Good Hill takes top spot as distressed plateaus in March – March performance review

The Good Hill Muni Bond Opportunity Fund was the top performer for the first quarter with 5.3% returns in March taking YTD performance to double figures.

Bob Treue’s $620m fixed income arbitrage Barnegat Fund moved into second position with a decent 3.4% return in March. Th e New Jersey-based firm takes a fixed-income, relative-value approach to exploiting anomalies in global interest rates and fi nancial markets.

FoHF EntrustPermal saw one of its smaller vehicles enter the top three while a couple of other smaller funds, the Teak Hill Fund and Income Partners All Seasons Asian Credit Fund, have also had decent YTD performance.

MKP’s distressed credit fund continues to have a good 2017 after a tough previous year while Cheyne Capital has two of its vehicles in the top 20. After a stellar 2016, Whitebox’s convertible arbitrage fund remains in the top 20 with 5.9% YTD returns, while two fi xed income arb funds in the form of the Serenitas Credit Gamma Master Fund and the Axonic Systematic Arbitrage Fund make up the top 20.

Some of the high performing distressed funds saw more somber performance in March although the Phoenix Fund and Armory’s credit opportunities fund continue to occupy spots in the top 20.

If you would like your fund to be listed in future editions please contact p.mcmillan@hfmweek.com.

Top Performers in March

 NameFund size ($m)Total return March (%)
Top l/s credit fundGood Hill Muni Bond Opportunity Fund21.05.3
Top Convertilbe arb fundPolygon Convertible Opport Fund - A476.20.9
Top fixed income arb fundBarnegat Fund Ltd (B)620.33.4
Top distressed fundBirch Creek Muni Credit Value Fund15.02.
Top credit FoHFEnTrust Diversified Select Credit Ltd9.91.9
Top fixed income MBSSBF Opportunities Fund38.93.8
Top fixed income high yieldFTM Limited B1.32.4
Top alt credit UcitsGAM Star Global Rates - USD (Acc)281.64.3
Top '40 Act fundEaton Vance Glbl Macro Abs Ret Advtg I1,900.02.2

Top 20 Overall YTD (March)

ProgramFund Size ($m)Mar 2017. Return (%)YTD Return (%)
Good Hill Muni Bond Opportunity Fund21.05.310.7
Barnegat Fund Ltd (B)620.33.49.3
EnTrust Diversified Select Credit Ltd9.91.99.0
Teak Hill Fund107.53.98.8
Income Ptnrs All Seasons Asian Credit145.0-0.28.5
Phoenix Fund NV101.20.28.5
Cheyne Total Return Credit June 2022135.03.57.4
Armory Credit Opportunity Fund LP208.00.57.3
MKP Credit Fund Ltd696.01.77.2
RRETRO Fund Ltd96.01.97.0
Cheyne Total Return Credit Dec 2020347.02.66.2
Whitebox Relative Value Partners LP440.10.35.9
CCP Total Return Fund9.03.05.7
Cedar Ridge Investors I LP31.90.35.7
Nykredit Alpha Mira175.81.65.6
Providence MBS Fund Ltd618.61.25.6
SBF Opportunities Fund38.93.85.6
Cheyne Total Return Credit Dec 2019234.02.15.4
Serenitas Credit Gamma Master Fund LP43.21.35.3
Axonic Systematic Arbitrage Fund LP192.70.85.2

Top 50 Credit L/S March

ProgramFund Size ($m)Mar 2017. Return (%)YTD Return (%)
Good Hill Muni Bond Opportunity Fund21.05.310.7
Teak Hill Fund107.53.98.8
Cheyne Total Return Credit June 2022135.03.57.4
GAM Global Rates (US) USD70.43.42.8
Cheyne Total Return Credit Dec 2020347.02.66.2
Cheyne Total Return Credit Dec 2019234.02.15.4
LFIS VISION Credit Opportunities I USD232.41.22.8
Fifth Street Opportunities Fund LP38.71.11.8
BulwarkBay Credit Opp Fund LP31.61.02.9
PIMCO Tactical Opportunities Fund1194.00.83.3
Napier Park European Credit Opp Fund663.50.72.9
One Oak Capital Mgt Alpha Opp Fund15.00.62.2
Candlewood Structured Credit Hrvst Ltd272.00.62.6
SGAS Pearl Vega Limited24.00.62.5
Franklin Fixed Income Opps Composite71.70.53.7
Schroder GAIA BSP Credit USD I Acc33.70.5-0.7
Old Orchard Credit Master Fund LP347.00.51.7
Serone Key Opportunities Fund USD154.10.54.7
AAG Aviation Fund112.60.51.8
Rimrock Structured Product Fund337.00.42.8
KLS Macro Rates Master Fund LP112.00.40.4
RV Corporate Bonds Fund A35.10.40.3
Sandler Total Return Opportunities18.20.44.0
Rimrock High Income PLUS Ltd2446.60.42.8
CKC Credit Opportunity Fund170.00.40.9
Rimrock Low Volatility QP Master370.50.32.2
Cedar Ridge Investors I LP31.90.35.7
III Select Credit Fund LP (B)217.00.31.6
Northlight European Fundamental Credit256.80.11.3
Sancus Capital Select Master Fund Ltd36.00.10.9
Aesir Credit Master Fund Ltd Founder B59.00.10.9
LNG Europa Credit Fund85.00.00.0
III Relative Value Crdt Strat LP (3)22.0-0.11.5
PIMCO Gl Credit Opportunity Fund3540.0-0.2-0.6
Income Ptnrs All Seasons Asian Credit145.0-0.28.5
Rhodium Cap Credit Master Fund Ltd7.7-0.4-0.8
Eiffel Credit Opportunities42.7-0.41.7
Kingdon Credit Master Fund LP347.0-0.4-0.1
Coherence Capital Spectrum LP B116.6-0.41.1
KLS Diversified Master Fund LP1916.0-0.42.7
CVC Global Credit Opportunities Fund510.0-0.52.2
Serengeti Lycaon Fund294.4-0.62.7
Orchard SquarePartners Credit Fund Ltd144.6-0.71.0
JLP Institutional Credit Fund267.0-0.82.8
P Gracie SMA280.6-0.8-2.0
Gracie Credit Opportunities LP62.5-0.9-2.0
Gracie Int'l Credit Opp. Ltd54.6-0.9-2.1
SIDUS IV Credit Opportunity Fund, LP39.0-0.90.3
Loomis Sayles Credit L/S Ltd573.0-1.1-1.8
Rivoli Long Short Bond Fund17.8-3.4-4.1

Top 50 Credit L/S YTD

ProgramFund Size ($)Mar 2017. Return (%)YTD Return (%)
Good Hill Muni Bond Opportunity Fund21.05.310.7
Teak Hill Fund107.53.98.8
Income Ptnrs All Seasons Asian Credit145.0-0.28.5
Cheyne Total Return Credit June 2022135.03.57.4
Cheyne Total Return Credit Dec 2020347.02.66.2
Cedar Ridge Investors I LP31.90.35.7
Cheyne Total Return Credit Dec 2019234.02.15.4
Serone Key Opportunities Fund USD154.10.54.7
Silverdale Fund SP-1AN/A0.44.0
Sandler Total Return Opportunities18.20.44.0
Franklin Fixed Income Opps Composite71.70.53.7
PIMCO Tactical Opportunities Fund1194.00.83.3
Napier Park European Credit Opp Fund663.50.72.9
BulwarkBay Credit Opp Fund LP31.61.02.9
Rimrock Structured Product Fund337.00.42.8
JLP Institutional Credit Fund267.0-0.82.8
Rimrock High Income PLUS Ltd2446.60.42.8
GAM Global Rates (US) USD70.43.42.8
LFIS VISION Credit Opportunities I USD232.41.22.8
KLS Diversified Master Fund LP1916.0-0.42.7
Serengeti Lycaon Fund294.4-0.62.7
Candlewood Structured Credit Hrvst Ltd272.00.62.6
SGAS Pearl Vega Limited24.00.62.5
One Oak Capital Mgt Alpha Opp Fund15.00.62.2
CVC Global Credit Opportunities Fund510.0-0.52.2
Rimrock Low Volatility QP Master370.50.32.2
AAG Aviation Fund112.60.51.8
Fifth Street Opportunities Fund LP38.71.11.8
III Relative Value Crdt Strat Ltd160.0-0.21.7
Old Orchard Credit Master Fund LP347.00.51.7
Eiffel Credit Opportunities42.7-0.41.7
III Select Credit Fund LP (B)217.00.31.6
Coherence Capital Spectrum LP A116.6-0.51.3
Northlight European Fundamental Credit256.80.11.3
Gabelli Intermediate Credit LPN/A-0.11.1
Orchard SquarePartners Credit Fund Ltd144.6-0.71.0
Sancus Capital Select Master Fund Ltd36.00.10.9
CKC Credit Opportunity Fund170.00.40.9
Cardinal Point Master Fund I LtdN/A0.20.9
Aesir Credit Master Fund Ltd Founder B59.00.10.9
KLS Macro Rates Master Fund LP112.00.40.4
RV Corporate Bonds Fund A35.10.40.3
SIDUS IV Credit Opportunity Fund, LP39.0-0.90.3
LNG Europa Credit Fund85.00.00.0
Kingdon Credit Master Fund LP347.0-0.4-0.1
PIMCO Gl Credit Opportunity Fund3540.0-0.2-0.6
Schroder GAIA BSP Credit USD I Acc33.70.5-0.7
Rhodium Cap Credit Master Fund Ltd7.7-0.4-0.8
Loomis Sayles Credit L/S Ltd573.0-1.1-1.8
P Gracie SMA280.6-0.8-2.0
Gracie Credit Opportunities LP62.5-0.9-2.0
Rivoli Long Short Bond Fund17.8-3.4-4.1

Top 10 Convertible Arb March

ProgramFund Size ($m)Mar 2017. Return (%)YTD Return (%)
Polygon Convertible Opport Fund - A476.20.92.7
Context Partners Fund LP77.80.73.8
Steelhead Pathfinder Fund699.00.51.8
GLG Gl Convertible A USD149.40.41.4
Lazard Rathmore Fund Ltd1.30.41.9
Mohican VCA Fund LP18.20.30.8
Whitebox Relative Value Partners LP440.10.35.9
Palisade Strat. Master (Cayman) Ltd177.1-0.31.7
Castle Creek Arb LLC653.0-0.50.2
Basso Investors Ltd463.0-0.50.7
Advent Global Partners226.4-0.70.4
Quest Global Convertible Fund Ltd70.0-1.0-0.8

Top 10 Convertible Arb YTD

ProgramFund Size ($m)Mar 2017. Return (%)YTD Return (%)
Whitebox Relative Value Partners LP440.10.35.9
Context Partners Fund LP77.80.73.8
Polygon Convertible Opport Fund - A476.20.92.7
Lazard Rathmore Fund Ltd1.30.41.9
Steelhead Pathfinder Fund699.00.51.8
Palisade Strat. Master (Cayman) Ltd177.1-0.31.7
GLG Gl Convertible A USD149.40.41.4
Mohican VCA Fund LP18.20.30.8
Basso Investors Ltd463.0-0.50.7
Advent Global Partners226.4-0.70.4
Castle Creek Arb LLC653.0-0.50.2
Quest Global Convertible Fund Ltd70.0-1.0-0.8

Top 10 Fixed Income Arb March

ProgramFund Size ($m)Mar 2017. Return (%)YTD Return (%)
Barnegat Fund Ltd (B)620.33.49.3
Hellebore Credit Arbitrage196.82.54.0
Serenitas Credit Gamma Master Fund LP43.21.35.3
NGA Capital Ltd (A)88.60.81.8
Axonic Systematic Arbitrage Fund LP192.70.85.2
Sanctum Fixed Income Fund USD222.30.64.0
Lawrence Park Credit Strategies Fund300.30.53.1
Asgard Fixed Income Fund I Ltd EUR626.80.54.0
Capula Global RV Fund Ltd9550.0-0.11.8
III Fund Ltd225.0-0.11.5

Top 10 Fixed Income Arb YTD

ProgramFund Size ($m)Mar 2017. Return (%)YTD Return (%)
Barnegat Fund Ltd (B)620.33.49.3
Serenitas Credit Gamma Master Fund LP43.21.35.3
Axonic Systematic Arbitrage Fund LP192.70.85.2
Sanctum Fixed Income Fund USD222.30.64.0
Asgard Fixed Income Fund I Ltd EUR626.80.54.0
Hellebore Credit Arbitrage196.82.54.0
Whitebox Credit Partners LP298.1-0.64.0
Lawrence Park Credit Strategies Fund300.30.53.1
NGA Capital Ltd (A)88.60.81.8
Capula Global RV Fund Ltd9550.0-0.11.8
Blue Mountain Credit Alternatives Ltd5660.0-0.61.6
III Fund Ltd225.0-0.11.5

Top 10 Distressed Securities March

ProgramFund Size ($m)Mar 2017. Return (%)YTD Return (%)
Birch Creek Muni Credit Value Fund15.02.35.0
MKP Credit Fund Ltd696.01.77.2
Knighthead Master Fund2000.00.92.7
Libero Development Fund A11.80.82.8
Corrib Master Fund227.70.74.1
Ironshield Special Situations L1 Fund189.40.72.9
Armory Credit Opportunity Fund LP208.00.57.3
Riva Ridge Capital LP313.00.50.4
Hain Capital Investors LLC21.20.44.6
Southpaw Credit Opp Ptnrs LP1382.00.31.8
Phoenix Fund NV101.20.28.5
Marble Ridge Offshore Fund Ltd216.4-0.62.3
OCP Debt Opp Intl Ltd315.0-0.62.0

Top 10 Distressed Securities YTD

ProgramFund Size ($m)Mar 2017. Return (%)YTD Return (%)
Phoenix Fund NV101.20.28.5
Armory Credit Opportunity Fund LP208.00.57.3
MKP Credit Fund Ltd696.01.77.2
Birch Creek Muni Credit Value Fund15.02.35.0
Hain Capital Investors LLC21.20.44.6
JLP Credit Opportunity Fund LP1100.0-3.24.2
Corrib Master Fund227.70.74.1
Ironshield Special Situations L1 Fund189.40.72.9
Libero Development Fund A11.80.82.8
Knighthead Master Fund2000.00.92.7
Marble Ridge LP128.1-0.62.4
OCP Debt Opp Intl Ltd315.0-0.62.0
PSAM Rebound Fund Ltd38.0-0.71.8

Top 40 40 Act Funds March

The $1.9bn Eaton Vance fund was the top performer for March with 2.2% returns taking YTD performance to 2.8%. The fund is run by VPs John Baur, Michael Cirami, Eric Stein, and is currently weighted with 77% of the portfolio in government bonds, 2.7% in corporate bonds and the rest in cash and equivalents. Cyprus is the top geographical exposure (15%), followed by Russia with 13%, Serbia with 9.2% and Iceland with 9%.

NameTotal return MarchTotal return YTDFund size ($m)
Eaton Vance Glbl Macro Abs Ret Advtg I2.22.81,909
Western Asset Macro Opportunities IS1.94.61,018
Legg Mason BW Absolute Return Opp I1.53.81,675
Prudential Global Absolute Return Bond Q1.44.227
Eaton Vance Glbl Macr Absolute Return A1.11.55,825
Dreyfus Opportunistic Fixed Income I1.12.6145
Eaton Vance Short Duration Strat Inc B1.01.62,254
Goldman Sachs Fxd Inc Mcr Strts Inst0.91.657
PIMCO Credit Absolute Return Instl0.92.6398
PIMCO Unconstrained Bond Inst0.82.93,618
Legg Mason BW Alternative Credit IS0.83.8330
Putnam Diversified Income A0.82.33,377
James Alpha Hedged High Income I0.73.116
GMO Opportunistic Income VI0.72.61,332
Putnam Mortgage Opportunities I0.71.918
PIMCO Unconstrained Tax Managed Bd Instl0.73.3114
Hartford Schroders Global Strat Bd I0.70.958
PF Global Absolute Return P0.70.087
American Beacon Flexible Bond Instl0.62.3124
Voya Strategic Income Opportunities I0.62.0160
Columbia Mortgage Opportunities R50.61.6280
Putnam Absolute Return 300 Y0.62.6494
Transamerica Unconstrained Bond I0.63.5253
Lazard Enhanced Opportunities Instl0.52.114
Western Asset Total Return Uncons I0.51.81,215
Navigator Duration Neutral Bond I0.50.557
Morgan Stanley Inst Strategic Income IS0.51.610
PIMCO Fixed Income SHares LD0.51.351
Semper MBS Total Return Institutional0.51.6776
Russell Inv Unconstrained Total Ret Y0.50.5643
Prudential Absolute Return Bond Q0.42.01,623
Salient Tactical Muni & Credit Instl0.42.672
Driehaus Active Income0.40.12,221
1290 Unconstrained Bond Managers I0.41.370
Bramshill Income Performance Instl0.41.9140
AB Unconstrained Bond A0.42.9293
Guggenheim Macro Opportunities Instl0.42.04,997
Catalyst/Stone Beach Income Opp I0.40.25
Prudential Unconstrained Bond Z0.42.531
Deutsche Fixed Income Opportunities Inst0.31.9185

Top 40 40 Act Funds YTD

This $1bn Legg Mason fund is the top performer YTD with 1.9% returns in March taking YTD returns to 4.6%. The fund is run by CIO of Western S. Kenneth Leech and PM Prashant Chandran. The fund is 28% invested in government bonds, 17% in corporate bonds, 4% in securitised bonds, 10% in cash and alternatives and 41% in “other” bonds. The US is the biggest geographical region, with 57% of the portfolio, followed by Mexico (7%), Italy (5.7%) and Japan (5.1%).

NameTotal return MarchTotal return YTDFund size ($m)
Western Asset Macro Opportunities IS1.94.61,018
Prudential Global Absolute Return Bond Q1.44.227
Legg Mason BW Alternative Credit IS0.83.8330
Legg Mason BW Absolute Return Opp I1.53.81,675
Transamerica Unconstrained Bond I0.63.5253
PIMCO Unconstrained Tax Managed Bd Instl0.73.3114
Spectrum Low Volatility Investor0.03.151
James Alpha Hedged High Income I0.73.116
PIMCO Unconstrained Bond Inst0.82.93,618
AB Unconstrained Bond A0.42.9293
Cedar Ridge Unconstrained Credit Instl0.32.988
Eaton Vance Glbl Macro Abs Ret Advtg I2.22.81,909
GMO Opportunistic Income VI0.72.61,332
Putnam Absolute Return 300 Y0.62.6494
Dreyfus Opportunistic Fixed Income I1.12.6145
Salient Tactical Muni & Credit Instl0.42.672
PIMCO Credit Absolute Return Instl0.92.6398
Prudential Unconstrained Bond Z0.42.531
Redwood Managed Volatility Y-0.22.4346
Counterpoint Tactical Income I0.02.3291
American Beacon Flexible Bond Instl0.62.3124
Putnam Diversified Income A0.82.33,377
Pioneer Dynamic Credit Y-0.12.3270
Lazard Enhanced Opportunities Instl0.52.114
Wells Fargo Strategic Income Inst0.22.141
Guggenheim Macro Opportunities Instl0.42.04,997
Prudential Absolute Return Bond Q0.42.01,623
Navigator Tactical Fixed Income I-0.12.0675
Voya Strategic Income Opportunities I0.62.0160
Putnam Mortgage Opportunities I0.71.918
Virtus Strategic Income I0.01.931
Bramshill Income Performance Instl0.41.9140
Stone Harbor Strategic Income Instl-0.21.939
Columbia Strategic Income A0.21.93,199
Altrius Enhanced Income I-0.31.948
Deutsche Fixed Income Opportunities Inst0.31.9185
Wavelength Interest Rate Neutral-0.11.821
MFS Absolute Return I0.11.8203
Western Asset Total Return Uncons I0.51.81,215
Neuberger Berman Unconstrained Bd R60.11.763

Top 10 FOHF March

ProgramFund Size ($m)Mar 2017. Return (%)YTD Return (%)
EnTrust Diversified Select Credit Ltd9.91.99.0
Burkian Fund Strategy19.00.71.2
Narrapuno SPC - Convergence A USD31.00.71.7
BCA Alternative Income Fund49.30.41.5
Corbin Opportunity Fund763.30.32.5
Morrocroft Special Opportunity II LP35.00.30.6
Sandalwood Debt Fund A LP55.00.12.4
TAS Fixed Income Arbitrage H USD34.6-0.10.9
Riverview Select Mortgage Fund LP45.1-0.21.3
Stenham Credit Opportunities USD21.1-0.21.8

Top 10 FOHF YTD

ProgramFund Size ($m)Mar 2017. Return (%)YTD Return (%)
EnTrust Diversified Select Credit Ltd9.91.99.0
Corbin Opportunity Fund763.30.32.5
Sandalwood Debt Fund B LP199.00.02.5
Lighthouse Credit Opp. LP (B)54.0-0.52.1
Stenham Credit Opportunities USD21.1-0.21.8
Narrapuno SPC - Convergence A USD31.00.71.7
BCA Alternative Income Fund49.30.41.5
Riverview Select Mortgage Fund LP45.1-0.21.3
Burkian Fund Strategy19.00.71.2
TAS Fixed Income Arbitrage H USD34.6-0.10.9
Morrocroft Special Opportunity II LP35.00.30.6

Top 40 Alt Credit UCITS March

Strong March returns of 3.4% took YTD returns to 8.5% for the New Capital Wealthy Nations Bond Fund which invests in bonds based on fundamental credit. Countries are screened by their ability to repay debt, using Stratton Street’s Net Foreign Assets (NFA) model, and the credits are evaluated based on value for money and fundamentals of the credit. This is viewed as a return to fundamentals of credit analysis for fixed income, rather than the indexed approach used by most other funds.

ProgramFund Size ($)Mar 2017. Return (%)YTD Return (%)
GAM Star Global Rates - USD (Acc)281.64.33.7
New Capital WNBF USD/INR Hedge Inst888.53.48.5
GAM Star Alt. FI Inst'nl GBP Income137.92.75.2
Algebris Macro Credit (UCITS) B EUR491.01.31.6
Polar Cap Gl Convert Fund I USD518.81.24.3
Man GLG ABS Fund Corp Acc102.11.24.0
RWC Asia Convertibles Fund B USD49.91.13.9
Convertible & Credit A USD112.41.13.1
GAM Star (Lux) Convertible Alpha D USD123.21.12.7
Concise Short Term High Yield Fund52.31.02.6
RAM (Lux) Tactical Conv. Europe EUR E92.00.91.8
GAM Star AR Bond Plus USD Instl A911.90.82.4
GAM Star Credit Opp - GBP Inst'l (Acc)400.90.83.9
Lyxor / Chenavari Credit Fund I USD60.60.72.7
Schroder ISF Asian Conv Bond A Acc USD79.90.72.6
NFA Global Bond UCITS QDGBP Hedged78.70.73.4
RWC Global Convertibles Fund B USD1235.60.62.9
Oyster Multi Asset Inf Shield R USD45.50.62.6
Cheyne Convertibles Absolute Return43.90.62.4
Man GLG Gl Convertibles IM USD180.00.62.4
PVE Credit Value Fund A42.60.60.7
DWS Euro High Yield Bond Master JPY1291.10.6-1.1
Duemme SICAV Euro Investments Plus180.80.52.5
RAM (Lux) Tactical Gl Bnd Tot Re E EUR134.80.51.5
GAM Star AR Bond GBP Instl Acc877.30.51.7
GAM Star MBS Total Return - USD Inst121.20.51.8
Renminbi Bond Fund USD Inst23.30.45.6
Man GLG Corporate Bond Fund Prof Inc131.50.41.0
GAM Star AR Bond Def USD Instl Acc71.30.41.3
BlackRock FI Strategies A2 EUR7091.00.40.3
Rubrics Global Credit UCITS USD A363.30.42.3
BSF Euro Credit Strategies H2 CHF402.70.30.9
DB Fixed Income Opp DPM USD109.60.31.8
Bethmann Vermoegensverwaltung Ertrag208.70.21.6
DB Fixed Income Opp ADV USD69.20.21.7
Deutsche Inv I Convertibles USD FCH107.20.22.3
Alegra High Grade ABS Fund UCITS113.60.21.0
Oyster European Corp Bonds C EUR308.80.21.2
Rubrics Global FI UCITS (A-USD)363.30.11.2
BSF Global Absolute Return Bond A670.20.10.2
Ignis Abs Return Government Bond USD261.40.10.3
Deutsche Inv I Liquidity USD LCH19.50.10.4
Cheyne Global Credit UCITS IV I1 EUR106.00.10.7
BGF FI Global Op A1 USD7840.50.11.2
RWC Core Plus Fund B EUR26.60.10.7
Deutsche Inv I Euro HY Corp USD FCH0.30.12.2
DWS Euro-Bonds (Medium)206.80.00.2
Deutsche Inv I Euro Bonds (Prem) FC34.30.0-0.5
Pictet Abs Ret FI P USD1590.00.00.8
New Capital GVC Fund USD Ord Acc340.20.01.7
Deutsche Inv I Euro Bonds (Short) FC1800.5-0.10.0
Oyster Global Convertibles C USD HP664.3-0.12.0
Oyster Flexible Credit I M EUR PR64.3-0.10.9
Duemme Sicav - Gl Conv Plus I33.2-0.11.9
Man GLG Strategic Bond Fund Prof Acc320.7-0.13.1
Candriam Bonds Credit Op I-EUR2027.0-0.10.7
Candriam L/S Credit C EUR1482.5-0.10.0
DWS Covered Bond Fund FD143.1-0.20.2
Altana Corporate Bond Fund UCITS30.2-0.20.3
Deutsche Inv I Short Dur Credit LC242.9-0.20.3
Byron Fixed Income Alpha Sub-Fund11.6-0.21.1
Deutsche Inv I Euro Corp Bonds IC576.0-0.20.6
Deutsche Inv I Euro-Gov Bonds FC664.4-0.3-1.1
Oyster Global High Yield I USD229.8-0.32.2
PTR Kosmos HI USD683.0-0.3-0.2
DWS Eurorenta600.1-0.4-0.4
db PrivatMandat Comfort Einkommen U709.6-0.41.0
Oyster USD Bonds C USD189.8-0.41.2
DWS Euro-Bonds (Long)62.2-0.4-0.9
Pictet EUR Corp Bonds Ex Financial I366.9-0.6-0.1
DB Platinum MidOcean AR Credit I1C U154.3-0.7-0.5
Pictet EUR Bonds I917.9-0.7-0.7
Oyster Euro Fixed Income I EUR D219.7-0.8-0.6
Man GLG Cred-Eq Alternative IN H USD44.9-1.0-2.0
DB Platinum IV Inst FI I1D1273.4-2.5-2.9
DB Platinum IV Sovereign Plus R1C87.0-2.7-3.3

Top 40 Alt Credit UCITS YTD

The $280m GAM Star Global Rates Fund saw strong performance of 4.3% in March take YTD returns into the black with3.7% growth. Launched in November 2009, the fund aims to deliver absolute returns over the medium-term, across all market conditions.  The fund Invests in government bond instruments and currencies globally using a fundamental, macroeconomic approach to develop themes that capture inefficiencies. The fund is run by Adrian Owens, an investment director managing fixed income and currency-based hedge funds, and related strategies.

ProgramFund Size ($)Mar 2017. Return (%)YTD Return (%)
New Capital WNBF USD/INR Hedge Inst888.53.48.5
Renminbi Bond Fund USD Inst23.30.45.6
GAM Star Alt. FI Inst'nl GBP Income137.92.75.2
Polar Cap Gl Convert Fund I USD518.81.24.3
GAM Star Credit Opp - USD Instl1205.00.54.1
Man GLG ABS Fund Corp Acc102.11.24.0
RWC Asia Convertibles Fund B USD49.91.13.9
GAM Star Global Rates - USD (Acc)281.64.33.7
NFA Global Bond UCITS QDGBP Hedged78.70.73.4
Man GLG Strategic Bond Fund Prof Acc320.7-0.13.1
Convertible & Credit A USD112.41.13.1
DWS Euro High Yield Bond Master BRL1291.1-1.33.0
RWC Global Convertibles Fund B USD1235.60.62.9
GAM Star (Lux) Convertible Alpha D USD123.21.12.7
Lyxor / Chenavari Credit Fund I USD60.60.72.7
Schroder ISF Asian Conv Bond A Acc USD79.90.72.6
Oyster Multi Asset Inf Shield R USD45.50.62.6
Concise Short Term High Yield Fund52.31.02.6
Duemme SICAV Euro Investments Plus180.80.52.5
GAM Star AR Bond Plus USD Instl A911.90.82.4
Cheyne Convertibles Absolute Return43.90.62.4
Man GLG Gl Convertibles IM USD180.00.62.4
Man GLG Corp Bond Fund Prof Inc GBP131.50.22.3
Rubrics Global Credit UCITS USD A363.30.42.3
Deutsche Inv I Convertibles USD FCH107.20.22.3
Oyster Global High Yield I USD229.8-0.32.2
Deutsche Inv I Euro HY Corp USD FCH0.30.12.2
Oyster Global Convertibles C USD HP664.3-0.12.0
Duemme Sicav - Gl Conv Plus I33.2-0.11.9
RAM (Lux) Tactical Conv. Europe EUR E92.00.91.8
GAM Star MBS Total Return - USD Inst121.20.51.8
DB Fixed Income Opp DPM USD109.60.31.8
GAM Star AR Bond GBP Instl Acc877.30.51.7
New Capital GVC Fund USD Ord Acc340.20.01.7
DB Fixed Income Opp ADV USD69.20.21.7
Algebris Macro Credit (UCITS) B EUR491.01.31.6
Bethmann Vermoegensverwaltung Ertrag208.70.21.6
RAM (Lux) Tactical Gl Bnd Tot Re E EUR134.80.51.5
GAM Star AR Bond Def USD Instl Acc71.30.41.3
BGF FI Global Op A1 USD7840.50.11.2
Rubrics Global FI UCITS (A-USD)363.30.11.2
Oyster European Corp Bonds C EUR308.80.21.2
Oyster USD Bonds C USD189.8-0.41.2
Byron Fixed Income Alpha Sub-Fund11.6-0.21.1
Alegra High Grade ABS Fund UCITS113.60.21.0
Oyster Flexible Credit R EUR PR64.3-0.21.0
db PrivatMandat Comfort Einkommen U709.6-0.41.0
Pictet Abs Ret FI I USD1590.00.10.9
BSF Euro Credit Strategies H2 CHF402.70.30.9
RWC Core Plus Fund B EUR26.60.10.7
Cheyne Global Credit UCITS IV I1 EUR106.00.10.7
PVE Credit Value Fund A42.60.60.7
Candriam Bonds Credit Op I-EUR2027.0-0.10.7
Deutsche Inv I Euro Corp Bonds IC576.0-0.20.6
Deutsche Inv I Liquidity USD LCH19.50.10.4
BlackRock FI Strategies A2 EUR7091.00.40.3
Ignis Abs Return Government Bond USD261.40.10.3
Deutsche Inv I Short Dur Credit LC242.9-0.20.3
Altana Corporate Bond Fund UCITS30.2-0.20.3
BSF Global Absolute Return Bond A670.20.10.2
DWS Covered Bond Fund FD143.1-0.20.2
DWS Euro-Bonds (Medium)206.80.00.2
Candriam L/S Credit C EUR1482.5-0.10.0
Deutsche Inv I Euro Bonds (Short) FC1800.5-0.10.0
Pictet EUR Corp Bonds Ex Financial I366.9-0.6-0.1
PTR Kosmos HI USD683.0-0.3-0.2
DWS Eurorenta600.1-0.4-0.4
DB Platinum MidOcean AR Credit I1C U154.3-0.7-0.5
Deutsche Inv I Euro Bonds (Prem) FC34.30.0-0.5
Oyster Euro Fixed Income I EUR D219.7-0.8-0.6
Pictet EUR Bonds I917.9-0.7-0.7
DWS Euro-Bonds (Long)62.2-0.4-0.9
Deutsche Inv I Euro-Gov Bonds FC664.4-0.3-1.1
Man GLG Cred-Eq Alternative IN H USD44.9-1.0-2.0
DB Platinum IV Inst FI I1D1273.4-2.5-2.9
DB Platinum IV Sovereign Plus R1C87.0-2.7-3.3

Top 10 Fixed Income MBS March

ProgramFund Size ($m)Mar 2017. Return (%)YTD Return (%)
SBF Opportunities Fund38.93.85.6
CCP Total Return Fund9.03.05.7
RRETRO Fund Ltd96.01.97.0
Nykredit Alpha Mira175.81.65.6
Cheyne RE Credit Holdings A GBP271.81.32.8
Timberline Fund LP53.61.32.8
Providence MBS Fund Ltd618.61.25.6
PTAM Enhanced Structured Credit LP50.21.23.7
Pacificor RMBS Carve Out2.01.14.7
MP Securitized Credit Partners938.01.13.8
Sterling Mortgage Income Fund Class A78.41.02.7
Dwight Securities Fund A85.11.01.7
Cheyne RE Debt Fund A1403.00.83.0

Top 10 Fixed Income MBS YTD

ProgramFund Size ($m)Mar 2017. Return (%)YTD Return (%)
RRETRO Fund Ltd96.01.97.0
CCP Total Return Fund9.03.05.7
Nykredit Alpha Mira175.81.65.6
Providence MBS Fund Ltd618.61.25.6
SBF Opportunities Fund38.93.85.6
Pacificor RMBS Carve Out2.01.14.7
MP Securitized Credit Partners938.01.13.8
Nykredit Alpha KOBRA109.00.63.8
PTAM Enhanced Structured Credit LP50.21.23.7
Semper MIDAS Fund LP51.40.63.7
Cello Fixed Income Master Fund257.10.53.3
Cheyne RE Debt Fund A1403.00.83.0
Cheyne RE Credit Holdings A GBP271.81.32.8
Timberline Fund LP53.61.32.8

Top 10 Fixed Income High Yield Funds March

ProgramFund Size ($m)Mar 2017. Return (%)YTD Return (%)
FTM Limited B1.32.44.0
BCM High Yield Fund A EUR7.02.30.5
Canepa Short-Term High Yield Offshore75.61.33.3
Concise Capital Composite Fund76.91.33.3
Brandywine Global Alternative Credit457.50.83.6
MidOcean Credit Opp Fund779.50.52.4
Venator Income Fund F62.00.41.8
Horizon Fund109.60.31.9
Cedarview Liquid Short Duration Fund9.90.20.9
Pictet EUR Short Term Hi Yield HI USD4846.20.20.7
Pictet EUR High Yield I JPY1109.70.2-2.1

Top 10 Fixed Income High Yield Funds YTD

ProgramFund Size ($m)Mar 2017. Return (%)YTD Return (%)
Canepa Short-Term High Yield Onshore1.31.24.0
FTM Limited B1.32.44.0
Capital Four Credit Opportunities Fund168.80.13.8
Brandywine Global Alternative Credit457.50.83.6
Concise Capital Composite Fund76.91.33.3
MidOcean Credit Opp Fund779.50.52.4
Pictet US High Yield I USD706.0-0.62.1
PENN Core HY Bond Fund LP377.3-0.42.1
Post Credit Opportunities Master Fund24.30.12.0
Aristeia Partners LP (R)938.4-0.61.9
Horizon Fund109.60.31.9