Distressed bounces back to dominate 2016 charts – December performance review

Given the stellar year many distressed strategies had in bouncing back from a tough 2015, it is no surprise to see them dominate the end of year ACI charts by taking three of the top five and five of the top 10 slots.

Phoenix Investment Advisers’ $891m JLP Credit Opportunity Fund was the top performer for the year, with strong returns of 8.3% taking its 2016 performance to 59.8%.

Meanwhile another distressed fund took second spot with Armory Group’s $205m Armory Credit Opportunity Fund returning 56.5% for the year, with December returns of -0.8% seeing it overtaken for the top spot. Another smaller distressed fund, Wexford Credit Oss, also made the top five.

Dan Kamensky’s Marble Ridge had a strong first year with the former Paulson & Co partner returning 27% while Whitebox Relative Value Partners was another stand-out performer, returning 26.9%

The top 20 list is dominated by smaller funds, however a number of bigger names are also represented. These include Cheyne Capital, which saw two versions of its Total Return Credit Fund perform well through the year with 20%-plus growth.

Redhedge Relative Value Fund was the standout performer in fixed income arbitrage, making the overall top ten after returning 25.6% through the year.

If you fund is not listed here, please contact p.mcmillan@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.

Top Performers in November

 NAMEAuMDecember Returns (%)
TOP L/S CREDIT FUNDSancus Capital Select Master Fund Ltd36.1M6.6
TOP CONVERTIBLE ARB FUNDWhitebox Relative Value Partners LP395.9M4.9
TOP FIXED INCOME ARBNGA Capital Ltd (A)87.9M3.9
TOP DISTRESSEDJLP Credit Opportunity Fund LP891.0M8.3
TOP FOHFLighthouse Credit Opp. LP (B)53.0M1.7
TOP FIXED INCOME MBSNykredit Alpha Mira132.3M4.0
TOP FIXED INCOME HIGH YIELDPictet EUR High Yield I JPY1177.8M4.0
TOP ALT CREDIT UCITSDWS Euro High Yield Bond Master BRL1321.1M10.8
Top '40 ACT FUNDShelton Tactical Credit I33m2.6

Top 20 Overall YTD (November)

NameFund Size ($m)Dec 2016. Return (%)YTD Return (%)
JLP Credit Opportunity Fund LP891.0M8.359.8
Armory Credit Opportunity Fund LP205.0M-0.856.5
Sancus Capital Select Master Fund Ltd36.1M6.651.1
Wexford Credit Opps LP Class A105.0M3.041.2
SIDUS IV Credit Opportunity Fund, LP37.0M1.333.6
JLP Partners Fund LP34.7M1.832.8
Marble Ridge LP77.1M1.427.0
Whitebox Relative Value Partners LP395.9M4.926.9
Cheyne Total Return Credit Dec 2019242.6M3.125.8
Redhedge Relative Value Fund6.9M0.925.6
Pacificor RMBS Carve Out2.7M1.023.3
Cheyne Total Return Credit Dec 2020323.6M3.422.5
JLP Institutional Credit Fund171.0M2.421.7
PENN Distressed Fund LP6.9M6.121.1
Axonic Systematic Arbitrage Fund LP212.3M2.120.9
Phoenix Fund NV65.5M2.220.2
Asgard Fixed Income Fund I Ltd EUR587.3M2.018.1
Serone Key Opportunities Fund USD151.9M1.218.0
Cedar Ridge Investors I LP28.5M1.917.5
Franklin Fixed Income Opps Composite68.2M2.816.5

Top 50 Credit L/S November

ProgramFund Size ($m)Dec 2016. Return (%)YTD Return (%)
Sancus Capital Select Master Fund Ltd36.1M6.651.1
Gracie Credit Opportunities LP64.0M4.610.9
Teak Hill Fund102.3M4.3-2.9
Cheyne Total Return Credit June 202214.0M3.54.6
Cheyne Total Return Credit Dec 2020323.6M3.422.5
Cheyne Total Return Credit Dec 2019242.6M3.125.8
Franklin Fixed Income Opps Composite68.2M2.816.5
Sandler Total Return Opportunities14.5M2.79.8
JLP Institutional Credit Fund171.0M2.421.7
LFIS VISION Credit Opportunities I USD225.4M2.33.8
CVC Global Credit Opportunities Fund428.0M2.210.8
Cedar Ridge Investors I LP28.5M1.917.5
Old Orchard Credit Master Fund LP224.0M1.89.7
BlueBay Credit Alpha L/S Fund198.2M1.72.4
Loomis Sayles Credit L/S Ltd579.2M1.73.3
KLS Diversified Master Fund LP1777.0M1.69.7
BlueBay Event Driven Credit Fund126.1M1.63.6
BulwarkBay Credit Opp Fund LP30.1M1.510.9
SIDUS IV Credit Opportunity Fund, LP37.0M1.333.6
PIMCO Glbl Credit Opportunity Strategy3559.0M1.28.9
Kingdon Credit Master Fund LP348.0M1.210.6
Serone Key Opportunities Fund USD151.9M1.218.0
SGAS Pearl Vega Limited23.7M1.13.7
Orchard SquarePartners Credit Fund Ltd178.5M1.04.0
Eiffel Credit Opportunities41.4M1.04.7
Danske Invest Hedge FI Rel Value386.0M1.08.5
Schroder GAIA BSP Credit USD I Acc34.8M0.81.0
Serengeti Lycaon Fund288.5M0.89.3
BayCity Event Driven Opp Fund L.P.86.2M0.810.8
Napier Park European Credit Opp Fund657.5M0.712.5
Rimrock High Income PLUS Ltd2421.5M0.64.7
AAG Aviation Fund110.4M0.64.0
CKC Credit Opportunity Fund166.0M0.64.1
Samuel Municipal Total Return Fund LP47.5M0.53.2
Candlewood Structured Credit Hrvst Ltd327.0M0.5-0.1
Northlight European Fundamental Credit224.8M0.56.0
Prologue Ltd Class A Shares Series USD837.0M0.3-1.8
One Oak Capital Mgt Alpha Opp Fund15.0M0.37.8
KLS Macro Rates Master Fund LP107.0M0.35.5
Rimrock Low Volatility QP Master350.0M0.24.9
Coherence Capital Spectrum LP A111.2M0.26.6
III Relative Value Crdt Strat LP (3)22.0M0.17.6
PIMCO Tactical Opportunities Fund1118.0M0.19.3
Rimrock Structured Product Fund317.2M0.08.3
Rivoli Long Short Bond Fund18.1M0.04.6
RV Corporate Bonds Fund A21.1M0.00.4
LNG Europa Credit Fund85.0M0.0-3.7
Rhodium Captl Credit Master Fund Ltd7.9M0.06.4
Fifth Street Opportunities Fund LP61.9M-0.17.1
P Gracie SMA274.3M-0.16.4
Aesir Credit Master Fund Ltd Founder B60.5M-0.13.7
III Select Credit Fund LP (C)215.0M-0.28.4
GAM Global Rates (US) USD100.6M-0.51-4.96

Top 50 Credit L/S YTD

ProgramFund Size ($m)Dec 2016. Return (%)YTD Return (%)
Sancus Capital Select Master Fund Ltd36.1M6.651.1
SIDUS IV Credit Opportunity Fund, LP37.0M1.333.6
Cheyne Total Return Credit Dec 2019242.6M3.125.8
Cheyne Total Return Credit Dec 2020323.6M3.422.5
JLP Institutional Credit Fund171.0M2.421.7
Serone Key Opportunities Fund USD151.9M1.218.0
Cedar Ridge Investors I LP28.5M1.917.5
Franklin Fixed Income Opps Composite68.2M2.816.5
Napier Park European Credit Opp Fund657.5M0.712.5
Gracie Credit Opportunities LP64.0M4.610.9
BulwarkBay Credit Opp Fund LP30.1M1.510.9
BayCity Event Driven Opp Fund L.P.86.2M0.810.8
CVC Global Credit Opportunities Fund428.0M2.210.8
Kingdon Credit Master Fund LP348.0M1.210.6
Sandler Total Return Opportunities14.5M2.79.8
Old Orchard Credit Master Fund LP224.0M1.89.7
KLS Diversified Master Fund LP1777.0M1.69.7
PIMCO Tactical Opportunities Fund1118.0M0.19.3
Serengeti Lycaon Fund288.5M0.89.3
PIMCO Glbl Credit Opportunity Strategy3559.0M1.28.9
Danske Invest Hedge FI Rel Value386.0M1.08.5
III Select Credit Fund LP (C)215.0M-0.28.4
Rimrock Structured Product Fund317.2M0.08.3
One Oak Capital Mgt Alpha Opp Fund15.0M0.37.8
III Relative Value Crdt Strat Ltd (5)157.0M0.17.6
Fifth Street Opportunities Fund LP61.9M-0.17.1
Coherence Capital Spectrum LP A111.2M0.26.6
P Gracie SMA274.3M-0.16.4
Rhodium Captl Credit Master Fund Ltd7.9M0.06.4
Northlight European Fundamental Credit224.8M0.56.0
KLS Macro Rates Master Fund LP107.0M0.35.5
Rimrock Low Volatility QP Master350.0M0.24.9
Rimrock High Income PLUS Ltd2421.5M0.64.7
Eiffel Credit Opportunities41.4M1.04.7
Cheyne Total Return Credit June 202214.0M3.54.6
Rivoli Long Short Bond Fund18.1M0.04.6
CKC Credit Opportunity Fund166.0M0.64.1
Orchard SquarePartners Credit Fund Ltd178.5M1.04.0
AAG Aviation Fund110.4M0.64.0
LFIS VISION Credit Opportunities I USD225.4M2.33.8
Aesir Credit Master Fund Ltd Founder B60.5M-0.13.7
SGAS Pearl Vega Limited23.7M1.13.7
BlueBay Event Driven Credit Fund126.1M1.63.6
Loomis Sayles Credit L/S Ltd579.2M1.73.3
Samuel Municipal Total Return Fund LP47.5M0.53.2
BlueBay Credit Alpha L/S Fund198.2M1.72.4
Schroder GAIA BSP Credit USD I Acc34.8M0.81.0
RV Corporate Bonds Fund A21.1M0.00.4
Candlewood Structured Credit Hrvst Ltd327.0M0.5-0.1
Prologue Ltd Class A Shares Series SGD837.0M0.3-1.6
Teak Hill Fund102.3M4.3-2.9
LNG Europa Credit Fund85.0M0.0-3.7
GAM Global Rates (US) USD100.6M-0.5-5.0

Top 10 Convertible Arb November

ProgramFund Size ($m)Dec 2016. Return (%)YTD Return (%)
Whitebox Relative Value Partners LP395.9M4.926.9
Mohican VCA Fund LP18.0M1.210.4
Polygon Convertible Opport Fund - A477.7M1.012.1
GLG Gl Convertible A USD146.0M0.91.7
Pine River Convert Master Fund Ltd157.8M0.816.2
Context Partners Fund LP70.3M0.810.8
Quest Global Convertible Fund Ltd57.0M0.70.4
Basso Investors Ltd464.4M0.66.7
Steelhead Pathfinder Fund692.0M0.68.7
Advent Global Partners229.8M0.44.3
Palisade Strat. Master (Cayman) Ltd153.5M0.47.2

Top 10 Convertible Arb YTD

ProgramFund Size ($m)Dec 2016. Return (%)YTD Return (%)
Whitebox Relative Value Partners LP395.9M4.926.9
Pine River Convert Master Fund Ltd157.8M0.816.2
Polygon Convertible Opport Fund - A477.7M1.012.1
Context Partners Fund LP70.3M0.810.8
Mohican VCA Fund LP18.0M1.210.4
Steelhead Pathfinder Fund692.0M0.68.7
Palisade Strat. Master (Cayman) Ltd153.5M0.47.2
Basso Investors Ltd464.4M0.66.7
Lazard Rathmore Fund Ltd2.3M0.25.3
Advent Global Partners229.8M0.44.3
Castle Creek Arb LLC636.0M0.43.3
Symphony Rhapsody Fund LP38.7M0.23.0
GLG Gl Convertible A USD146.0M0.91.7

Top 10 Fixed Income Arb November

ProgramFund Size ($m)Dec 2016. Return (%)YTD Return (%)
NGA Capital Ltd (A)87.9M3.95.9
Whitebox Credit Partners LP292.6M3.114.7
Blue Mountain Credit Alternatives Ltd5829.1M3.16.0
BayCity L/S Credit Offshore Ltd480.0M2.64.2
Barnegat Fund Ltd (B)603.7M2.13.5
Axonic Systematic Arbitrage Fund LP212.3M2.120.9
Asgard Fixed Income Fund I Ltd EUR587.3M2.018.1
Capula Global RV Fund Ltd F USD9528.7M1.79.0
III Global Ltd5.0M1.55.3
III Fund Ltd220.0M1.45.8
Serenitas Credit Gamma Master Fund LP41.4M1.310.7

Top 10 Fixed Income Arb YTD

ProgramFund Size ($m)Dec 2016. Return (%)YTD Return (%)
Redhedge Relative Value Fund6.9M0.925.6
Axonic Systematic Arbitrage Fund LP212.3M2.120.9
Asgard Fixed Income Fund I Ltd EUR587.3M2.018.1
Whitebox Credit Partners LP292.6M3.114.7
Hellebore Credit Arbitrage189.9M0.214.4
Danske Invest Hedge FI Strategy1122.6M1.013.4
Serenitas Credit Gamma Master Fund LP41.4M1.310.7
Capula Global RV Fund Ltd F USD9528.7M1.79.0
Lawrence Park Credit Strategies Fund283.0M1.19.0
III Convex Strategies Fund Ltd110.0M1.27.4
Blue Mountain Credit Alternatives Ltd5829.1M3.16.0
NGA Capital Ltd (A)87.9M3.95.9
III Fund LP150.0M1.45.8

Top 10 Distressed Securities November

ProgramFund Size ($m)Dec 2016. Return (%)YTD Return (%)
JLP Credit Opportunity Fund LP891.0M8.359.8
Distressed Debt 1 LP0.7M6.1145.6
PENN Distressed Fund LP6.9M6.121.1
Corrib Master Fund224.7M3.59.3
PSAM Rebound Fund Ltd37.0M3.216.1
Wexford Credit Opps LP Class A105.0M3.041.2
Candlewood Special Situations Fund Ltd456.6M2.35.9
Knighthead Master Fund2100.0M2.29.2
Phoenix Fund NV65.5M2.220.2
Venor Capital Partners LP205.5M1.811.8
JLP Partners Fund LP34.7M1.832.8

Top 10 Distressed Securities YTD

ProgramFund Size ($m)Dec 2016. Return (%)YTD Return (%)
Distressed Debt 1 LP0.7M6.1145.6
JLP Credit Opportunity Fund LP891.0M8.359.8
Armory Credit Opportunity Fund LP205.0M-0.856.5
Wexford Credit Opps LP Class A105.0M3.041.2
JLP Partners Fund LP34.7M1.832.8
Marble Ridge LP77.1M1.427.0
PENN Distressed Fund LP6.9M6.121.1
Phoenix Fund NV65.5M2.220.2
PSAM Rebound Fund Ltd37.0M3.216.1
Marathon Special Opportunity Fund1277.0M1.215.4
Scoggin Worldwide Distressed Fund Ltd94.0M-0.814.8

Top 40 40 Act Funds November

This $576m fund saw steady growth throughout the year with 2.1% returns for December taking YTD returns to 17.7%. The fund is run by a range of managers from Navigator Funds and Clark Capital Management, which acts as the fund adviser. In terms of weightings, corporate bonds are the biggest exposure (58%), followed by municipal bonds (24%) and cash and equivalents (11%). The fund is overwhelming focused on the US (84%), followed by Canada (3%) and Luxembourg (3%).

NameTotal return DecemberTotal return YTDFund size ($)
Shelton Tactical Credit I2.612.133 m
Spectrum Low Volatility Investor2.416.541 m
Navigator Tactical Fixed Income I2.117.7576 m
Prudential Global Absolute Return Bond Q2.04.926 m
Legg Mason BW Alternative Credit IS2.05.9326 m
Western Asset Macro Opportunities IS1.96.6890 m
Robinson Tax Advantaged Income Instl1.90.1129 m
Counterpoint Tactical Income I1.915.9244 m
PIMCO Unconstrained Tax Managed Bd Instl1.84.5105 m
Navigator Duration Neutral Bond I1.8-0.458 m
PIMCO Low Duration Income Instl1.811.3370 m
Touchstone Credit Opportunities Instl1.811.753 m
Putnam Diversified Income A1.85.13,120 m
Transamerica Unconstrained Bond I1.77.5218 m
Pioneer Dynamic Credit Y1.711.3267 m
Arrow Alternative Solutions A1.710.9184 m
Prudential Unconstrained Bond Z1.710.828 m
CMG Tactical Bond I1.66.121 m
BTS Tactical Fixed Income A1.613.8569 m
WSTCM Credit Select Risk Managed Instl1.612.174 m
James Alpha Hedged High Income I1.59.914 m
AB Unconstrained Bond A1.54.3267 m
Catalyst/Princeton Uncons Hedged Inc I1.420.01 m
Iron Strategic Income Institutional1.35.6136 m
PIMCO Credit Absolute Return Instl1.38.1401 m
Dreyfus Opportunistic Fixed Income I1.30.3162 m
Eaton Vance Glbl Macro Abs Ret Advtg I1.35.91,803 m
Stone Harbor Strategic Income Instl1.38.938 m
Prudential Absolute Return Bond Q1.35.01,548 m
Salient Tactical Muni & Credit Instl1.31.597 m
JPMorgan Strategic Income Opps R51.39.412,002 m
PF Global Absolute Return P1.24.286 m
Putnam Mortgage Opportunities I1.24.610 m
RBC BlueBay Absolute Return I1.20.1138 m
PIMCO Unconstrained Bond Inst1.15.83,535 m
Ascendant Tactical Yield I1.14.734 m
T. Rowe Price Global Unconstrain Bd1.14.6242 m
Altrius Enhanced Income I1.110.440 m
Cedar Ridge Unconstrained Credit Instl1.14.383 m
Wavelength Interest Rate Neutral1.17.818 m

Top 40 40 Act Funds YTD

This $33m fund saw strong performance of 2.6% in December which meant it delivered double digit returns of 12.1% for the year. Acuity Capital Management is the sub-adviser on the fund, with Shelton Capital Management the fund adviser. Acuity PM John Harnisch runs the fund alongside Shelton partner David Harris and Shelton MD Howard Needle. The overwhelming majority of the fund is in corporate bonds with 90% of the fund exposed to the US, followed by Luxembourg with 8.5%.

NameTotal return DecemberTotal return YTDFund size ($)
Navigator Tactical Fixed Income I2.117.7576 m
Spectrum Low Volatility Investor2.416.541 m
Counterpoint Tactical Income I1.915.9244 m
BTS Tactical Fixed Income A1.613.8569 m
Redwood Managed Volatility Y0.413.4300 m
WSTCM Credit Select Risk Managed Instl1.612.174 m
Shelton Tactical Credit I2.612.133 m
Touchstone Credit Opportunities Instl1.811.753 m
PIMCO Low Duration Income Instl1.811.3370 m
Pioneer Dynamic Credit Y1.711.3267 m
Arrow Alternative Solutions A1.710.9184 m
Prudential Unconstrained Bond Z1.710.828 m
Guggenheim Macro Opportunities Instl1.010.73,895 m
Altrius Enhanced Income I1.110.440 m
James Alpha Hedged High Income I1.59.914 m
JPMorgan Strategic Income Opps R51.39.412,002 m
Stone Harbor Strategic Income Instl1.38.938 m
PIMCO Credit Absolute Return Instl1.38.1401 m
MainStay Unconstrained Bond A0.98.01,397 m
Toews Unconstrained Income0.87.9112 m
Wavelength Interest Rate Neutral1.17.818 m
Franklin K2 Long Short Credit R1.07.876 m
Columbia Strategic Income A0.87.83,207 m
Transamerica Unconstrained Bond I1.77.5218 m
North Star Bond I0.57.517 m
Virtus Strategic Income I0.77.030 m
Loomis Sayles Strategic Alpha Y0.66.91,195 m
Collins Long/Short Credit Institutional1.06.858 m
Calvert Unconstrained Bond I0.46.783 m
Columbia Mortgage Opportunities I0.66.7268 m
Western Asset Macro Opportunities IS1.96.6890 m
AB Credit Long/Short Advisor1.06.421 m
Palmer Square Long/Short Credit I0.56.218 m
Sierra Strategic Income Y0.76.2597 m
CMG Tactical Bond I1.66.121 m
Legg Mason BW Alternative Credit IS2.05.9326 m
Eaton Vance Glbl Macro Abs Ret Advtg I1.35.91,803 m
Scout Unconstrained Bond Instl0.25.81,559 m
PIMCO Unconstrained Bond Inst1.15.83,535 m
Driehaus Active Income0.45.62,275 m

Top 10 FOHF November

ProgramFund Size ($m)Dec 2016. Return (%)YTD Return (%)
Lighthouse Credit Opp. LP (B)53.0M1.72.8
TAS Fixed Income Arbitrage H USD37.3M1.24.5
EnTrustPermal FI Holdings NV USD A1591.4M1.13.5
Stenham Credit Opportunities USD56.3M1.07.0
Sandalwood Debt Fund B LP199.0M1.05.4
BCA Alternative Income Fund46.6M0.87.6
EnTrust Diversified Select Credit LP38.6M0.73.6
Burkian Fund Strategy19.0M0.52.6
Riverview Select Mortgage Fund LP66.0M0.43.6
BCM Credit Opportunities Fund LP150.0M0.33.9
Morrocroft Special Opportunity II LP35.0M0.36.6
Narrapuno SPC - Convergence A USD31.0M0.03.1

Top 10 FOHF YTD

ProgramFund Size ($m)Dec 2016. Return (%)YTD Return (%)
BCA Alternative Income Fund46.6M0.87.6
Stenham Credit Opportunities USD56.3M1.07.0
Morrocroft Special Opportunity II LP35.0M0.36.6
Sandalwood Debt Fund B LP199.0M1.05.4
TAS Fixed Income Arbitrage H USD37.3M1.24.5
BCM Credit Opportunities Fund LP150.0M0.33.9
Riverview Select Mortgage Fund LP66.0M0.43.6
EnTrust Diversified Select Credit LP38.6M0.73.6
EnTrustPermal FI Holdings NV USD A1591.4M1.13.5
Narrapuno SPC - Convergence A USD31.0M0.03.1
Lighthouse Credit Opp. LP (B)53.0M1.72.8
Burkian Fund Strategy19.0M0.52.6

Top 40 Alt Credit UCITS November

After a volatile year in which this fund saw three months of double digit falls and two months of 20%-plus growth, the DB Platinum IV Institutional Fixed Income Fund finished the year with a positive December. The fund aims to provide investors with exposure to attractively priced, high-quality debt securities plus a derivative overlay to deliver a customised payout. The Fund invests into the reference portfolio via a total return swap with Deutsche Bank. The Fund is directly collateralised with such high-quality debt securities and offers counterparty risk limited to 5%.

ProgramFund Size ($m)Dec 2016. Return (%)YTD Return (%)
DWS Euro High Yield Bond Master BRL1321.1M10.840.9
RAM (Lux) Tactical Conv. Europe EUR I111.9M2.82.4
DB Platinum IV Inst FI I5D1273.4M2.730.8
Polar Cap Gl Convert Fund I GBP494.2M2.519.1
Deutsche Inv I Euro HY Corp USD FCH2.3M2.313.8
Oyster Global High Yield I USD HD250.7M2.215.6
New Capital WNBF USD/INR Hedge Inst872.9M1.88.9
Cheyne Convertibles Absolute Return41.7M1.71.7
Man GLG Corporate Bond Fund Prof Inc121.6M1.623.5
GAM Star (Lux) Convertible Alpha D USD5.9M1.55.9
Breisgau-Rent73.9M1.52.4
GAM Star Credit Opp - GBP Inst'l (Acc)31.5M1.410.4
Deutsche Inv I Convertibles USD FCH104.3M1.4-0.5
DB Platinum IV Sovereign Plus R1D93.9M1.43.9
Man GLG Strategic Bond Fund Prof Inc G359.0M1.43.5
Oyster Multi Asset Inf Shield R USD33.7M1.43.5
Convertible & Credit A USD107.8M1.43.9
Oyster European Corp Bonds C EUR304.5M1.33.4
Man GLG Gl Convertibles IM USD172.9M1.22.8
Bethmann Vermoegensverwaltung Ertrag205.3M1.11.6
Rubrics Global Credit UCITS USD A324.0M1.16.3
Candriam Bonds Credit Op I-EUR2040.8M1.14.0
db PrivatMandat Comfort Einkommen U708.5M1.10.7
Byron Fixed Income Alpha Sub-Fund10.2M1.0-0.2
DWS Euro-Bonds (Medium)209.4M0.95.7
Altana Corporate Bond Fund UCITS29.9M0.95.6
Deutsche Inv I Euro Corp Bonds IC641.1M0.95.8
Oyster Global Convertibles C USD HP645.2M0.80.2
DB Platinum IV Sovereign Optima I2D-E122.6M0.89.1
Deutsche Inv I Euro Bonds (Prem) FC35.2M0.82.0
Duemme SICAV Euro Investments Plus150.9M0.83.7
Algebris Macro Credit (UCITS) B USD194.2M0.83.1
Deutsche Inv I Euro-Gov Bonds FC737.1M0.73.3
Man GLG ABS Fund Corp Acc107.5M0.75.3
Cheyne Global Credit UCITS IV I1 EUR105.0M0.75.4
Lyxor / Chenavari Credit Fund I USD18.8M0.71.2
DWS Euro-Bonds (Long)70.9M0.70.5
BSF Euro Credit Strategies H2 CHF341.2M0.7-9.8
Schroder GAIA BSP Credit USD C34.8M0.7-0.6
RAM (Lux) Tactical Gl Bnd Tot Re E EUR134.0M0.63.0
PTR Kosmos I GBP600.8M0.618.3
GAM Star AR Bond Plus USD Instl A814.3M0.66.5
DB Fixed Income Opp DPM USD111.6M0.64.2
DB Platinum MidOcean AR Credit I1C U128.5M0.53.6
DB Fixed Income Opp ADV USD61.8M0.53.6
DWS Eurorenta609.3M0.53.7
Oyster Flexible Credit R EUR PR63.0M0.53.8
Oyster European FI C EUR234.3M0.54.2
RWC Global Convertibles Fund B USD1416.7M0.50.9
BGF FI Global Op A1 USD7646.2M0.52.2
Rubrics Global FI UCITS (A-USD)305.0M0.44.1
Pictet Abs Ret FI I USD1485.0M0.42.8
RWC Core Plus Fund B EUR25.9M0.40.8
GAM Star MBS Total Return - USD Inst146.7M0.34.2
Deutsche Inv I Short Dur Credit FC98.6M0.32.5
Alegra High Grade ABS Fund UCITS109.8M0.34.4
Deutsche Inv I Euro Bonds (Short) FC1532.3M0.31.4
GAM Star AR Bond Def USD Instl Acc66.1M0.23.1
Oyster USD Bonds C USD160.5M0.23.7
Deutsche Inv I Liquidity USD LCH18.3M0.21.1
BlackRock FI Strategies A2 EUR6380.2M0.2-1.0
PVE Credit Value Fund A39.9M0.2-1.4
DWS Covered Bond Fund FD155.1M0.12.2
Candriam L/S Credit C EUR1355.0M0.10.6
Duemme Sicav - Gl Conv Plus I38.0M0.00.0
BSF Global Absolute Return Bond A620.0M-0.12.4
Man GLG Cred-Eq Alternative IN H USD48.4M-0.1-1.8
GAM Star Alt. FI Inst'nl GBP Income129.7M-0.311.8
Renminbi Bond Fund USD Inst22.3M-0.40.5
GAM Star Global Rates - USD (Acc)455.1M-0.7-5.4
Rubrics International Bond A - USD1.1M-0.70.8
Ignis Abs Return Government Bond USD306.9M-0.90.9
RWC Asia Convertibles Fund B USD47.4M-1.31.1
Quaesta Capital Bond Gl Select Fund1.1M-1.7-5.7

Top 40 Alt Credit UCITS YTD

The $1.3bn DWS Euro High Yield Bond Master Fund had a stellar 2016 with 40.9% growth for the year helped by double digit returns in December seeing it top the monthly and YTD Ucits charts. The fund seeks to achieve strong growth in returns and a growth in assets in the medium to long-term with a focus on high-yield corporate bonds denominated in Euro. Just over three quarters of its portfolio (76%) is in corporate bonds, with 9% in financial bonds and 4% in emerging market corporates.

ProgramFund Size ($m)Dec 2016. Return (%)YTD Return (%)
DWS Euro High Yield Bond Master BRL1321.1M10.840.9
DB Platinum IV Inst FI I5D1273.4M2.730.8
Man GLG Corporate Bond Fund Prof Inc121.6M1.623.5
Polar Cap Gl Convert Fund I GBP494.2M2.519.1
PTR Kosmos I GBP600.8M0.618.3
Oyster Global High Yield I USD250.7M2.117.0
Deutsche Inv I Euro HY Corp USD FCH2.3M2.313.8
GAM Star Alt. FI Inst'nl GBP Income129.7M-0.311.8
GAM Star Credit Opp - GBP Inst'l (Acc)31.5M1.410.4
DB Platinum IV Sovereign Optima I1D-S122.6M0.69.5
New Capital WNBF USD/INR Hedge Inst872.9M1.88.9
GAM Star AR Bond Plus USD Instl A814.3M0.66.5
Rubrics Global Credit UCITS USD A324.0M1.16.3
GAM Star (Lux) Convertible Alpha D USD5.9M1.55.9
Deutsche Inv I Euro Corp Bonds IC641.1M0.95.8
DWS Euro-Bonds (Medium)209.4M0.95.7
Altana Corporate Bond Fund UCITS29.9M0.95.6
Cheyne Global Credit UCITS IV I1 EUR105.0M0.75.4
Man GLG ABS Fund Corp Acc107.5M0.75.3
DB Platinum IV Sovereign Plus R1C - A93.9M1.34.6
Alegra High Grade ABS Fund UCITS109.8M0.34.4
GAM Star MBS Total Return - USD Inst146.7M0.34.2
DB Fixed Income Opp DPM USD111.6M0.64.2
Oyster European FI C EUR234.3M0.54.2
Rubrics Global FI UCITS (A-USD)305.0M0.44.1
Candriam Bonds Credit Op I-EUR2040.8M1.14.0
Convertible & Credit A USD107.8M1.43.9
Oyster Flexible Credit R EUR PR63.0M0.53.8
Duemme SICAV Euro Investments Plus150.9M0.83.7
DWS Eurorenta609.3M0.53.7
Oyster USD Bonds C USD160.5M0.23.7
DB Platinum MidOcean AR Credit I1C U128.5M0.53.6
Man GLG Strategic Bond Fund Prof Inc G359.0M1.43.5
Oyster Multi Asset Inf Shield R USD33.7M1.43.5
Oyster European Corp Bonds C EUR304.5M1.33.4
Deutsche Inv I Euro-Gov Bonds FC737.1M0.73.3
GAM Star AR Bond GBP Instl Acc1013.9M0.03.3
Algebris Macro Credit (UCITS) B USD194.2M0.83.1
GAM Star AR Bond Def USD Instl Acc66.1M0.23.1
RAM (Lux) Tactical Gl Bnd Tot Re E EUR134.0M0.63.0
Man GLG Gl Convertibles IM USD172.9M1.22.8
Pictet Abs Ret FI I USD1485.0M0.42.8
Deutsche Inv I Short Dur Credit FC98.6M0.32.5
RAM (Lux) Tactical Conv. Europe EUR I111.9M2.82.4
BSF Global Absolute Return Bond A620.0M-0.12.4
Breisgau-Rent73.9M1.52.4
BGF FI Global Op A1 USD7646.2M0.52.2
DWS Covered Bond Fund FD155.1M0.12.2
Deutsche Inv I Euro Bonds (Prem) FC35.2M0.82.0
Cheyne Convertibles Absolute Return41.7M1.71.7
Bethmann Vermoegensverwaltung Ertrag205.3M1.11.6
Renminbi Bond Fund GBP Inst22.3M-0.61.6
Deutsche Inv I Euro Bonds (Short) FC1532.3M0.31.4
Lyxor / Chenavari Credit Fund I USD18.8M0.71.2
Deutsche Inv I Liquidity USD LCH18.3M0.21.1
RWC Asia Convertibles Fund B USD47.4M-1.31.1
Ignis Abs Return Government Bond USD306.9M-0.90.9
RWC Global Convertibles Fund B USD1416.7M0.50.9
RWC Core Plus Fund B EUR25.9M0.40.8
Rubrics International Bond A - USD1.1M-0.70.8
db PrivatMandat Comfort Einkommen U708.5M1.10.7
Candriam L/S Credit C EUR1355.0M0.10.6
DWS Euro-Bonds (Long)70.9M0.70.5
Oyster Global Convertibles C USD HP645.2M0.80.2
Duemme Sicav - Gl Conv Plus I38.0M0.00.0
Byron Fixed Income Alpha Sub-Fund10.2M1.0-0.2
Deutsche Inv I Convertibles USD FCH104.3M1.4-0.5
Schroder GAIA BSP Credit USD C34.8M0.7-0.6
BlackRock FI Strategies A2 EUR6380.2M0.2-1.0
PVE Credit Value Fund A39.9M0.2-1.4
Man GLG Cred-Eq Alternative IN H USD48.4M-0.1-1.8
GAM Star Global Rates - USD (Acc)455.1M-0.7-5.4
Quaesta Capital Bond Gl Select Fund1.1M-1.7-5.7
BSF Euro Credit Strategies H2 CHF341.2M0.7-9.8

Top 10 Fixed Income MBS November

ProgramFund Size ($m)Dec 2016. Return (%)YTD Return (%)
Nykredit Alpha Mira132.3M4.015.8
Cheyne RE Debt Fund A1399.8M2.05.3
Spectrum Master Fund Ltd91.8M2.07.6
MP Securitized Credit Partners923.0M1.8-5.8
Angel Oak Strategic Mortgage Income205.5M1.87.3
RRETRO Fund Ltd0.1M1.41.8
Seer Capital Partners Master Fund LP1050.0M1.4-2.7
PTAM Enhanced Structured Credit LP48.6M1.29.8
Providence MBS Fund Ltd1095.1M1.2-1.7
Cheyne RE Credit Holdings A GBP279.8M1.15.2
WyeTree Yield Distribution Fund0.1M1.16.8
Tradex RV Fund - Founders Class5.6M1.17.4
Pacificor RMBS Carve Out2.7M1.023.3
Sterling Mortgage Income Fund Class A61.5M1.012.2

Top 10 Fixed Income MBS YTD

ProgramFund Size ($m)Dec 2016. Return (%)YTD Return (%)
Pacificor RMBS Carve Out2.7M1.023.3
Nykredit Alpha Mira132.3M4.015.8
Dwight Securities Fund A61.1M-0.812.4
Sterling Mortgage Income Fund Class A61.5M1.012.2
CCP Total Return Fund9.0M0.611.6
Lynx Plus Fund228.0M0.511.4
Nykredit Alpha KOBRA103.5M0.411.3
MBS Agency Fund630.0M0.610.3
PTAM Enhanced Structured Credit LP48.6M1.29.8
Midway Market Neutral Fund532.0M-0.59.0
Regan Credit Opportunities Fund LP173.8M0.88.3
MBS Mantra SMA2.2M0.27.7
IAM Structured Credit Strat Composite92.3M-2.17.7

Top 10 Fixed Income High Yield Funds November

ProgramFund Size ($m)Dec 2016. Return (%)YTD Return (%)
Pictet EUR High Yield I JPY1177.8M4.01.3
Pacificor LLC Public HY Opportunities2.5M2.33.8
Canepa Short-Term High Yield Onshore1.2M2.216.4
Concise Capital Composite Fund75.9M2.216.1
PENN Core HY Bond Fund LP356.6M2.010.7
Brandywine Global Alternative Credit500.8M1.95.7
WB Opportunities Fund Ltd103.0M1.78.3
Candriam Bonds Gl High Yield (I)625.8M1.69.3
Candriam Bonds Euro High Yield (I)2378.3M1.68.0
Post Credit Opportunities Master Fund14.5M1.510.8
MidOcean Absolute Return Credit Fund315.0M1.47.1
MidOcean Credit Opp Fund779.5M1.27.2
BCM High Yield Fund A EUR7.4M1.24.4

Top 10 Fixed Income High Yield Funds YTD

ProgramFund Size ($m)Dec 2016. Return (%)YTD Return (%)
Canepa Short-Term High Yield Onshore1.2M2.216.4
Concise Capital Composite Fund75.9M2.216.1
Aristeia International Ltd A995.2M0.813.9
Venator Income Fund F57.0M1.213.7
Post Credit Opportunities Master Fund14.5M1.510.8
PENN Core HY Bond Fund LP356.6M2.010.7
FTM Limited C2.2M0.810.2
Candriam Bonds Gl High Yield (I)625.8M1.69.3
Pictet EUR Hi Yield HI USD1172.0M2.58.9
WB Opportunities Fund Ltd103.0M1.78.3
Candriam Bonds Euro High Yield (I)2378.3M1.68.0
Horizon Credit Opp LP7.4M0.87.7
Capital Four Credit Opportunities Fund139.9M0.97.6