SMI Defensive and Alcentra lead the pack – August performance review

Canadian convertible bond fund SMI Defensive remains the top performer YTD with a 2.69% return in August adding to its huge returns earlier in the year.

$24.1bn global asset manager Alcentra continues in second place despite suffering a fall of -2.14% in August after a stellar July. Its special situation strategy seeks to invest in undervalued, sub-investment grade credit opportunities, primarily in Europe.

David Tepper’s flagship $7.95bn Palomino fund is the top performing $1bn-plus fund, despite falling -1.73% through the month, with returns of 10.95% and Deer Park Road’s $1.6bn STS Partners Fund continues to feature highly after a flat August for the fund.

Emerging market specialist VR Global Partners rose into the top 20 with strong growth of 2.31% for the month taking the $2.8bn fund run by Richard Deitz to over 7% YTD.

Other sizeable funds in the top 20 include Pine River’s $1bn Liquid Rates Fund, rising nearly 1% in a strong August and the Finisterre Global Opportunity Fund, run by Sirushe Hewazy and Darren Walker, which was up over 1% to take YTD returns to 8.18%.

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 August

NameFund SizeReturns
Top Credit L/S FundGracie Credit Opportunity Fund$98m3.57%
Top Convertible ARBSMI Defensive$93m2.69%
Top Fixed Income ARBHellebore Credit Arbitrage$63m2.08%
Top Distressed SecuritiesBowery Opportunity Fund$59m3.03%
Top Credit FoHFPortland Private Income Fund$11m0.59%
Top Alt Credit 40 Act FundArrow Alternative Solutions$85m1.14%
Top Fixed Income ARB UCITS fundL & G - LIBOR High Alpha Global Credit$190m1.67%

Top 20 Overall YTD (August)

NameFund sizeTotal return AugustTotal return YTD
SMI Defensive LP$93m2.69376.59
Alcentra Global Special Situations Fund€136m-2.1420.16
Stornoway Recovery Fund$23m0.3214.28
Kane Street Fund LP$96 m1.8414.04
Palomino Fund$8.1bn-1.7310.95
LMR Alpha Rates Trading Fund$255m0.6310.88
Quest Global Convertible Fund$30 m0.4710.39
Contrarian Emerging Markets Off Fund$422m0.779.75
Bowery Opportunity Fund, L.P.$59 m3.039.68
Hellebore Credit Arbitrage$63 m2.089.35
STS Partners Fund$1.6bn-0.079.29
Endeavour Pembroke Fund Limited$37 m-1.018.68
Finisterre Global Opportunity Master$937 m1.038.18
Pine River Liquid Rates Fund$1bn0.977.87
TCA Global Credit Master Fund$301 m0.987.58
Corrib Master Fund$99 m-0.407.34
VR Global Partners LP$2.8bn2.317.17
Pimco Global Credit Opportunity Fund$2.5bn0.547.04
Napier Park European Credit Opportunites€362m0.416.33
LNG Europa Credit Fund$151m-1.116.3
Long/Short Credit
Convertible Arbitrage
Fixed Income Arbitrage
Distressed Securities
40 Act Funds
Fund of Hedge Funds
Alt Credit UCITS