Big trades pay off in November

We welcomed three new funds from New York based CIFC Asset Management to the performance tables this month. The firm has over $15bn AuM invested in corporate and structured credit. The funds include the CLO Opportunity Fund II which was launched in March 2017 and has raised over $100m. The CIFC Senior Secured Corporate Loan Fund has an annualised compound return of 6.53% since its inception in November 2012. Finally, the CIFC Tactical income fund that targets US denominated high yield credit also joins the rankings.

CVC Credit Partners’ Global Credit Opportunities I, II and the CVC Credit Partners Global Yield Funds were added to the database. These funds now sit alongside their European Credit Opportunities offering. The Global Credit Opportunities Fund is managed by Harvard alumni, Oscar Anderson, who has over twenty years’ experience in credit markets, hedge funds and private equity, and, former Goldman Sachs distressed credit pro Scott Bynum.

Two new CLO Ucits compliant funds were added to the database, both coming from asset management firms that have sprung out of insurance companies. The asset management division of Prudential, PGIM, launched its Global CLO Senior Debt Fund in an Ireland domiciled UCITS platform in July. AXA Investment Managers launched its Luxembourg domiciled NOVALTO – CLO Credit Fund in June 2016. The AXA fund returned 6.84% from June to year-end 2016 and 5.4% from January to October 2017.

Two funds from the global fixed income manager Western Asset were also added. The Western Asset Structured Opportunities and Western Asset Macro Opportunities Bond Funds are both UCITS compliant clones of Cayman domiciled hedge funds available on the Legg Mason platform. The Structured Opportunities fund focuses its investments on US government agency backed MBS and ABS. The Western Asset Macro Opportunities Bond Fund invest in global long/short debt. Together, the funds offer a conduit for European institutions to invest in one of the world’s largest fixed income asset managers who reportedly have over $430bn invested.

Top funds for August

Top 20 Credit YTD

Top 50 credit l/s funds

Top 10 Convertible arb funds

Top 10 fixed income funds

Top 10 distressed funds

Top 10 Credit FoHF

Top 10 MBS funds

Top 15 Ucits funds

Top ’40 Act funds

* ’40 Act data supplied by Morningstar