Alt credit strats upwardly mobile through July – July performance review

While the low yield environment remains a point of frustration for many asset classes, a string of familiar credit managers continue to post strong returns in to the second half of 2016.
The top 20 performing funds during July are showing increasingly positive growth figures compared to last month’s rankings.

Armory’s Credit Opportunity Fund keeps its position as the best performing strategy, with the Los Angeles manager racking up 48.4% returns YTD and almost 10% for July.

Its 48% gains is up almost 12% on the previous month, while the fund in position 20 posted almost 10% through July, compared to 8.5% posted by the same standing last month.

Another consistent performer is distressed-focused Wexford Capital which has seen its $89m vehicle post 17.8% gains so far this year. The promising start for Dan Kamensky’s distressed firm Marble Ridge Capital continues too with its eponymous fund delivering more than 15% since inception in January with fund assets now topping $23m.

Amid the ongoing strong performance for some firms, July’s figures, provided by Barclayhedge, have seen new firms move up the top 20 list.

New York-headquartered Sancus Capital Management, founded by former JP Morgan director Olga Chernova in 2009, is second in the rankings. Its long/short credit $33m Select Master Fund has had an impressive month, returning 13% and more than 36% for the year so far.

Another upwardly mobile fund is the Cedar Ridge Investors I LP. The Connecticut-based manager has had a strong couple of months with its debt and equity-focused vehicle delivering almost 3% for July and has yearly returns now in excess of 11%.

If you fund is not listed here, please contact c.matthews@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.

Click here for June review

Top Performers in July

Top Credit L/S FundSancus Capital Select Master Fund Ltd33.3M13.0%
Top Convertible ARBContext Partners Fund LP65.8M3.1%
Top Fixed Income ARBBarnegat Fund Ltd (B)683.0M3.1%
Top Distressed SecuritiesJLP Partners Fund LP22.9M10.7%
Top FoHFEnTrustPermal FI Holdings NV USD A1869.2M1.9%
Top Fixed Income MBSAngel Oak Strategic Mortgage Income226.7M6.6%
Top Fixed Income High YieldBrandywine Global Alternative Credit618.1M2.8%
Top Alt Credit UcitsDWS Euro High Yield Bond Master ZAR1549.4M8.1%
Top 40 Act FundCatalyst/Princeton Uncons Hedged Inc A$1m3%

Top 20 Overall YTD (July)

ProgramFund Size ($m)Jul 2016. Return (%)YTD Return (%)
Armory Credit Opportunity Fund LP45.0M9.348.4
Sancus Capital Select Master Fund Ltd33.3M13.036.3
SIDUS IV Credit Opportunity Fund LP32.5M4.323.7
JLP Credit Opportunity Fund LP729.0M3.721.4
Wexford Credit Opps LP Class A89.1M0.817.8
Marble Ridge LP23.7M3.715.1
Silverdale Fund SP-1AN/A2.214.6
Axonic Systematic Arbitrage Fund LP171.6M2.214.4
IAM Structured Credit Strat Composite108.9M2.514.2
Cheyne Total Return Credit Dec 2019224.0M6.713.0
JLP Institutional Credit Fund220.0M2.312.8
NZC Guggenheim Fund Ltd288.1M2.411.8
Hellebore Credit Arbitrage195.4M-0.111.7
Cedar Ridge Investors I LP28.3M2.711.3
Venator Income Fund F59.2M1.511.2
Asgard Fixed Income Fund I Ltd EUR507.1M2.010.8
Whitebox Relative Value Partners LP357.9M2.410.6
Scoggin Worldwide Distressed Fund LLC109.0M0.710.0
Polygon Distressed Opp Fund A110.2M7.49.6
FTM Limited B0.9M1.49.5

Top 50 Credit L/S July

ProgramFund Size ($m)Jul 2016. Return (%)YTD Return (%)
Sancus Capital Select Master Fund Ltd33.3M13.036.3
Cheyne Total Return Credit Dec 2020290.0M6.811.0
SIDUS IV Credit Opportunity Fund LP32.5M4.323.7
III Select Credit Fund LP (B)213.0M3.36.5
Serone Key Opportunities Fund USD160.8M2.96.1
Symphony Event Driven Opp Fund LP82.2M2.76.2
Cedar Ridge Investors I LP28.3M2.711.3
Napier Park European Credit Opp Fund476.0M2.54.2
NZC Guggenheim Fund Ltd288.1M2.411.8
JLP Institutional Credit Fund220.0M2.312.8
Silverdale Fund SP-1AN/A2.214.6
Coherence Capital Spectrum LP A95.1M1.95.6
Gabelli Intermediate Credit LPN/A1.96.3
CVC Global Credit Opportunities Fund354.8M1.73.0
AAG Aviation Fund105.8M1.7-0.3
PIMCO Tactical Opportunities Fund987.0M1.74.5
LFIS VISION Credit Opportunities I USD242.9M1.6-3.1
Serengeti Lycaon Fund272.2M1.55.2
Franklin Fixed Income Opps Composite61.0M1.55.6
BlueBay Event Driven Credit Fund143.5M1.40.3
Candlewood Structured Credit Hrvst Ltd442.0M1.4-5.1
Kingdon Credit Master Fund LP324.0M1.33.8
KLS Diversified Master Fund LP1711.0M1.33.3
One Oak Capital Mgt Alpha Opp Fund15.0M1.23.5
Loomis Sayles Credit L/S Ltd640.7M1.11.5
LNG Europa Credit Fund87.0M1.1-0.9
BulwarkBay Credit Opp Fund LP31.7M1.15.4
Rimrock Low Volatility QP Master370.3M1.11.5
Rimrock High Income PLUS Ltd2468.4M1.0-0.1
PIMCO Glbl Credit Opportunity Strategy3441.0M0.93.8
Rhodium Capital Credit Fund LP7.9M0.96.5
Fifth Street Opportunities Fund LP61.3M0.75.8
Aesir Credit Master Fund Ltd Founder B61.2M0.72.6
Northlight European Fundamental Credit225.6M0.72.2
Rimrock Structured Product Fund299.1M0.71.5
Danske Invest Hedge FI Rel Value320.4M0.63.7
Cardinal Point Master Fund I LtdN/A0.65.3
Orchard SquarePartners Credit Fund Ltd192.2M0.60.7
CKC Credit Opportunity Fund165.0M0.52.0
Old Orchard Credit Master Fund LP162.0M0.49.0
P Gracie SMA229.7M0.33.1
BlueBay Credit Alpha L/S Fund207.7M0.3-1.3
Gracie Credit Opportunities LP57.7M0.22.5
Samuel Municipal Total Return Fund LP28.9M-0.12.9
Prologue Ltd Class A Shares Series SGD890.0M-0.7-0.5
Rivoli Long Short Bond Fund18.4M-1.05.3
SGAS Pearl Vega Limited23.9M-2.16.6
GAM Global Rates (US) USD109.7M-2.7-6.1

Top 50 Credit L/S YTD

ProgramFund Size ($m)Jul 2016. Return (%)YTD Return (%)
Sancus Capital Select Master Fund Ltd33.3M13.036.3
SIDUS IV Credit Opportunity Fund LP32.5M4.323.7
Silverdale Fund SP-1AN/A2.214.6
Cheyne Total Return Credit Dec 2019224.0M6.713.0
JLP Institutional Credit Fund220.0M2.312.8
NZC Guggenheim Fund Ltd288.1M2.411.8
Cedar Ridge Investors I LP28.3M2.711.3
Old Orchard Credit Master Fund LP162.0M0.49.0
SGAS Pearl Vega Limited23.9M-2.16.6
III Select Credit Fund LP (B)213.0M3.36.5
Rhodium Capital Credit Fund LP7.9M0.96.5
Gabelli Intermediate Credit LPN/A1.96.3
Symphony Event Driven Opp Fund LP82.2M2.76.2
Serone Key Opportunities Fund USD160.8M2.96.1
Fifth Street Opportunities Fund LP61.3M0.75.8
Franklin Fixed Income Opps Composite61.0M1.55.6
Coherence Capital Spectrum LP A95.1M1.95.6
BulwarkBay Credit Opp Fund LP31.7M1.15.4
Rivoli Long Short Bond Fund18.4M-1.05.3
Cardinal Point Master Fund I LtdN/A0.65.3
Serengeti Lycaon Fund272.2M1.55.2
PIMCO Tactical Opportunities Fund987.0M1.74.5
Napier Park European Credit Opp Fund476.0M2.54.2
III Relative Value Crdt Strat Ltd (3)151.0M1.54.2
PIMCO Glbl Credit Opportunity Strategy3441.0M0.93.8
Kingdon Credit Master Fund LP324.0M1.33.8
Danske Invest Hedge FI Rel Value320.4M0.63.7
One Oak Capital Mgt Alpha Opp Fund15.0M1.23.5
KLS Diversified Master Fund LP1711.0M1.33.3
P Gracie SMA229.7M0.33.1
CVC Global Credit Opportunities Fund354.8M1.73.0
Samuel Municipal Total Return Fund LP28.9M-0.12.9
Aesir Credit Master Fund Ltd Founder B61.2M0.72.6
Gracie Credit Opportunities LP57.7M0.22.5
Northlight European Fundamental Credit225.6M0.72.2
CKC Credit Opportunity Fund165.0M0.52.0
Rimrock Structured Product Fund299.1M0.71.5
Loomis Sayles Credit L/S Ltd640.7M1.11.5
Rimrock Low Volatility QP Master370.3M1.11.5
Orchard SquarePartners Credit Fund Ltd192.2M0.60.7
BlueBay Event Driven Credit Fund143.5M1.40.3
Rimrock High Income PLUS Ltd2468.4M1.0-0.1
AAG Aviation Fund105.8M1.7-0.3
Prologue Ltd Class A Shares Series SGD890.0M-0.7-0.5
LNG Europa Credit Fund87.0M1.1-0.9
BlueBay Credit Alpha L/S Fund207.7M0.3-1.3
LFIS VISION Credit Opportunities I USD242.9M1.6-3.1
Candlewood Structured Credit Hrvst Ltd442.0M1.4-5.1
GAM Global Rates (US) USD109.7M-2.7-6.1

Top 10 Convertible Arb July

ProgramFund Size ($m)Jul 2016. Return (%)YTD Return (%)
Context Partners Fund LP65.8M3.16.7
GLG Gl Convertible A USD148.0M2.6-0.4
Whitebox Relative Value Partners LP357.9M2.410.6
Palisade Strat. Master (Cayman) Ltd151.8M2.35.4
Polygon Convertible Opport Fund - A453.5M2.16.3
Silverback Arb Ltd326.0M1.52.9
Basso Investors Ltd459.8M1.42.9
Steelhead Pathfinder Fund584.0M1.45.6
Mohican VCA Fund LP16.8M1.33.9
Polar Cap ALVA Gl Convert Ltd (A) USD70.2M1.31.8
Quest Global Convertible Fund Ltd30.0M1.00.6
Castle Creek Arb LLC660.0M0.81.7

Top 10 Convertible Arb YTD

ProgramFund Size ($m)Jul 2016. Return (%)YTD Return (%)
Whitebox Relative Value Partners LP357.9M2.410.6
Pine River Convert Master Fund Ltd171.8M0.27.2
Context Partners Fund LP65.8M3.16.7
Polygon Convertible Opport Fund - A453.5M2.16.3
Steelhead Pathfinder Fund584.0M1.45.6
Palisade Strat. Master (Cayman) Ltd151.8M2.35.4
Mohican VCA Fund LP16.8M1.33.9
Advent Global Partners240.2M-0.13.2
Symphony Rhapsody Fund LP42.5M0.72.9
Silverback Arb Ltd326.0M1.52.9
Basso Investors Ltd459.8M1.42.9
Polar Cap ALVA Gl Convert Ltd (A) USD70.2M1.31.8
Castle Creek Arb LLC660.0M0.81.7

Top 10 Fixed Income Arb July

ProgramFund Size ($m)Jul 2016. Return (%)YTD Return (%)
Barnegat Fund Ltd (B)683.0M3.13.7
Axonic Systematic Arbitrage Fund LP171.6M2.214.4
Asgard Fixed Income Fund I Ltd EUR507.1M2.010.8
Coast Value Fund I Ltd25.7M1.86.1
Lawrence Park Credit Strategies Fund268.4M1.85.3
Blue Mountain Credit Alternatives Ltd5780.8M1.7-0.5
NGA Capital Ltd (A)139.8M1.3-1.6
Whitebox Credit Partners LP273.0M1.21.2
III Convex Strategies Fund Ltd102.0M1.23.9
Danske Invest Hedge FI Strategy1134.0M1.27.9
Symphony Long-Short Credit Offshore462.8M0.9-4.5
Chenavari - L/S Corp Crdt Strat A1 USD203.5M0.7-11.4

Top 10 Fixed Income Arb YTD

ProgramFund Size ($m)Jul 2016. Return (%)YTD Return (%)
Axonic Systematic Arbitrage Fund LP171.6M2.214.4
Hellebore Credit Arbitrage195.4M-0.111.7
Asgard Fixed Income Fund I Ltd EUR507.1M2.010.8
Danske Invest Hedge FI Strategy1134.0M1.27.9
Coast Value Fund I Ltd25.7M1.86.1
Lawrence Park Credit Strategies Fund268.4M1.85.3
Capula Global RV Fund Ltd F USD9304.5M0.64.0
III Convex Strategies Fund Ltd102.0M1.23.9
Barnegat Fund Ltd (B)683.0M3.13.7
Sanctum Fixed Income Fund292.0M0.13.4

Top 10 Distressed Securities July

ProgramFund Size ($m)Jul 2016. Return (%)YTD Return (%)
JLP Partners Fund LP22.9M10.71.6
Armory Credit Opportunity Fund LP45.0M9.348.4
Polygon Distressed Opp Fund A110.2M7.49.6
Candlewood Special Situations Fund Ltd542.2M5.7-2.6
Sothic Capital European Opps Ltd A230.8M5.76.6
Marble Ridge LP23.7M3.715.1
JLP Credit Opportunity Fund LP729.0M3.721.4
PSAM Rebound Fund Ltd35.0M2.94.1
Venor Capital Offshore Ltd269.0M2.43.9
Armory Offshore Fund Ltd1.0M2.31.4
Altum Credit Master Fund Ltd442.0M2.24.6
MKP Credit Fund Ltd1154.0M2.0-10.1
OCP Debt Opp Intl Ltd274.0M1.97.6
Sound Point Beacon Fund LP372.2M1.82.9
Trilogy Financial Ptnrs Intl Ltd125.0M1.87.1
PENN Distressed Fund LP6.2M1.43.4

Top 10 Distressed Securities YTD

ProgramFund Size ($m)Jul 2016. Return (%)YTD Return (%)
Distressed Debt 1 LP0.7M17.6105.9
Armory Credit Opportunity Fund LP45.0M9.348.4
JLP Credit Opportunity Fund LP729.0M3.721.4
Wexford Credit Opps LP Class A89.1M0.817.8
Marble Ridge LP23.7M3.715.1
Scoggin Worldwide Distressed Fund LLC109.0M0.710.0
Polygon Distressed Opp Fund A110.2M7.49.6
OCP Debt Opp Intl Ltd274.0M1.97.6
Trilogy Financial Ptnrs Intl Ltd125.0M1.87.1
Sothic Capital European Opps Ltd A230.8M5.76.6
Libero Development Fund A9.6M0.65.1
Altum Credit Master Fund Ltd442.0M2.24.6
PSAM Rebound Fund Ltd35.0M2.94.1
Venor Capital Offshore Ltd269.0M2.43.9
Ironshield Special Situations L1 Fund124.8M1.23.5
PENN Distressed Fund LP6.2M1.43.4

Top 40 40 Act Funds July

The Catalyst fund continues to hold the top spot on both monthly and YTD rankings. The New York-headquartered firm, founded in 2006, has posted 3% through August and almost 15% for the year.

The fund is 73% invested in corporate bonds with 3% in securitised bonds and most of the rest in cash or equivalents.

The strategy has an 83% exposure to the US, followed by Canada with 6%, Bermuda with 5% and Australia with 4%

NameFund size (m)Total Ret (Aug) %Total Ret YTD (%)
Catalyst/Princeton Uncons Hedged Inc A13.014.9
Hatteras Long / Short Debt A292.6-5.2
Driehaus Select Credit1132.61.9
Eaton Vance Glbl Macro Abs Ret Advtg A16882.55.1
Spectrum Low Volatility Investor342.313.6
PF Global Absolute Return P912.33.7
Neuberger Berman Unconstrained Bd A572.20.9
Counterpoint Tactical Income A1922.113.8
Redwood Managed Volatility I2612.013.8
Altegris Fixed Income Long Short A521.8-4.0
MainStay Unconstrained Bond A14551.77.2
Putnam Diversified Income A31081.70.5
Legg Mason BW Alternative Credit IS4051.74.3
James Alpha Hedged High Income A151.75.7
BTS Tactical Fixed Income A4111.612.2
CMG Tactical Bond I271.65.7
PIMCO Floating Income A01.67.6
Prudential Global Absolute Return Bond A261.63.9
Pioneer Dynamic Credit A2691.49.5
Goldman Sachs Fxd Inc Mcr Strts A611.4-0.3
Altrius Enhanced Income I261.48.6
Arrow Alternative Solutions A1651.48.0
Touchstone Credit Opportunities A551.49.1
Navigator Tactical Fixed Income A4281.414.5
Dreyfus Opportunistic Fixed Income A2241.3-0.7
Eaton Vance Glbl Macr Absolute Return A52091.33.3
WST Asset Manager - US Bond Instl701.311.0
Guggenheim Macro Opportunities A32651.36.9
JPMorgan Strategic Income Opps A123101.37.1
Columbia Strategic Income A30411.37.9
Stone Harbor Strategic Income Instl391.29.9
Palmer Square Long/Short Credit A171.23.8
Western Asset Macro Opportunities A8141.28.2
Navigator Duration Neutral Bond A801.2-0.9
Virtus Strategic Income A301.17.6
Franklin K2 Long Short Credit A01.15.8
Loomis Sayles Strategic Alpha A11731.04.7
Toews Unconstrained Income1081.08.1
Goldman Sachs Long Shrt Crdt Strats Inst2111.05.1
Driehaus Active Income23591.03.3

Top 40 40 Act Funds YTD

The California investment advisor continues its stellar performance for 2016 with its high yield-focused fund posting almost 14% or the year and 2.1% through August.

Its predominantly bond-focused portfolio, 81% in corporate bonds and also hold 10% in cash, is delivering fruitful returns with the fund now at almost at $200m in AuM.

The firm was founded by Michael Krause and John Koudsi in 2014 with the former also partner at Counterpoint Asset Management.

NameFund size (m)Total Ret (Aug) %Total Ret YTD (%)
Catalyst/Princeton Uncons Hedged Inc A13.014.9
Navigator Tactical Fixed Income A4281.414.5
Redwood Managed Volatility I2612.013.8
Counterpoint Tactical Income A1922.113.8
Spectrum Low Volatility Investor342.313.6
BTS Tactical Fixed Income A4111.612.2
WST Asset Manager - US Bond Instl701.311.0
Stone Harbor Strategic Income Instl391.29.9
Pioneer Dynamic Credit A2691.49.5
Touchstone Credit Opportunities A551.49.1
Shelton Tactical Credit A300.89.1
Altrius Enhanced Income I261.48.6
Western Asset Macro Opportunities A8141.28.2
Prudential Unconstrained Bond A270.88.2
Toews Unconstrained Income1081.08.1
Arrow Alternative Solutions A1651.48.0
Columbia Strategic Income A30411.37.9
Wavelength Interest Rate Neutral180.17.8
Virtus Strategic Income A301.17.6
PIMCO Floating Income A01.67.6
MainStay Unconstrained Bond A14551.77.2
Robinson Tax Advantaged Income A138-0.77.2
Sierra Strategic Income A4910.87.1
JPMorgan Strategic Income Opps A123101.37.1
North Star Bond I140.97.1
Guggenheim Macro Opportunities A32651.36.9
Salient Tactical Muni & Credit Instl1060.66.7
SMI Bond9-0.36.1
Cedar Ridge Unconstrained Credit Instl720.46.1
Scout Unconstrained Bond Instl14620.36.0
Transamerica Unconstrained Bond I1560.85.8
Franklin K2 Long Short Credit A01.15.8
James Alpha Hedged High Income A151.75.7
CMG Tactical Bond I271.65.7
PIMCO Credit Absolute Return A00.85.3
Collins Long/Short Credit A390.65.3
JPMorgan Unconstrained Debt A29560.65.2
Eaton Vance Glbl Macro Abs Ret Advtg A16882.55.1
Iron Strategic Income Institutional1480.85.1
Goldman Sachs Long Shrt Crdt Strats Inst2111.05.1

Top 10 FOHF July

ProgramFund Size ($m)Jul 2016. Return (%)YTD Return (%)
EnTrustPermal FI Holdings NV USD A1869.2M1.91.0
EnTrust Diversified Select Credit LP37.6M1.30.9
Lighthouse Credit Opp. Ltd (B)196.0M1.3-2.3
Acorn Credit Strategies LP30.9M1.2-0.9
Sandalwood Debt Fund B LP200.0M1.21.2
AIP Select Mortgage Fund LP70.0M1.1-1.9
Stenham Credit Opportunities USD20.8M0.91.8
Morrocroft Special Opportunity II LP45.0M0.53.3
Burkian Fund Strategy19.0M0.41.6
TAS Fixed Income Arbitrage H USD42.3M0.31.1
Narrapuno SPC - Convergence A USD31.0M0.21.0
EFA Trade Finance Managers Fund27.7M0.01.9

Top 10 FOHF YTD

ProgramFund Size ($m)Jul 2016. Return (%)YTD Return (%)
Morrocroft Special Opportunity II LP45.0M0.53.3
EFA Trade Finance Managers Fund27.7M0.01.9
Stenham Credit Opportunities USD20.8M0.91.8
Burkian Fund Strategy19.0M0.41.6
Sandalwood Debt Fund B LP200.0M1.21.2
TAS Fixed Income Arbitrage H USD42.3M0.31.1
Narrapuno SPC - Convergence A USD31.0M0.21.0
EnTrustPermal FI Holdings NV USD A1869.2M1.91.0
EnTrust Diversified Select Credit LP37.6M1.30.9
Acorn Credit Strategies Fund Ltd19.4M1.1-0.8
AIP Select Mortgage Fund LP70.0M1.1-1.9
Lighthouse Credit Opp. LP (B)63.0M1.1-2.1

Top 40 Alt Credit UCITS July

The Ucits offering the German banking giant’s asset management arm is continuing its upward curve for the year and has delivered 8.1% gains through July, more than double the returns seen a month previous.

The long-only vehicle, which has posted 4.3% returns in 2016, and sits tops of the Ucits monthly performance with its corporate bond-focused portfolio (76%). It also hold 9% in financial bonds and 4% in emerging market interests among other areas.

ProgramFund Size ($m)Jul 2016. Return (%)YTD Return (%)
DWS Euro High Yield Bond Master ZAR1549.4M8.14.3
Man GLG Corporate Bond Fund Prof Acc119.6M4.820.3
GAM Star Credit Opp - GBP Inst'l (Acc)267.7M4.67.0
New Capital WNBF USD/INR Hedge Inst985.2M3.311.1
Man GLG Gl Convertibles IM USD182.5M3.1-0.2
Polar Cap Gl Convert Fund I GBP482.4M3.113.5
RWC Global Convertibles Fund B USD1325.5M3.0-1.0
Convertible & Credit A USD112.5M2.90.7
Deutsche Inv I Euro HY Corp USD FCH3.6M2.88.8
GAM Star (Lux) Convertible Alpha D USD15.2M2.81.7
Oyster Global Convertibles C USD HP682.6M2.7-0.8
GAM Star Credit Opp - USD Instl882.8M2.65.3
Duemme Sicav - Gl Conv Plus I44.7M2.6-1.6
RAM (Lux) Tactical Conv. Europe EUR I108.3M2.4-1.2
Oyster Global High Yield I USD242.9M2.311.4
DB Platinum IV Sovereign Optima I2D-E159.7M2.315.2
Renminbi Bond Fund UI GBP Inst24.7M2.210.8
Breisgau-Rent78.1M2.10.9
Deutsche Inv I Euro Corp Bonds IC509.4M2.16.8
Rubrics Global Credit UCITS USD A303.0M2.15.3
Deutsche Inv I Convertibles USD FCH183.8M1.8-2.5
PTR Kosmos I GBP605.1M1.815.6
Cheyne Global Credit UCITS IV I1 EUR106.0M1.73.7
Bethmann Vermoegensverwaltung Ertrag210.1M1.71.0
Oyster European Corp Bonds C EUR364.8M1.63.3
Cheyne Convertibles Absolute Return51.4M1.5-0.3
Man GLG Strategic Bond Fund Prof539.3M1.54.2
Oyster European FI C EUR273.1M1.56.7
Alegra High Grade ABS Fund UCITS89.7M1.51.3
RWC Core Plus Fund B EUR29.6M1.5-0.3
Man GLG ABS Fund Corp Acc170.7M1.4-0.3
Altana Corporate Bond Fund UCITS29.1M1.42.3
DWS Euro-Bonds (Long)83.1M1.33.1
db PrivatMandat Comfort Einkommen U773.0M1.30.4
Duemme SICAV Euro Investments Plus149.7M1.23.6
Deutsche Inv I Euro Bonds (Prem) FC48.7M1.23.3
DWS Euro-Bonds (Medium)252.2M1.24.5
DB Fixed Income Opp DPM USD168.4M1.14.5
Oyster USD Bonds C USD142.9M1.17.4
Candriam Bonds Credit Op I-EUR1626.8M1.13.2
BGF FI Global Op A1 USD7.9M1.1-1.5
DB Fixed Income Opp ADV USD75.5M1.14.1
Pictet Abs Ret FI I USD1283.0M1.12.8

Top 40 Alt Credit UCITS YTD

The investment giant remains the standout performer for 2016 in the credit Ucits space. Its $120m corporate bond fund has now produced 20.4% returns in 2016 and almost 5% through July.

The positive returns come at a time of significant internal changes at the $76bn investment giant. After Luke Ellis’s appointment as CEO led to a flurry of other senior changes, among them Pierre Henri-Flamand who was promoted from senior portfolio manager at GLG to chief investment officer earlier this month.

ProgramFund Size ($m)Jul 2016. Return (%)YTD Return (%)
Man GLG Corporate Bond Fund Prof Inc119.6M4.720.4
DWS Euro High Yield Bond Master BRL1549.4M1.716.2
PTR Kosmos I GBP605.1M1.815.6
DB Platinum IV Sovereign Optima I2D-E159.7M2.315.2
Polar Cap Gl Convert Fund I GBP482.4M3.113.5
New Capital WNBF USD/INR Hedge Ord Inc985.2M3.011.8
Oyster Global High Yield I USD242.9M2.311.4
Renminbi Bond Fund UI GBP Inst24.7M2.210.8
Deutsche Inv I Euro HY Corp USD FCH3.6M2.88.8
Barmenia Renditefonds DWS26.8M0.97.9
GAM Star Credit Opp - GBP Inst'l (Acc)267.7M4.67.0
Deutsche Inv I Euro Corp Bonds IC509.4M2.16.8
Oyster European FI C EUR273.1M1.56.7
Deutsche Inv I Euro-Gov Bonds FC915.5M0.86.4
DWS Eurorenta701.3M0.96.3
Rubrics International Bond A - USD5.0M0.36.1
Rubrics Global Credit UCITS USD A303.0M2.15.3
RAM (Lux) Tactical Gl Bnd Tot Re E EUR121.7M0.94.7
DB Platinum IV Sovereign Plus R1C107.4M-0.74.7
DWS Euro-Bonds (Medium)252.2M1.24.5
DB Fixed Income Opp DPM USD168.4M1.14.5
Oyster Multi Asset Inf Shield R USD42.7M0.94.4
Rubrics Global FI UCITS (A-USD)299.0M1.14.4
Man GLG Strategic Bond Fund Prof539.3M1.54.2
GAM Star Alt. FI Inst'nl GBP Income118.9M0.94.2
DWS Covered Bond Fund FD196.0M0.94.0
Cheyne Global Credit UCITS IV I1 EUR106.0M1.73.7
Duemme SICAV Euro Investments Plus149.7M1.23.6
Deutsche Inv I Euro Bonds (Prem) FC48.7M1.23.3
Oyster European Corp Bonds C EUR364.8M1.63.3
Candriam Bonds Credit Op I-EUR1626.8M1.13.2
GAM Star AR Bond Plus USD Instl A916.9M0.63.1
DWS Euro-Bonds (Long)83.1M1.33.1
Pictet Abs Ret FI I USD1283.0M1.12.8
Deutsche Inv I Short Dur Credit FC145.8M0.62.6
Altana Corporate Bond Fund UCITS29.1M1.42.3
DB Platinum MidOcean AR Credit I1C U16.8M0.22.3
BSF Global Absolute Return Bond A567.8M0.91.8
GAM Star MBS Total Return - USD Inst150.8M1.01.8
GAM Star AR Bond GBP Instl Acc1097.6M0.51.7

Top 10 Fixed Income MBS July

ProgramFund Size ($m)Jul 2016. Return (%)YTD Return (%)
Angel Oak Strategic Mortgage Income226.7M6.63.2
PTAM Enhanced Structured Credit LP53.6M4.53.7
CCP Total Return Fund7.0M4.27.6
Aperio RMBS Credit Opp LLC17.0M4.1-0.1
SPM Opportunity Fund130.0M4.02.6
Seer Capital Partners Master Fund LP1340.0M3.1-6.6
MBS Agency Fund569.0M3.05.3
IAM Credit Opportunities Master Fund41.4M2.79.4
Dwight Securities Fund A49.2M2.55.2
IAM Structured Credit Strat Composite108.9M2.514.2
Cello Fixed Income Master Fund268.1M2.16.6
SPM Core613.0M2.01.7
Midway Market Neutral Fund480.0M1.86.7
Voya Mortgage Investment1284.0M1.85.7

Top 10 Fixed Income MBS YTD

ProgramFund Size ($m)Jul 2016. Return (%)YTD Return (%)
IAM Structured Credit Strat Composite108.9M2.514.2
IAM Credit Opportunities Master Fund41.4M2.79.4
Nykredit Alpha Mira112.4M-0.68.3
CCP Total Return Fund7.0M4.27.6
Nykredit Alpha KOBRA105.9M1.17.4
Sterling Mortgage Income Fund Class A58.2M0.86.9
Midway Market Neutral Fund480.0M1.86.7
Cello Fixed Income Master Fund268.1M2.16.6
Voya Mortgage Investment1284.0M1.85.7
MBS Agency Fund569.0M3.05.3
Dwight Securities Fund A49.2M2.55.2
Lynx Plus Fund183.0M1.13.7
PTAM Enhanced Structured Credit LP53.6M4.53.7
Regan Credit Opportunities Fund LP159.2M0.83.5

Top 10 Fixed Income High Yield Funds July

ProgramFund Size ($m)Jul 2016. Return (%)YTD Return (%)
Brandywine Global Alternative Credit618.1M2.82.4
Pictet EUR High Yield I JPY1806.1M2.6-8.3
Candriam Bonds Gl High Yield (I)518.1M2.16.9
PENN Core HY Bond Fund LP360.9M2.06.3
Candriam Bonds Euro High Yield (I)2347.6M1.95.6
Canepa Short-Term High Yield Offshore91.5M1.97.2
Concise Capital Composite Fund92.7M1.97.2
Horizon Multi Dis. Fund LP (A)11.1M1.86.0
Horizon Credit Opp LP7.4M1.87.4
Renminbi Bond Fund CHF B53.1M1.78.9
Venator Income Fund F59.2M1.511.2
FTM Limited B0.9M1.49.5
Pictet EUR Short Term Hi Yield HI USD4569.9M1.34.4
WB Opportunities Fund Ltd119.8M1.24.1

Top 10 Fixed Income High Yield Funds YTD

ProgramFund Size ($m)Jul 2016. Return (%)YTD Return (%)
Venator Income Fund F59.2M1.511.2
FTM Limited B0.9M1.49.5
Renminbi Bond Fund CHF B53.1M1.78.9
Horizon Credit Opp LP7.4M1.87.4
Canepa Short-Term High Yield Onshore1.1M1.97.4
Concise Capital Composite Fund92.7M1.97.2
Candriam Bonds Gl High Yield (I)518.1M2.16.9
PENN Core HY Bond Fund LP360.9M2.06.3
Horizon Multi Dis. Fund LP (A)11.1M1.86.0
Aristeia International Ltd B921.5M0.85.9
Candriam Bonds Euro High Yield (I)2347.6M1.95.6
Pictet EUR Hi Yield HI USD1803.0M2.25.1
Pictet EUR Short Term Hi Yield HI USD4569.9M1.34.4
GCA Credit Opp Offshore823.9M0.74.2