Contrarian emerging markets fund on top – January performance review

Contrarian Capital’s $361m hedge fund started the year well during a tough month for credit with its Emerging Markets Offshore Fund up 2.81%. The Contrarian Emerging Markets Offshore Fund returned 14.6% for 2015, Alt Credit Intelligence’s fifth top overall performer of 2015.

The manager, which is based in Greenwich, CT, takes event driven and distressed approaches to investing in emerging markets.

Endeavour Capital made its way up the table from 19th place in December to fourth in the first month of the year, while Deer Park Road’s $1.5bn STS Partners Fund was the highest $1bn-plus fund in the top ten in January.

Another large fund to make the top ten at the start of the year was Pine River’s $1bn Liquid Rates Fund which returned 1.05%. The fund returned a total 13.55% to investors in 2015.

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 s.segal@pageantmedia.com.

Click here for December review

Top Performers in January

NameFund SizeTotal Ret YTD (%)
Contrarian Emerging Markets Off Fund$361m2.81
Gracie Credit Opportunities Fund,$97 m2.48
Wellington Non-Yen Bond JPY A$38 m2.21
Endeavour Pembroke Fund Limited$35 m2.19
Credit Investment I$7 m2.09
STS Partners Fund$1,530 m1.33
Camden Bonds Plus LLC$159.00 m1.06
Pine River Liquid Rates Fund$1bn1.05
Pimco Global Credit Opportunity Fund$3.1bn1.02
Income Flood$56 m0.94
Coherence Capital Spectrum Master$93 m0.92
TCA Global Credit Master Fund$355 m0.89
Capula Global Relative Value Fund$8.0bn0.85
Coast Value Fund I Ltd$26.39 m0.8
Wellington Glbl Aggt Bond USD S Unhdgd$128 m0.78
Colchis P2P Offshore Master Fund$978 m0.7
Halcyon Off Asset-backed Value Fund$954m0.65
Symphony Adagio Fund$612 m0.6
BCA Alternative Income Fund$45.7m0.6
PCM Provident Agency Fund$212 m0.58

Top 20 Overall YTD (January)

NameFund SizeTotal Ret YTD (%)
Contrarian Emerging Markets Off Fund$361m2.81
Gracie Credit Opportunities Fund,$97 m2.48
Wellington Non-Yen Bond JPY A$38 m2.21
Endeavour Pembroke Fund Limited$35 m2.19
Credit Investment I$7 m2.09
STS Partners Fund$1,530 m1.33
Camden Bonds Plus LLC$159.00 m1.06
Pine River Liquid Rates Fund$1bn1.05
Pimco Global Credit Opportunity Fund$3.1bn1.02
Income Flood$56 m0.94
Coherence Capital Spectrum Master$93 m0.92
TCA Global Credit Master Fund$355 m0.89
Capula Global Relative Value Fund$8.0bn0.85
Coast Value Fund I Ltd$26.39 m0.8
Wellington Glbl Aggt Bond USD S Unhdgd$128 m0.78
Colchis P2P Offshore Master Fund$978 m0.7
Halcyon Off Asset-backed Value Fund$954m0.65
Symphony Adagio Fund$612 m0.6
BCA Alternative Income Fund$45.7m0.6
PCM Provident Agency Fund$212 m0.58

Top 50 Credit L/S January

NameFund SizeTotal Ret Jan (%)Total Ret 2015 (%)
Contrarian Emerging Markets Off Fund$361m2.8114.60
Gracie Credit Opportunities Fund,$97 m2.483.13
Wellington Non-Yen Bond JPY A$38 m2.21-4.38
Credit Investment I$7 m2.098.51
Pimco Global Credit Opportunity Fund$3.1bn1.026.89
Income Flood$56 m0.9411.32
Coherence Capital Spectrum Master$93 m0.926.29
TCA Global Credit Master Fund$355 m0.899.41
Wellington Glbl Aggt Bond USD S Unhdgd$128 m0.78-3.23
Colchis P2P Offshore Master Fund$978 m0.708.84
Symphony Adagio Fund$612 m0.601.40
BCA Alternative Income Fund$45.7m0.608.30
PCM Provident Agency Fund$212 m0.583.93
MidOcean Absolute Return Credit fund$403m0.574.36
LNG EUROPA CREDIT FUND LTD USD Standard$238 m0.516.01
Cheyne Real Estate Credit Holdings III$586 m0.4410.81
Wellington USInvst Grd InterCorBd A¥$111 m0.40-0.87
WAF Master Fund$130 m0.357.18
The Third Friday Total Return Fund$23 m0.238.31
Wellington US IG Corp Bd JPY A Dis$44 m0.13-3.36
Ellington Mortgage Opportunites Master$376m0.121.80
Wellington Glbl Ttl Ret II USD T UnH$1,132 m0.080.91
TIG Securitized Asset Fund$811 m0.076.05
Kevlon Fund$7 m0.060.18
Talisman Partners$33 m0.04-0.26
ARROWPOINT INCOME OPPORTUNITY FUND$575 m-0.035.47
Triple Opportunity Fixed Income Fund A$28 m-0.05-8.23
Napier Park European Credit Opportunites€364m-0.078.21
Semper MIDAS Fund$93 m-0.100.92
Observatory Credit Markets Fund$1bn-0.223.13
Bluebird Funds$72 m-0.245.65
Capeview Recovery Fund$355m-0.244.08
Fifth Street Oppo Fund$58 m-0.251.36
Cedar Ridge Investors Fund I$39 m-0.28-9.18
Axonic Credit Opportunities Master Fd$1,862 m-0.420.52
Lynx Plus Master Fund SP$174 m-0.44-0.08
AHP Asia Credit Opportunities Fund$114m-0.465.90
IP All Seasons Bond Fund$240 m-0.52-2.74
Gulf International Bank Emerging Markets Opportunities Fund$388m-0.566.11
KKR Credit Alpha Fund USD$17 m-0.58-1.47
Ellington Credit Opportunites Fund$649m-0.633.24
Asgard Fixed Income Fund€270m-0.668.91
Fullerton RMB Fixed Income Fund A$82 m-0.69-1.03
Finisterre Global Opportunity Master$1,105 m-0.786.35
Capital Four Credit Opportunites Fund€65m-0.943.84
Wellington Glbl Strat Crdt USD S Acc$925 m-0.960.09
SPF Credit Suisse Securitised Products Master Fund$2.2bn-1.006.15
Bluebay Credit Alpha Long Short Fund€219m-1.141.84
Permal F/I Special Opportunities$250 m-1.15-4.01
Kingdon Credit Master Fund$347 m-1.29-2.25

Top 50 Credit L/S 2015

NameSizeDecember MTDDecember YTD
Alcentra Global Special Situations Fund€154m-0.5023.71
Contrarian Emerging Markets Off Fund$361m1.1614.60
Chenavari Corporate Creidt Strategy$222m0.7810.42
Asgard Fixed Income Fund€270m3.428.91
Clareant Structured Credit Opportunities Fund€248m0.248.89
Napier Park European Credit Opportunites€364m0.088.21
BAF Latam Trade Finance Fund$750m0.407.20
Pimco Global Credit Opportunity Fund$2.6bn0.656.89
SPF Credit Suisse Securitised Products Master Fund$2.2bn0.666.15
LNG EUROPA CREDIT FUND LTD2380.456.01
AHP Asia Credit Opportunities Fund$114m-0.285.90
Coherence Capital Spectrum Fund$93m0.885.14
UBS (Cay) EUR High Yld Pls72-0.944.94
GLG Cross Asset Value Offshore Fund$277m1.084.87
AG Mortgage Value Partners$1.5bn-0.354.43
MidOcean Absolute Return Credit fund$403m-0.234.36
Capeview Recovery Fund$355m1.744.08
Capital Four Credit Opportunites Fund€56m0.103.84
Clareant Structured Credit Opportunities Fund€196m-0.733.68
Ellington Credit Opportunites Fund$649m-0.253.24
Observatory Credit Markets Fund$1bn-0.393.13
UBS (Cay) EUR High Yld Pls A EUR67-1.122.95
LMCG Serenitas Credit Gamma Master Fund$37.6m0.592.95
One William Street Capital Fund$913m-0.552.31
MidOcean Credit Opportunity Fund$753m-0.922.27
LNG Europa Credit Fund$119m0.452.22
Ellington Mortgage Opportunites Master fund$351m0.221.80
Symphony Andante Fund LP6900.331.52
Marinus Opportunities Fund$344m0.131.37
Tilden Park Offshore Investment Fund$3.6bn1.351.29
Semper MIDAS Fund86-0.810.92
Wellington Glbl Ttl Ret1177-0.590.91
Axonic Credit Opportunites$1.1bn-0.200.74
Wellington Glbl Strat Crdt USD D Acc848-0.35-0.41
400 Capital Creidt Opportunites$1.1bn-1.01-0.42
Wyetree Yield Distribution Fund$90m-0.90-0.42
WyetreeResidential Real Estate Total Return Opp Fund$139m-0.50-0.42
Seer Capital Partners Offshore fund$1.6bn-1.25-0.61
Matignon Derives Credit11390.00-0.72
Octagon High Income Fund$131m-2.09-0.92
Candlewood Structured Credit Harvest Fund$474m-1.40-1.04
DW Value Offshore Fund$910m-0.74-1.56
Tricadia Credit Strategies$1.7bn-0.94-1.82
Green T G2 Fund$502m0.02-1.88
Metacapital Rising Rates Fund5420.91-2.30
Finisterre Credit Fund$546m-1.10-2.32
CQS ABS Feeder Fund$1.6bn-0.46-2.36
Loomis Sayles Credit Long Short Fund$765m-3.07-2.50
Prosiris Global Opportunites Fund$675m0.08-2.61
Kingdon Credit Ltd$354m-2.25-2.68

Top 10 Convertible Arb January

NameFund SizeTotal Ret Jan (%)Total Ret 2015 (%)
Camden Bonds Plus LLC$159 m1.062.09
Symphony Arpeggio Fund$490 m0.271.31
Advent Hedged Convertible Fund$231 m0.003.86
Steelhead Pathfinder Fund, LP$332 m-0.341.55
Polar Capital ALVA Glb Convertible USD$73 m-0.861.40
Salar Convertible Absolute Return fund$240m-1.660.71
Basso Investors$561m-1.962.11
Camden Yield Strategies Fund II LP$23 m-2.182.36
Wolverine Flagship Fund Trading Limited$1,573 m-2.181.10
Yield Strategies Fund II LTD$55 m-2.502.69

Top 10 Convertible Arb 2015

NameSizeDecember MTDDecember YTD
Hedged Convertible Strategy-Advent Cap Man$396m-1.243.98
Basso Investors$561m-0.612.11
Camden Bonds Plus LLC153m-0.472.09
Perinvest Convertible Ltd29m-3.921.87
Symphony Rhapsody Fund470m-0.531.59
Steelhead Pathfinder Fund334m-1.381.55
Salar Convertible Absolute Return fund$245m1.900.71
JabCap Global Convertible fund$329m-2.710.25
Mohican VCA Fund12.3m-1.33-0.40
Gabelli Performance Partners249.5m-2.24-3.18

Top 10 Fixed Income Arb January

NameFund SizeTotal Ret Jan (%)Total Ret 2015 (%)
Pine River Liquid Rates Fund$1bn1.0513.55
Capula Global Relative Value Fund$8.0bn0.857.54
Coast Value Fund I Ltd$26.39 m0.805.00
Prologue Feeder Fund$725m0.491.87
III Fund$106m0.281.54
Pelagus Capital Fund$39m0.01-2.89
PELAGUS CAPITAL FUND USD$36.86 m-0.12-2.61
London Diversifed Fund$112m-0.52-2.97
Midwest Trading Partners Micro-Arb$5.85 m-0.63-1.51
Barnegat Investments Ltd - Class B$682.93 m-0.641.50

Top 10 Fixed Income Arb 2015

NameSizeDecember MTDDecember YTD
LMR Alpha Rates Trading Fund$521m0.1115.05
Pine River Liquid Rates Fund$1bn2.1913.55
Capula Global Relative Value Fund$7.9bn0.327.54
Sanctum Fixed Income Fund$182m0.555.36
Coast Value Fund I270.204.96
Pimco Absolute Return Strategy$1.8bn-0.064.54
Goldstein Cap Mngd Bond Port Master Fund290.334.01
Serenitas Credit Gamma Master Fund380.592.95
Alpi Hedge134-0.022.36
Angel Oak Strategic Mortg Inc Fund238-0.672.30

Top 10 Distressed Securities January

NameFund SizeTotal Ret Jan (%)Total Ret 2015 (%)
Endeavour Pembroke Fund Limited$35 m2.196.16
STS Partners Fund$1,530 m1.338.71
Halcyon Off Asset-backed Value Fund$954m0.652.16
The Kawa Offshore Feeder Fund Ltd$278 m-0.486.01
David Kempner Distressed Opp Int$1.2bn-1.31-6.17
Bluebay Event Driven Credit Fund€153m-1.32-0.66
VR Global Partners LP$2,961 m-1.8814.69
OWS Credit Opportunity Fund$592m-2.001.80
Candlewood Special Situations$915m-2.40-14.25
Monarch Debt Recovery Fund$1.3bn-2.491.37

Top 10 Distressed Securities 2015

NameSizeDecember MTDDecember YTD
Stornoway Recovery Fund675.2822.99
Kane Street Fund134-3.0316.30
VR Global Offshore Fund$2.1bn-1.0014.49
Waterfall Victoria ERISA Fund1111.089.83
STS Partners Fund1500-0.038.71
Endeavour Pembroke Fund36-3.586.17
The Kawa Offshore Feeder Fund2843.066.01
Halcyon Off Asset-backed Value Fund$1.1bn0.172.16
OWS Credit Opportunity Fund$400m-0.601.80
Monarch Debt Recovery Fund$1.4bn-1.251.37

Top 40 40 Act Funds January

The Navigator Tactical Fixed Income Fund was up 2.38% earning it the top ’40 Act Fund spot in January, an improvement from December when it was down -1.4% for the last month of the year. The fund invests largely in B and BB bonds, which make up almost 75% of its portfolio, according to Morningstar. The fund, which was launched in 2014, is managed by Sean Clark of Clark Capital Management.

NameFund SizeTotal Ret Jan (%)Total Ret 2015
Navigator Tactical Fixed Income A$323 m2.38-1.17
BTS Tactical Fixed Income A$196 m2.00-2.31
Counterpoint Tactical Income A$101 m1.310.58
Forward Credit Analysis Long/Short Instl$139 m0.794.80
Catalyst/Stone Beach Income Opp A$3 m0.58-0.31
Sierra Strategic Income A$333 m0.55-1.15
Cedar Ridge Unconstrained Credit Instl$54 m0.38-0.97
Robinson Tax Advantaged Income A$74 m0.375.34
Janus Global Unconstrained Bond A$1,259 m0.26-0.72
Spectrum Low Volatility Investor$21 m0.201.08
Dreyfus Global Dynamic Bond A$18 m0.17-1.05
Metropolitan West Strategic Income M$124 m0.170.11
PIMCO Mortgage Opportunities A$2,026 m0.132.29
Eaton Vance Multi-Strat Absolute Ret A$130 m0.100.49
Metropolitan West Unconstrained Bd I$2,323 m0.080.35
MFS Absolute Return A$200 m0.06-3.06
Payden Absolute Return Bond Adviser$63 m0.040.61
CMG Tactical Bond I$36 m0.00-1.94
GMO Debt Opportunities VI$1,628 m0.001.67
Hartford Global Alpha A$26 m0.00-0.11
Toews Unconstrained Income$89 m-0.04-0.77
Manning & Napier Unconstrained Bond S$868 m-0.10-0.88
FPA New Income$5,409 m-0.100.15
WST Asset Manager - US Bond Instl$55 m-0.10-0.66
Anfield Universal Fixed Income A$74 m-0.181.52
Arbitrage Credit Opportunities C$61 m-0.21-1.98
Lazard Enhanced Opportunities Instl$25 m-0.22-2.32
Goldman Sachs Fxd Inc Mcr Strts A$69 m-0.231.04
AB Credit Long/Short A$21 m-0.31-0.52
Redwood Managed Volatility I$245 m-0.33-5.49
Sentinel Unconstrained Bond A$25 m-0.36-1.93
Voya Strategic Income Opportunities A$118 m-0.402.31
JPMorgan Unconstrained Debt A$3,119 m-0.40-0.48
Legg Mason BW Absolute Return Opp A$1,569 m-0.45-5.65
Calvert Unconstrained Bond A$65 m-0.511.57
BlackRock Global Long/Short Credit Inv A$5,129 m-0.51-1.22
Brown Advisory Strategic Bond Adv$44 m-0.52-3.49
Stone Harbor Strategic Income Instl$35 m-0.54-2.11
SunAmerica Flexible Credit A$255 m-0.58-0.96
Delaware Diversified Floating Rate A$363 m-0.60-0.83

Top 40 40 Act Funds 2015

Eaton Vance’s Parametric Absolute Return Institutional was crowned top performer for 2015 with December returns of 1.71% taking 2015 returns to 6.65%. The fund is managed by Thomas Luster, Maria Cappellano, Ken Everding and Jonathan Orseck and currently has a portfolio 61% made up of cash with bonds making up 39.1% of holdings. Corporate bonds make up 16% of holdings with government bonds making up 16% and 7% in securitised.

NameFund sizeTotal return DecemberTotal return YTD
Parametric Absolute Return Institutional$23 m1.716.65
Robinson Tax Advantaged Income A$73 m2.535.34
Arrow Alternative Solutions A$124 m0.125.08
Forward Credit Analysis Long/Short Instl$112 m0.844.80
WHV/Acuity Tactical Credit Long/Short A$54 m-0.804.78
Semper MBS Total Return Institutional$466 m0.144.18
PIMCO Fixed Income SHares LD$32 m-0.064.05
Eaton Vance Glbl Macro Abs Ret Advtg A$1,486 m0.083.84
PF Global Absolute Return P$138 m-0.153.04
Navigator Duration Neutral Bond A$76 m1.582.38
Voya Strategic Income Opportunities A$119 m0.252.31
PIMCO Mortgage Opportunities A$2,033 m-0.142.29
Eaton Vance Glbl Macr Absolute Return A$4,249 m0.152.28
Columbia Mortgage Opportunities A$222 m0.482.25
GMO Debt Opportunities VI$1,672 m0.291.67
Calvert Unconstrained Bond A$57 m-0.251.57
Anfield Universal Fixed Income A$74 m-0.461.52
Virtus Strategic Income A$29 m-1.001.51
Spectrum Low Volatility Investor$21 m0.131.08
Western Asset Macro Opportunities A$739 m-0.981.07
Henderson Unconstrained Bond A$27 m-0.501.04
Goldman Sachs Fxd Inc Mcr Strts A$69 m-0.241.04
JHancock Global Cnsrv Abs Ret A$109 m0.290.91
Goldman Sachs Long Shrt Crdt Strats Inst$193 m-0.550.68
Payden Absolute Return Bond Adviser$62 m-0.310.61
Counterpoint Tactical Income A$88 m-0.400.58
DoubleLine Flexible Income I$221 m-0.690.50
Eaton Vance Multi-Strat Absolute Ret A$146 m0.060.49
AAM/HIMCO Unconstrained Bond I$50 m-0.910.38
Metropolitan West Unconstrained Bd I$2,348 m-0.140.35
Western Asset Total Return Uncons I$1,181 m-0.330.25
Columbia Strategic Income A$2,385 m-0.810.24
FPA New Income$5,349 m-0.340.15
Metropolitan West Strategic Income M$133 m-0.200.11
Invesco Unconstrained Bond A$26 m-0.830.01
Hartford Global Alpha A$26 m-0.73-0.11
Scout Unconstrained Bond Instl$1,353 m-1.27-0.11
Catalyst/Stone Beach Income Opp A$2 m-0.69-0.31
JPMorgan Unconstrained Debt A$3,096 m-0.51-0.48
Putnam Absolute Return 100 A$242 m-0.32-0.51

Top 10 FOHF January

NameFund SizeTotal Ret Jan (%)Total Ret 2015 (%)
Portland Private Income Fund A$20 m0.588.77
HSBC Credit Market Opportunities InstUSD$30 m-0.910.17
Core Classic Fund LP$62 m-1.00-0.42
Acorn Credit Strategies L.P.$31 m-1.031.58
Stenham Credit Opportunities A Class USD$21 m-1.88-5.00
EnTrust Diversified Select Credit LP - C$42 m-2.16-4.52
Alternative Investments Opportunity, L.P$81 m-2.17-2.37
AIP Select Mortgage Fund Class A$158 m-2.35-0.67
Permal Fixed Income Holdings NV USD A$2,631 m-3.01-5.04
Lighthouse Credit Oppo Fd Limited Clas B$232 m-3.30-8.38

Top 10 FOHF 2015

NameFund SizeTotal Ret Dec (%)Total Ret 2015 (%)
Portland Private Income Fund A17.21.018.77
Morrocroft Special Opportunities Fund I5.00.093.21
Héraclès2.00.142.38
Acorn Credit Strategies L.P.36.2-0.411.58
Finles Bond Fund9.4-2.250.32
HSBC Credit Market Opportunities35.60.070.17
Core Classic Fund LP62.0-0.58-0.42
OFI MGA DYNAMIQUE73.5-0.99-0.44
AIP Select Mortgage Fund Class A170.00.08-0.67
Leveraged High Yield Fund LLC16.04.17-1.07

Top 40 Alt Credit UCITS January

After launching in September, L&G has already topped the charts with its new Multi Strategy Credit Fund in September 2015. The fund takes an unconstrained global approach to fixed income markets, biased towards investing in the high yield and emerging market assets. The fund, which will target annual 5% returns, was up 5.18% during a very tough month for credit investors.

NameFund SizeTotal Ret Jan (%) 
L & G - Multi-Strategy Credit£715.18%N/A
Rivoli Management - Long Short Bond€ 164.03%-4.3
Goldman Sachs - Sterling Broad Fixed Income Plus Portfolio£312.62%0.8
DCI Umbrella - Market Neutral Credit UCITS$61.79%-0.79
Credit Suisse (Lux) - Absolute Return Bond€ 3461.53%-0.78
Goldman Sachs - Euro Fixed Income Plus Portfolio€ 131.37%0.2
Wellington MP (Dublin) - Emerging and Sovereign Opportunities$521.28%N/A
Universal Investment - FINCA Active Duration€ 121.25%-0.13
PEH - Renten EvoPro€ 281.18%-5.06
L & G - LIBOR High Alpha Global Credit$1681.02%1.48
Goldman Sachs - Global Fixed Income Plus Portfolio (Hedged)€ 7200.97%0.2
Lupus alpha - LS Duration Corporates Invest€ 160.94%-5.27
Ignis - Absolute Return Government Bond€ 3970.83%-0.62
Nordea 1 - Global Fixed Income Alpha€ 1,1080.71%1.32
Wellington MP (Luxembourg) - Emerging Local Debt Advanced Beta Portfolio€ 380.70%N/A
MFS Meridian - Absolute Return€ 160.66%-3.06
Schroder International Selection - Emerging Markets Debt Absolute Return$2,8640.55%-6.61
TIMEO NEUTRAL - BZ Inflation Linked Bonds€ 450.53%-2.17
Absolute Insight - Emerging Market Debt€ 8160.53%1.8
Muzinich - Global Tactical Credit€ 4500.53%1.89
Hedge Invest International - HI Numen Credit€ 8830.52%0.85
XAIA - Credit Debt Capital€ 2560.50%-2.56
Man Umbrella - GLG Flexible Bond$3970.47%2.46
Oaks Field Partners - OFP 150€ 700.43%-2.11
Quoniam Selection - Euro Fixed Income MinRisk€ 640.38%0.14
Lombard Odier - Absolute Return Bond€ 3260.34%-1.86
Schroder GAIA - BSP Credit€ 290.34%N/A
Bantleon - Trend€ 2550.33%-0.63
L & G - LIBOR Plus Global Credit£3310.31%2.17
Deka - Euro RentenPlus€ 1030.29%-0.8
Legg Mason Global - Brandywine Global Income Optimiser€ 690.27%-4.5
Fulcrum UCITS - Fixed Income Absolute Return$1940.20%-3.4
L & G - LIBOR High Alpha Global Rates£1400.20%1.48
Rogge - Global Multi-Asset Credit£940.20%1.99
Bantleon - Opportunities World€ 2140.19%1.5
Muzinich - Long Short Credit Yield€ 1,3730.19%1.59
XAIA - NLP Credit Basis€ 2510.18%N/A
CB-Accent (Lux) - Swan Bond Opportunity€ 1630.17%0.3
HMT - Absolute Return Renten€ 510.17%-3.4
Berenberg - DyMACS Fixed Income Market Neutral€ 310.15%-1.02
HSBC Global Investment - GEM Debt Total Return€ 3,3500.15%4.1

Top 40 Alt Credit UCITS 2015

The German-based firm’s smaller €19m fund continued its reign at the top to become the top fixed income arbitrage Ucits for 2015. top performer for the year with returns of 13.23%, despite a difficult December which saw the fund lose -3.19%. The fund is managed by Kay-Peter Tönnes and invests in short-term international bonds. It continued to hold off Hermes Investment – Multi Strategy Credit, which also had a poor month with a -3.93% fall.

NameFund sizeTotal return DecemberTotal return YTD
Antecedo - CIS Strategic Invest€19m-3.19%13.23%
Hermes Investment - Multi Strategy Credit€703m-3.93%11.83%
Pioneer - Dynamic Credit€23m-4.49%8.31%
Pioneer - Long Short Global Bond€26m-5.82%6.50%
MFS Meridian - Absolute Return€16m-4.69%6.25%
Pioneer - Opportunistic Long Short Credit€25m-6.01%5.94%
Centris Capital - Liquid Stressed Debt€18m-1.79%3.76%
GAM Star - MBS Total Return$323m0.30%3.45%
La Francaise AM - LFP Multistrategies Obligataires€308m-0.62%3.39%
Candriam Bonds - Credit Opportunities€837m-0.01%3.31%
Alliance Trust Investment - Dynamic Bond£18m0.65%3.22%
LFP - Multistrategies Obligataires€53m-0.66%3.09%
BlackRock Strategic - Fixed Income Strategies€5,566m0.13%2.70%
Plurima - Apuano Flexible Bond€59m-1.89%2.56%
L & G - LIBOR High Alpha Global Rates£143m0.08%2.47%
Schroder Investment - Strategic Credit£1,024m-0.19%2.45%
Planetarium - Anthilia White€114m-0.28%2.32%
Ahead - Dorico Bond€13m-0.37%2.24%
L & G - LIBOR Plus Global Credit£345m0.27%2.17%
Semper Constantia - Leader Total Return Bond€6m-2.26%2.15%
Trea - 3G Credit Opportunities€33m-3.15%2.13%
Standard Life Investments Global - Absolute Return Global Bond Strategies€1,368m0.37%2.06%
Rogge - Global Multi-Asset Credit£96m-0.29%1.99%
Bantleon - Opportunities World€210m-0.93%1.97%
Kairos International - Bond Plus€970m-1.10%1.95%
Diaman - Zenit Dynamic Bond€9m-1.30%1.91%
Nordea 1 - Global Fixed Income Alpha€1,101m-0.65%1.83%
Eurizon EasyFund - Absolute Attivo€133m-0.50%1.72%
BNY Mellon Global - Absolute Return Bond€2,137m-0.21%1.71%
XAIA - Credit Basis€332m-0.69%1.65%
(LF) - Absolute Return€80m-0.27%1.65%
GAM Star - Alternative Fixed Income£144m-2.33%1.63%
Royal London - Absolute Return Government Bond£267m0.06%1.57%
SEB 2 - Credit Multi Strategy€659m0.33%1.55%
Eurizon EasyFund - Bond Flexible€161m-0.41%1.52%
BlackRock Strategic - Global Absolute Return Bond€552m0.04%1.51%
L & G - LIBOR High Alpha Global Credit$167m-0.12%1.48%
Bantleon - Opportunities L€1418m-3.29%1.47%
LBBW - Pro-Fund Credit I€62m-0.67%1.41%
Goldman Sachs - Sterling Broad Fixed Income Plus Portfolio£31m-1.58%1.39%