicav - Gl Conv Plus I44.60.7-0.9
Oyster Global Convertibles C USD HP686.00.7-0.1
BlackRock Absolute Return Bond D920.30.70.6
DB Fixed Income Opp DPM USD163.60.65.1
Oyster European Corp Bonds C EUR367.00.63.9
Byron Fixed Income Alpha Sub-Fund16.60.6-0.5
DWS Euro-Bonds (Long)82.50.53.7

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 222.6% returns in 2016 and almost 1.8% through August.

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, among them Pierre Henri-Flamand who was promoted from senior portfolio manager at GLG to chief investment officer.

ProgramFund Size ($m)Aug 2016. Return (%)YTD Return (%)
Man GLG Corporate Bond Fund Prof Inc120.31.822.6
DWS Euro High Yield Bond Master BRL1502.93.920.7
DB Platinum IV Sovereign Optima I2D-E161.61.717.1
PTR Kosmos I GBP609.21.217.0
Polar Cap Gl Convert Fund I GBP489.10.914.6
New Capital WNBF USD/INR Hedge Ord Inc1004.12.214.3
Oyster Global High Yield I USD228.22.313.9
Renminbi Bond Fund UI GBP Inst25.11.011.9
Deutsche Inv I Euro HY Corp USD FCH3.52.311.3
GAM Star Credit Opp - GBP Inst'l (Acc)293.63.410.6
Barmenia Renditefonds DWS26.60.38.2
Oyster USD Bonds C USD158.30.37.7
Deutsche Inv I Euro Corp Bonds IC548.20.57.3
DWS Eurorenta698.80.97.2
Oyster European FI C EUR273.40.37.0
Rubrics Global Credit UCITS USD A303.01.26.5
Deutsche Inv I Euro-Gov Bonds FC909.80.06.4
Rubrics International Bond A - USD4.0-0.65.5
Man GLG Strategic Bond Fund Prof509.91.15.4
DWS Euro-Bonds (Medium)240.50.85.3
DB Fixed Income Opp DPM USD163.60.65.1
RAM (Lux) Tactical Gl Bnd Tot Re E EUR121.50.14.8
Rubrics Global FI UCITS (A-USD)297.00.44.8
DB Fixed Income Opp ADV USD71.00.64.7
GAM Star Alt. FI Inst'nl GBP Income121.80.54.7
Rubrics Global Credit UCITS CHF H303.00.94.7
Cheyne Global Credit UCITS IV I1 EUR106.00.84.6
Oyster Multi Asset Inf Shield R USD42.10.14.5
Duemme SICAV Euro Investments Plus152.70.84.4
DWS Covered Bond Fund FD189.20.44.4
Candriam Bonds Credit Op I-EUR1735.80.84.1
DB Platinum IV Sovereign Plus R1D104.2-0.73.9
Oyster European Corp Bonds C EUR367.00.63.9
DWS Euro-Bonds (Long)82.50.53.7
Deutsche Inv I Euro Bonds (Prem) FC47.20.33.6
GAM Star AR Bond Plus USD Instl A926.80.33.4
Pictet Abs Ret FI I USD1355.00.53.3
Altana Corporate Bond Fund UCITS29.40.93.2
Deutsche Inv I Short Dur Credit FC147.40.12.8
GAM Star (Lux) Convertible Alpha D USD15.91.12.8

Top 10 Fixed Income MBS July

ProgramFund Size ($m)Aug 2016. Return (%)YTD Return (%)
Nykredit Alpha Mira122.81.910.4
Lynx Plus Fund190.01.95.6
Metacapital Rising Rates Fund515.01.7-9.8
Dwight Securities Fund A53.31.66.8
Nykredit Alpha KOBRA107.31.69.1
PTAM Enhanced Structured Credit LP57.61.55.3
Cheyne RE Debt Fund A1535.01.5-0.6
Metacapital Mortgage Value Fund146.01.5-1.6
Dalton High Yield Opportunities Fund95.01.43.8
Structured Servicing Holdings102.01.30.2
LibreMax Offshore Fund Ltd1078.01.20.5
SBF Opportunities Fund34.21.23.3
IAM Credit Opportunities Master Fund41.81.110.7

Top 10 Fixed Income MBS YTD

ProgramFund Size ($m)Aug 2016. Return (%)YTD Return (%)
Pacificor RMBS Carve Out2.71.119.8
IAM Structured Credit Strat Composite98.10.314.6
IAM Credit Opportunities Master Fund41.81.110.7
Nykredit Alpha Mira122.81.910.4
Nykredit Alpha KOBRA107.31.69.1
CCP Total Return Fund7.20.78.3
Sterling Mortgage Income Fund Class A58.40.87.8
Midway Market Neutral Fund500.00.97.7
Cello Fixed Income Master Fund269.30.26.9
Dwight Securities Fund A53.31.66.8
Voya Mortgage Investment1290.20.96.6
MBS Agency Fund590.00.86.5
Lynx Plus Fund190.01.95.6
PTAM Enhanced Structured Credit LP57.61.55.3

Top 10 Fixed Income High Yield Funds July

ProgramFund Size ($m)Aug 2016. Return (%)YTD Return (%)
Aristeia International Ltd B933.22.78.7
Canepa Short-Term High Yield Offshore93.92.69.9
Concise Capital Composite Fund95.12.69.9
Pictet US High Yield I USD600.02.56.7
Pictet EUR High Yield I JPY1891.32.3-6.2
PENN Core HY Bond Fund LP367.21.98.3
WB Opportunities Fund Ltd121.01.75.9
Candriam Bonds Gl High Yield (I)528.71.78.7
Capital Four Credit Opportunities Fund123.81.63.4
Brandywine Global Alternative Credit613.61.64.1
Candriam Bonds Euro High Yield (I)2384.91.67.3
Pacificor LLC Public HY Opportunities2.41.52.8
Renminbi Bond Fund CHF B52.91.110.1
FTM Limited B1.01.010.6
FTM Limited C2.10.96.7
BCM High Yield Fund A EUR7.80.9-2.9

Top 10 Fixed Income High Yield Funds YTD

ProgramFund Size ($m)Aug 2016. Return (%)YTD Return (%)
Venator Income Fund F58.80.812.1
FTM Limited B1.01.010.6
Renminbi Bond Fund CHF B52.91.110.1
Canepa Short-Term High Yield Onshore1.22.510.1
Concise Capital Composite Fund95.12.69.9
Aristeia International Ltd B933.22.78.7
Candriam Bonds Gl High Yield (I)528.71.78.7
PENN Core HY Bond Fund LP367.21.98.3
Horizon Credit Opp LP7.40.47.8
Candriam Bonds Euro High Yield (I)2384.91.67.3
Pictet EUR Hi Yield HI USD1890.01.97.1
Pictet US High Yield I USD600.02.56.7
Horizon Multi Dis. Fund LP (A)11.10.06.0
WB Opportunities Fund Ltd121.01.75.9