Canadian convertible, Alcentra lead returns – July performance review

Canadian convertible bond fund SMI Defensive remains the top performer YTD following its huge returns earlier this year.

$24.1bn global asset manager Alcentra moves up to second place with July returns of 6.49% for its Alcentra Global Special Situations Fund bringing total returns YTD to 22.79%. Its special situation strategy seeks to invest in undervalued, sub-investment grade credit opportunities, primarily in Europe.

Copernico Capital Partners’ Latin America Strategic Fund continues to do well with a 1.35% gain in July taking YTD returns above 18%. The Argentina-based hedge fund has a primary event-driven strategy looking for mispriced securities in the region, alongside momentum trades and a range of fixed income instruments.

David Tepper’s flagship $7.95bn Palomino fund also features highly despite subdued returns of -0.6% for the month. Other notable funds in the top 20 include Axa’s Private Selection Open Bonds fund, the top performing FoHF in the ACI data pages, and Deer Park Road’s $1.6bn STS Partners Fund, which climbed slightly in July to post YTD returns of 9.37%. Contrarian Capital’s $422m emerging markets fund moved into the top 20 with monthly returns of 4.44%.

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 June review

Top Performers in July

NameFund SizeReturns
Top Credit L/S FundAlcentra Global Special Situations Fund€141M6.49%
Top Convertible ARBCamden Equity Overlay Fund$399m1.89%
Top Fixed Income ARBHellebore Credit Arbitrage$56m2.09%
Top Distressed SecuritiesJLP Partners Fund$32m4.81%
Top Credit FoHFBSI Multi Manager Directional Fund A$139m1.39%
Top Alt Credit 40 Act FundJanus Global Unconstrained Bond$1.5bn1.54%
Top Fixed Income ARB UCITS fundCentris Capital - Liquid Stressed Debt€34m2.67%

Top 20 Overall YTD (July)

NameFund sizeTotal return JulyTotal return YTD
SMI Defensive LP$91m-2.68364.13
Alcentra Global Special Situations Fund€141m6.4922.79
Copernico Latin America Strategic$86 m1.3518.55
Stornoway Recovery Fund$24m0.4913.92
Palomino Fund$7.95bn-0.6012.90
LMR Alpha Rates Trading Fund$246m1.0910.12
Quest Global Convertible Fund$30 m0.459.87
Endeavour Pembroke Fund$35 m2.639.79
AXA PRIVATE SELECTION OPEN BONDS€30m0.9249.718
STS Partners Fund$1.6bn0.159.37
Contrarian Emerging Markets Off Fund$422m4.448.92
TCA Global Credit Fund€613m0.608.35
Acuity Corporate Opportunity Fund$28 m0.818.34
The Third Friday Total Return Fund$21 m1.347.94
Asgard Fixed Income Fund€270m0.247.73
LNG Europa Credit Fund$151m0.797.49
BSI Multi Manager Directional Fund$139 m1.3937.402
Kayne Anderson Infrastructure Income$450 m-1.297.22
Hellebore Credit Arbitrage Class A USD$56 m2.097.12
Sanctum Fixed Income Fund$216m1.17.12
Long/Short Credit
Convertible Arbitrage
Fixed Income Arbitrage
Distressed Securities
40 Act Funds
Fund of Hedge Funds
Alt Credit UCITS