Distressed strats among best June performers – June Performance Review

With this month’s issue putting the spotlight on distressed strategies and their uptick in performance during 2016, it is perhaps unsurprising that three distressed-centric funds are among the top five performers YTD.

The list of the best 20 performing credit funds is topped by Armoury Group’s Credit Opportunity Fund which is up 5.8% for June and almost 36% YTD.

Meanwhile, JLP’s similarly named fund has posted 17.1% returns for the year and is in fourth position, behind the SIDUS IV opportunity vehicle (18.6% YTD) and Pacifi cor’s RMBS Carve Out (17.6% YTD). Connecticut-based Wexford Capital is up from seventh to fi fth place since last month as its energy-focused Opportunity Fund delivered 3.4% through June and 16.1% for the year.

“The performance this year has been driven by a concentration in distressed energy debt, primarily E&P and to a lesser extent, coal,” the fund’s co-portfolio manager Mark Zand told Alt Credit Intelligence.

Meanwhile other strong performers in June include Scoggin Capital’s $109m distressed fund which was up 3.2%, Marble Ridge’s debut fund (2.4%) and Hellebore Capital’s arbitrage vehicle which was up 1.8% and almost 12% for the year.

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 April review

Top Performers in June

Top Credit L/S FundRhodium Captl Credit Master Fund Ltd
$5.8m3.7%
Top Convertible ARBWhitebox Relative Value Partners LP$366m1.6%
Top Fixed Income ARBHellebore Credit Arbitrage
$193.1m1.8%
Top Distressed SecuritiesArmory Credit Opportunity Fund LP$40m5.8%
Top FoHFBurkian Fund Strategy$19m3.9%
Top Fixed Income MBSPTAM Enhanced Structured Credit LP$57.6m2.6%
Top Fixed Income High YieldFTM Limited B$0.9m2.6%
Top Alt Credit UcitsMan GLG Corporate Bond Fund Prof Inc$114m9.4%
Top 40 Act FundCatalyst/Princeton Hedged Income A$1m4.5%

Top 20 Overall YTD (June)

ProgramFund Size ($m)Jun 2016. Return (%)YTD Return (%)
Armory Credit Opportunity Fund LP40.0M5.835.7
SIDUS IV Credit Opportunity Fund LP32.5M2.418.6
Pacificor RMBS Carve Out2.7M0.817.6
JLP Credit Opportunity Fund LP729.0M2.417.1
Wexford Credit Opps LP Class A87.6M3.416.1
Silverdale Fund SP-1AN/A1.712.1
Axonic Systematic Arbitrage Fund LP178.0M-4.012.0
Hellebore Credit Arbitrage193.1M1.811.7
IAM Structured Credit Strat Composite108.9M1.811.4
Marble Ridge LP21.9M2.411.0
Phoenix Fund NV48.8M-0.510.9
JLP Institutional Credit Fund220.0M1.110.2
Venator Income Fund F56.8M1.29.5
NZC Guggenheim Fund Ltd280.8M1.09.2
Nykredit Alpha Mira107.6M0.58.9
Scoggin Worldwide Distressed Fund Ltd109.0M3.28.9
SGAS Pearl Vega Limited24.4M1.38.8
Asgard Fixed Income Fund I Ltd EUR479.5M1.38.7
Old Orchard Credit Master Fund LP123.0M1.48.5
Cedar Ridge Investors I LP33.4M2.38.4

Top 50 Credit L/S June

ProgramFund Size ($m)Jun 2016. Return (%)YTD Return (%)
Rhodium Captl Credit Master Fund Ltd5.8M3.75.6
Rivoli Long Short Bond Fund18.4M3.46.3
SIDUS IV Credit Opportunity Fund LP32.5M2.418.6
Cedar Ridge Investors I LP33.4M2.38.4
Silverdale Fund SP-1AN/A1.712.1
Samuel Municipal Total Return Fund LP28.9M1.53.1
Old Orchard Credit Master Fund LP123.0M1.48.5
SGAS Pearl Vega Limited24.4M1.38.8
JLP Institutional Credit Fund220.0M1.110.2
NZC Guggenheim Fund Ltd280.8M1.09.2
Alpha Opportunities15.0M1.02.2
KLS Diversified Master Fund LP1683.0M0.92.0
PIMCO Glbl Credit Opportunity Strategy3372.0M0.92.9
BulwarkBay Credit Opp Fund LP31.5M0.64.2
Cardinal Point Master Fund I LtdN/A0.54.6
Northlight European Fundamental Credit217.3M0.51.6
Gabelli Intermediate Credit LPN/A0.54.7
Coherence Capital Spectrum LP A95.1M0.43.6
Fifth Street Opportunities Fund LP60.6M0.35.0
AAG Aviation Fund104.1M0.3-1.9
CKC Credit Opportunity Fund138.0M0.21.6
Serengeti Lycaon Fund266.7M0.03.5
Serone Key Opportunities Fund USD158.9M-0.13.1
Franklin Fixed Income Opps Composite60.5M-0.14.1
Rimrock Low Volatility QP Master365.4M-0.10.4
Rimrock Structured Product Fund296.5M-0.20.8
III Select Credit Fund LP (B)208.0M-0.23.3
Kingdon Credit Master Fund LP318.0M-0.22.4
Triple Opportunity Fixed Income A124.2M-0.34.6
BlueBay Credit Alpha L/S Fund210.9M-0.3-1.6
Symphony Event Driven Opp Fund LP83.7M-0.43.4
BlueBay Event Driven Credit Fund154.3M-0.5-1.1
Rimrock High Income PLUS Ltd2400.0M-0.5-1.1
Candlewood Structured Credit Hrvst Ltd442.0M-0.8-6.4
KKR Credit Alpha Fund Ltd (USD)1.5M-1.0-2.3
Napier Park European Credit Opp Fund442.5M-1.11.6
Eiffel Credit Opportunities57.0M-1.2-3.1
Orchard SquarePartners Credit Fund Ltd194.5M-1.20.1
Gracie Credit Opportunities LP57.5M-1.62.3
Loomis Sayles Credit L/S Ltd640.7M-1.70.4
P Gracie SMA229.0M-1.72.8
Prologue Ltd Class A Shares Series SGD976.0M-1.90.2
GAM Global Rates (US) USD109.7M-2.2-3.4
LFIS VISION Credit Opportunities I USD239.5M-2.3-4.6
Cheyne Total Return Credit Dec 2019206.0M-2.65.9
Cheyne Total Return Credit Dec 2020254.0M-3.04.0
Teak Hill Fund113.3M-8.1-22.4
LNG Europa Credit Fund87.0M-15.7-10.8

Top 50 Credit L/S YTD

ProgramFund Size ($m)Jun 2016. Return (%)YTD Return (%)
SIDUS IV Credit Opportunity Fund LP32.5M2.418.6
Silverdale Fund SP-1AN/A1.712.1
JLP Institutional Credit Fund220.0M1.110.2
NZC Guggenheim Fund Ltd280.8M1.09.2
SGAS Pearl Vega Limited24.4M1.38.8
Old Orchard Credit Master Fund LP123.0M1.48.5
Cedar Ridge Investors I LP33.4M2.38.4
Rivoli Long Short Bond Fund18.4M3.46.3
Cheyne Total Return Credit Dec 2019206.0M-2.65.9
Rhodium Captl Credit Master Fund Ltd5.8M3.75.6
Fifth Street Opportunities Fund LP60.6M0.35.0
Gabelli Intermediate Credit LPN/A0.54.7
Cardinal Point Master Fund I LtdN/A0.54.6
Triple Opportunity Fixed Income A124.2M-0.34.6
BulwarkBay Credit Opp Fund LP31.5M0.64.2
Franklin Fixed Income Opps Composite60.5M-0.14.1
Cheyne Total Return Credit Dec 2020254.0M-3.04.0
Coherence Capital Spectrum LP A95.1M0.43.6
Serengeti Lycaon Fund266.7M0.03.5
Symphony Event Driven Opp Fund LP83.7M-0.43.4
III Select Credit Fund LP (B)208.0M-0.23.3
Samuel Municipal Total Return Fund LP28.9M1.53.1
Serone Key Opportunities Fund USD158.9M-0.13.1
PIMCO Glbl Credit Opportunity Strategy3372.0M0.92.9
P Gracie SMA229.0M-1.72.8
Kingdon Credit Master Fund LP318.0M-0.22.4
Gracie Credit Opportunities LP57.5M-1.62.3
Alpha Opportunities15.0M1.02.2
KLS Diversified Master Fund LP1683.0M0.92.0
Napier Park European Credit Opp Fund442.5M-1.11.6
Northlight European Fundamental Credit217.3M0.51.6
CKC Credit Opportunity Fund138.0M0.21.6
Rimrock Structured Product Fund296.5M-0.20.8
Rimrock Low Volatility QP Master365.4M-0.10.4
Loomis Sayles Credit L/S Ltd640.7M-1.70.4
Prologue Ltd Class A Shares Series SGD976.0M-1.90.2
Orchard SquarePartners Credit Fund Ltd194.5M-1.20.1
Rimrock High Income PLUS Ltd2400.0M-0.5-1.1
BlueBay Event Driven Credit Fund154.3M-0.5-1.1
BlueBay Credit Alpha L/S Fund210.9M-0.3-1.6
AAG Aviation Fund104.1M0.3-1.9
KKR Credit Alpha Fund Ltd (GBP)5.9M-1.1-2.3
Eiffel Credit Opportunities57.0M-1.2-3.1
GAM Global Rates (US) USD109.7M-2.2-3.4
LFIS VISION Credit Opportunities I USD239.5M-2.3-4.6
Candlewood Structured Credit Hrvst Ltd442.0M-0.8-6.4
LNG Europa Credit Fund87.0M-15.7-10.8
Teak Hill Fund113.3M-8.1-22.4

Top 10 Convertible Arb June

ProgramFund Size ($m)Jun 2016. Return (%)YTD Return (%)
Whitebox Relative Value Partners LP366.1M1.68.0
Context Partners Fund LP59.7M1.43.5
Advent Global Partners239.2M1.03.2
Symphony Rhapsody Fund LP42.0M0.72.2
Pine River Convert Master Fund Ltd224.7M0.67.2
Steelhead Pathfinder Fund575.0M0.54.2
Polygon Convertible Opport Fund - A438.5M0.54.1
Silverback Arb Ltd321.0M0.31.4
Mohican VCA Fund LP16.5M0.12.6
Castle Creek Arb LLC651.0M0.10.9
Polar Cap ALVA Gl Convert Ltd (A) USD71.4M-0.10.5
Odyssey Special Situations Bond Fund63.0M-0.5-4.0
Quest Global Convertible Fund Ltd30.0M-0.5-0.4
Lazard Rathmore Fund Ltd2.7M-0.7-0.1
Basso Investors Ltd448.8M-0.91.4
GLG Gl Convertible A USD146.2M-1.4-2.9

Top 10 Convertible Arb YTD

ProgramFund Size ($m)Jun 2016. Return (%)YTD Return (%)
Whitebox Relative Value Partners LP366.1M1.68.0
Pine River Convert Master Fund Ltd224.7M0.67.2
Steelhead Pathfinder Fund575.0M0.54.2
Polygon Convertible Opport Fund - A438.5M0.54.1
Context Partners Fund LP59.7M1.43.5
Advent Global Partners239.2M1.03.2
Mohican VCA Fund LP16.5M0.12.6
Symphony Rhapsody Fund LP42.0M0.72.2
Basso Investors Ltd448.8M-0.91.4
Silverback Arb Ltd321.0M0.31.4
Castle Creek Arb LLC651.0M0.10.9
Polar Cap ALVA Gl Convert Ltd (A) USD71.4M-0.10.5
Lazard Rathmore Fund Ltd2.7M-0.7-0.1
Quest Global Convertible Fund Ltd30.0M-0.5-0.4
GLG Gl Convertible A USD146.2M-1.4-2.9
Odyssey Special Situations Bond Fund63.0M-0.5-4.0

Top 10 Fixed Income Arb June

ProgramFund Size ($m)Jun 2016. Return (%)YTD Return (%)
Hellebore Credit Arbitrage193.1M1.811.7
Whitebox Credit Partners LP286.4M1.50.0
Asgard Fixed Income Fund I Ltd EUR479.5M1.38.7
Coast Value Fund I Ltd26.3M1.14.3
Danske Invest Hedge FI Strategy1109.9M0.66.7
Capula Global RV Fund Ltd F USD9269.9M0.53.4
Theorema Credit Equity Opp C EUR23.2M0.5-4.2
Serenitas Credit Gamma Master Fund LP36.9M0.4-0.8
Lawrence Park Credit Strategies Fund269.0M0.23.5
III Fund Ltd181.0M0.02.5
Sanctum Fixed Income Fund292.0M0.03.3
III Convex Strategies Fund Ltd101.0M-0.12.5
Rion Master Fund Ltd34.7M-0.3-0.7
NGA Capital Ltd (A)159.6M-0.4-2.8
Symphony Long-Short Credit Offshore469.0M-0.6-5.4
Blue Mountain Credit Alternatives Ltd5655.4M-0.6-2.1
Barnegat Fund Ltd (B)638.8M-2.80.5
Axonic Systematic Arbitrage Fund LP178.0M-4.012.0
Chenavari - L/S Corp Crdt Strat M1 USD256.5M-5.4-12.0

Top 10 Fixed Income Arb YTD

ProgramFund Size ($m)Jun 2016. Return (%)YTD Return (%)
Axonic Systematic Arbitrage Fund LP178.0M-4.012.0
Hellebore Credit Arbitrage193.1M1.811.7
Asgard Fixed Income Fund I Ltd EUR479.5M1.38.7
Danske Invest Hedge FI Strategy1109.9M0.66.7
Coast Value Fund I Ltd26.3M1.14.3
Lawrence Park Credit Strategies Fund269.0M0.23.5
Capula Global RV Fund Ltd F USD9269.9M0.53.4
Sanctum Fixed Income Fund292.0M0.03.3
III Convex Strategies Fund Ltd101.0M-0.12.5
III Fund Ltd181.0M0.02.5
Barnegat Fund Ltd (B)638.8M-2.80.5
Whitebox Credit Partners LP286.4M1.50.0
Rion Master Fund Ltd34.7M-0.3-0.7
Serenitas Credit Gamma Master Fund LP36.9M0.4-0.8
Blue Mountain Credit Alternatives Ltd5655.4M-0.6-2.1
NGA Capital Ltd (A)159.6M-0.4-2.8
Theorema Credit Equity Opp C EUR23.2M0.5-4.2
Symphony Long-Short Credit Offshore469.0M-0.6-5.4
Chenavari - L/S Corp Crdt Strat M1 USD256.5M-5.4-12.0

Top 10 Distressed Securities June

ProgramFund Size ($m)Jun 2016. Return (%)YTD Return (%)
Armory Credit Opportunity Fund LP40.0M5.835.7
Wexford Credit Opps LP Class A87.6M3.416.1
Scoggin Worldwide Distressed Fund Ltd109.0M3.28.9
JLP Credit Opportunity Fund LP729.0M2.417.1
Marble Ridge LP21.9M2.411.0
PENN Distressed Fund LP6.2M1.52.0
Hildene Opp Master Fund Ltd501.2M1.2-1.9
Trilogy Financial Ptnrs Intl Ltd125.0M1.05.2
Venor Capital Offshore Ltd288.4M1.01.5
Southpaw Credit Opp Ptnrs LP1296.0M0.72.6
Marathon Special Opportunity Fund1256.0M0.7-0.9
Sound Point Beacon Fund LP422.3M0.61.2
OCP Debt Opp Intl Ltd270.0M0.55.6
Hain Capital Investors LLC15.6M0.52.3
Ironshield Special Situations L1 Fund120.0M0.52.3
PSAM Rebound Fund Ltd34.0M0.11.1
Phoenix Fund NV48.8M-0.510.9
Altum Credit Master Fund Ltd422.0M-0.72.4
Knighthead Master Fund2100.0M-1.0-0.8
Clareant Gl Special Situations Fund131.3M-1.10.9
Sothic Capital European Opps Ltd A216.8M-1.20.8
Polygon Distressed Opp Fund A100.3M-1.22.0
Bowery Opportunity Fund Ltd B9.3M-1.32.2
Riva Ridge Capital LP296.0M-1.42.1
Armory Fund LP37.5M-1.61.7
Corrib Master Fund208.1M-1.9-0.9
Candlewood Special Situations Fund Ltd672.1M-4.4-7.8
MKP Credit Fund Ltd1494.0M-5.1-12.0
Schultze Offshore Fund Ltd111.8M-6.7-16.8
JLP Partners Fund LP22.9M-7.6-8.2

Top 10 Distressed Securities YTD

ProgramFund Size ($m)Jun 2016. Return (%)YTD Return (%)
Armory Credit Opportunity Fund LP40.0M5.835.7
JLP Credit Opportunity Fund LP729.0M2.417.1
Wexford Credit Opps LP Class A87.6M3.416.1
Marble Ridge LP21.9M2.411.0
Phoenix Fund NV48.8M-0.510.9
Scoggin Worldwide Distressed Fund Ltd109.0M3.28.9
OCP Debt Opp Intl Ltd270.0M0.55.6
Trilogy Financial Ptnrs Intl Ltd125.0M1.05.2
Bowery Opportunity Fund LP51.0M-1.42.7
Southpaw Credit Opp Ptnrs LP1296.0M0.72.6
Altum Credit Master Fund Ltd422.0M-0.72.4
Ironshield Special Situations L1 Fund120.0M0.52.3
Hain Capital Investors LLC15.6M0.52.3
Riva Ridge Capital LP296.0M-1.42.1
Polygon Distressed Opp Fund A100.3M-1.22.0
PENN Distressed Fund LP6.2M1.52.0
Armory Fund LP37.5M-1.61.7
Venor Capital Offshore Ltd288.4M1.01.5
Sound Point Beacon Fund LP422.3M0.61.2
PSAM Rebound Fund Ltd34.0M0.11.1
Clareant Gl Special Situations Fund131.3M-1.10.9
Sothic Capital European Opps Ltd A216.8M-1.20.8
Knighthead Master Fund2100.0M-1.0-0.8
Marathon Special Opportunity Fund1256.0M0.7-0.9
Corrib Master Fund208.1M-1.9-0.9
Hildene Opp Master Fund Ltd501.2M1.2-1.9
Candlewood Special Situations Fund Ltd672.1M-4.4-7.8
JLP Partners Fund LP22.9M-7.6-8.2
MKP Credit Fund Ltd1494.0M-5.1-12.0
Schultze Offshore Fund Ltd111.8M-6.7-16.8

Top 40 40 Act Funds June

This tiny fund was the top achiever in June with a 4% return taking YTD performance to 10%.

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%

It has a 95% allocation to bonds with 20 in cash and a -12%  allocation to US stocks.

NameFund size ($)Total return JuneTotal return YTD
Catalyst/Princeton Hedged Income A1 m4.510.0
SMI Bond9 m2.75.3
Cedar Ridge Unconstrained Credit Instl60 m2.34.9
Robinson Tax Advantaged Income A122 m2.07.6
MFS Absolute Return A210 m2.04.1
Sierra Strategic Income A443 m1.95.3
Arrow Alternative Solutions A161 m1.94.8
Legg Mason BW Absolute Return Opp A1,562 m1.93.2
Wavelength Interest Rate Neutral17 m1.86.0
Stone Harbor Strategic Income Instl37 m1.76.9
Western Asset Macro Opportunities A758 m1.45.2
WHV/Acuity Tactical Credit Long/Short A27 m1.45.3
Salient Tactical Muni & Credit Instl120 m1.25.5
Virtus Strategic Income A29 m1.24.8
Altrius Enhanced Income I15 m1.25.1
PF Absolute Return P48 m1.1-2.6
Franklin K2 Long Short Credit A65 m1.13.7
Crow Point Alternative Income Investor9 m1.12.3
Sentinel Unconstrained Bond A27 m1.03.4
Redwood Managed Volatility I237 m1.08.6
Columbia Mortgage Opportunities A247 m1.02.4
Navigator Tactical Fixed Income A396 m1.011.2
PIMCO Mortgage Opportunities A2,100 m1.02.7
Dreyfus Global Dynamic Bond A26 m0.92.7
Counterpoint Tactical Income A159 m0.99.1
DoubleLine Flexible Income I257 m0.82.8
Eaton Vance Multi-Strat Absolute Ret A130 m0.82.6
Guggenheim Macro Opportunities A3,191 m0.83.6
Altegris Fixed Income Long Short A58 m0.8-6.9
T. Rowe Price Global Unconstrain Bd Adv47 m0.82.4
Driehaus Select Credit140 m0.7-1.7
Prudential Global Absolute Return Bond A25 m0.71.2
Scout Unconstrained Bond Instl1,372 m0.75.3
Pioneer Dynamic Credit A273 m0.75.8
Palmer Square Long/Short Credit A17 m0.71.3
WST Asset Manager - US Bond Instl63 m0.77.5
Wells Fargo Strategic Income A25 m0.72.6
Eaton Vance Glbl Macro Abs Ret Advtg A1,618 m0.62.2
American Beacon Flexible Bond A153 m0.61.7
PIMCO Credit Absolute Return A368 m0.62.3

Top 40 40 Act Funds YTD

The $396m fund,  managed by K. Sean Clark, David Rights, Mason Wev and Robert Bennett, returned 1% in June, taking YTD returns to 11.2%.

The fund is 61% invested in corporate bonds, 18% in municipals, 12.5% in cash and equivalents, 1.5% in government bonds and 1.4% in securitised.

The portfolio is predominantly exposed to the US, 82%, with 3.5% exposure to Luxembourg, 3.4% to Canada, 2% to the UK and 1.4% to the Netherlands.

The vast majority of bonds are BB and below.

NameFund Size ($)Total return JuneTotal return YTD
Navigator Tactical Fixed Income A396 m1.011.2
BTS Tactical Fixed Income A367 m-0.910.3
Catalyst/Princeton Hedged Income A1 m4.510.0
Counterpoint Tactical Income A159 m0.99.1
Redwood Managed Volatility I237 m1.08.6
Spectrum Low Volatility Investor30 m-0.28.6
Robinson Tax Advantaged Income A122 m2.07.6
WST Asset Manager - US Bond Instl63 m0.77.5
Stone Harbor Strategic Income Instl37 m1.76.9
Wavelength Interest Rate Neutral17 m1.86.0
Pioneer Dynamic Credit A273 m0.75.8
Salient Tactical Muni & Credit Instl120 m1.25.5
Touchstone Credit Opportunities A54 m0.25.4
Scout Unconstrained Bond Instl1,372 m0.75.3
Sierra Strategic Income A443 m1.95.3
WHV/Acuity Tactical Credit Long/Short A27 m1.45.3
SMI Bond9 m2.75.3
Prudential Unconstrained Bond A26 m0.35.2
Western Asset Macro Opportunities A758 m1.45.2
Altrius Enhanced Income I15 m1.25.1
Toews Unconstrained Income104 m0.35.0
Columbia Strategic Income A2,798 m0.44.9
Cedar Ridge Unconstrained Credit Instl60 m2.34.9
Arrow Alternative Solutions A161 m1.94.8
Virtus Strategic Income A29 m1.24.8
JNL/Scout Unconstrained Bond A1,219 m0.64.5
North Star Bond I13 m0.14.3
JPMorgan Strategic Income Opps A12,404 m0.44.2
MFS Absolute Return A210 m2.04.1
Franklin K2 Long Short Credit A65 m1.13.7
AB Credit Long/Short A21 m0.23.7
PIMCO Floating Income A309 m0.43.6
Guggenheim Macro Opportunities A3,191 m0.83.6
Collins Long/Short Credit A20 m0.63.5
Sentinel Unconstrained Bond A27 m1.03.4
Janus Aspen Global Unconstnd Bd Instl6 m0.33.2
Legg Mason BW Absolute Return Opp A1,562 m1.93.2
JPMorgan Unconstrained Debt A2,941 m0.63.2
Janus Global Unconstrained Bond A1,477 m0.23.1
MainStay Unconstrained Bond A1,463 m-0.23.1

Top 10 FOHF June

ProgramFund Size ($m)Jun 2016. Return (%)YTD Return (%)
Burkian Fund Strategy19.0M3.91.3
Morrocroft Special Opportunity II LP45.0M1.22.8
Lighthouse Credit Opp. Ltd (B)232.0M0.8-3.6
Narrapuno SPC - Convergence A USD31.0M0.40.9
TAS Fixed Income Arbitrage H USD47.7M0.30.8
Corbin Opportunity Fund670.0M0.23.4
GLL Single Strategy LP22.0M0.1-1.7
EFA Trade Finance Managers Fund27.7M0.01.9
Sandalwood Debt Fund B LP200.0M-0.4-0.1
EnTrustPermal FI Holdings NV USD A1900.0M-0.4-0.9
EnTrust Diversified Select Credit Ltd2.2M-0.4-0.7
Acorn Credit Strategies Fund Ltd19.1M-0.9-2.0
Stenham Credit Opportunities USD21.8M-1.00.9

Top 10 FOHF YTD

ProgramFund Size ($m)Jun 2016. Return (%)YTD Return (%)
Corbin Opportunity Fund670.0M0.23.4
Morrocroft Special Opportunity II LP45.0M1.22.8
EFA Trade Finance Managers Fund27.7M0.01.9
Burkian Fund Strategy19.0M3.91.3
Stenham Credit Opportunities USD21.8M-1.00.9
Narrapuno SPC - Convergence A USD31.0M0.40.9
TAS Fixed Income Arbitrage H USD47.7M0.30.8
Sandalwood Debt Fund B LP200.0M-0.4-0.1
EnTrust Diversified Select Credit LP40.7M-0.6-0.4
EnTrustPermal FI Holdings NV USD A1900.0M-0.4-0.9
GLL Single Strategy LP22.0M0.1-1.7
Acorn Credit Strategies Fund Ltd19.1M-0.9-2.0
Lighthouse Credit Opp. LP (B)63.0M0.1-3.2

Top 40 Alt Credit UCITS June

The $114m Man GLG Corporate Bond Fund was the top performer for June and YTD with 9.4% returns during the month taking YTD performance to 15%. The fund aims to achieve an above average level of total return (interest income and capital appreciation) through investing, directly or indirectly, in global investment grade bonds. AUM reflects the aggregate of the various share classes and is denominated in GBP. It has 100% exposure to investment grade bonds and a global focus.

ProgramFund Size ($m)May 2016. Return (%)YTD Return (%)
Man GLG Corporate Bond Fund Prof Inc114.0M9.415.0
PTR Kosmos I GBP572.1M8.413.6
Polar Cap Gl Convert Fund I GBP392.8M8.010.1
BSF Global Absolute Return Bond A563.3M5.60.9
DB Platinum IV Sovereign Optima I2D-E154.7M4.112.6
DWS Euro High Yield Bond Master BRL1569.0M3.514.3
New Capital WNBF USD/INR Hedge Ord Inc963.8M2.68.5
DB Platinum IV Sovereign Plus R1C107.6M2.35.4
Deutsche Inv I Euro Bonds (Prem) FC46.7M2.12.1
Renminbi Bond Fund UI GBP Inst24.4M2.08.4
Oyster Multi Asset Inf Shield R USD41.7M2.03.5
Oyster USD Bonds C USD117.7M2.06.2
Deutsche Inv I Euro-Gov Bonds FC885.6M2.05.5
Barmenia Renditefonds DWS26.2M1.76.9
DWS Euro-Bonds (Long)78.1M1.61.8
Oyster European FI C EUR257.6M1.55.1
Rubrics International Bond A - USD5.0M1.55.8
RAM (Lux) Tactical Gl Bnd Tot Re E EUR105.9M1.13.8
Deutsche Inv I Euro Corp Bonds FC554.7M1.04.5
GAM Star Alt. FI Inst'nl GBP Income118.6M1.03.3
DWS Eurorenta690.1M0.95.4
Man GLG Strategic Bond Fund Prof Acc576.3M0.82.7
Rubrics Global FI UCITS (A-USD)304.0M0.83.3
GAM Star AR Bond Plus EUR Instl A962.9M0.71.9
Oyster Global High Yield I USD245.6M0.78.8
DB Fixed Income Opp DPM USD179.2M0.73.3
Lyxor / Chenavari Credit Fund I USD22.2M0.6-2.9
DWS Euro-Bonds (Medium)250.3M0.63.3
GAM Star AR Bond Instl GBP Income II938.9M0.51.2
DWS Covered Bond Fund FD202.7M0.53.1
DB Platinum MidOcean AR Credit I2C E16.4M0.42.0
Man GLG Cred-Eq Alternative IN H USD51.0M0.4-3.7
Rubrics Global Credit UCITS USD A301.0M0.43.2
DB Platinum MidOcean AR Credit I1C E16.4M0.41.7
BGF FI Global Op A1 USD8.1M0.3-2.5
Deutsche Inv I Short Dur Credit FC160.3M0.32.1
GAM Star MBS Total Return - USD Inst152.0M0.20.8
db PrivatMandat Comfort Einkommen U760.5M0.2-0.9
Deutsche Inv I Euro Bonds (Short) FC1278.8M0.21.2
Pictet Abs Ret FI I USD1193.0M0.21.7
Duemme SICAV Euro Investments Plus144.5M0.12.3
Deutsche Inv I Gov Liq USD LCH18.8M0.10.4
Candriam L/S Credit C EUR1415.6M0.10.5
LFIS VISION UCITS Credit IS EUR36.2M0.1-0.7
Candriam Bonds Credit Op I-EUR1510.0M0.02.1
Oyster Flexible Credit I EUR PR69.4M0.00.0
Deutsche Inv I Euro HY Corp USD FCH3.8M0.05.8

Top 40 Alt Credit UCITS YTD

The $1.6bn DWS Euro High Yield Bond Master Fund is now the second top performer YTD with 3.5% returns in June taking YTD performance to 14.3%. The fund seeks to achieve strong growth in returns and a growth in assets in the medium to long-term. To achieve this goal, it places its investment focus on high-yield corporate bonds denominated in Euro. Over three quarters of the fund (76%) is in corporate bonds, flowed by financial bonds (9%) and emerging markets (4%).

ProgramFund Size ($m)Jun 2016. Return (%)YTD Return (%)
Man GLG Corporate Bond Fund Prof Inc114.0M9.415.0
DWS Euro High Yield Bond Master BRL1569.0M3.514.3
PTR Kosmos I GBP572.1M8.413.6
DB Platinum IV Sovereign Optima I2D-E154.7M4.112.6
Polar Cap Gl Convert Fund I GBP392.8M8.010.1
Oyster Global High Yield I USD245.6M0.78.8
New Capital WNBF USD/INR Hedge Ord Inc963.8M2.68.5
Renminbi Bond Fund UI GBP Inst24.4M2.08.4
Barmenia Renditefonds DWS26.2M1.76.9
Oyster USD Bonds C USD117.7M2.06.2
Rubrics International Bond A - USD5.0M1.55.8
Deutsche Inv I Euro-Gov Bonds FC885.6M2.05.5
DWS Eurorenta690.1M0.95.4
Deutsche Inv I Euro HY Corp FC513.1M-0.25.2
Oyster European FI C EUR257.6M1.55.1
Deutsche Inv I Euro Corp Bonds IC474.0M1.04.6
RAM (Lux) Tactical Gl Bnd Tot Re E EUR105.9M1.13.8
Oyster Multi Asset Inf Shield R USD41.7M2.03.5
Rubrics Global FI UCITS (A-USD)304.0M0.83.3
DB Fixed Income Opp DPM USD179.2M0.73.3
GAM Star Alt. FI Inst'nl GBP Income118.6M1.03.3
DWS Euro-Bonds (Medium)250.3M0.63.3
Rubrics Global Credit UCITS USD A301.0M0.43.2
DWS Covered Bond Fund FD202.7M0.53.1
Man GLG Strategic Bond Fund Prof Acc576.3M0.82.7
GAM Star Credit Opp - USD Instl778.6M0.02.6
Duemme SICAV Euro Investments Plus144.5M0.12.3
GAM Star AR Bond Plus GBP Instl A962.0M0.82.2
Candriam Bonds Credit Op I-EUR1510.0M0.02.1
DB Platinum MidOcean AR Credit I1C U16.4M0.52.1
Deutsche Inv I Euro Bonds (Prem) FC46.7M2.12.1
Deutsche Inv I Short Dur Credit FC160.3M0.32.1
Cheyne Global Credit UCITS IV I1 EUR108.0M-0.72.0
DWS Euro-Bonds (Long)78.1M1.61.8
Pictet Abs Ret FI I USD1193.0M0.21.7
Oyster European Corp Bonds C EUR367.7M-0.31.6
Altana Corporate Bond Fund UCITS28.6M-0.30.9
BSF Global Absolute Return Bond A563.3M5.60.9
GAM Star MBS Total Return - USD Inst152.0M0.20.8
Candriam L/S Credit C EUR1415.6M0.10.5
Deutsche Inv I Euro Bonds (Short) NC179.7M0.10.7

Top 10 Fixed Income MBS June

ProgramFund Size ($m)Jun 2016. Return (%)YTD Return (%)
PTAM Enhanced Structured Credit LP57.6M2.6-0.8
IAM Structured Credit Strat Composite108.9M1.811.4
Lynx Plus Fund181.0M1.42.6
Metacapital Mortgage Opp Fund1197.0M1.31.3
IAM Credit Opportunities Master Fund39.8M1.34.5
SBF Opportunities Fund34.6M1.31.9
Nykredit Alpha KOBRA103.8M1.16.2
Dalton High Yield Opportunities Fund91.0M1.01.3
Providence MBS Fund Ltd1205.0M1.01.9
New Providence Income Fund58.1M1.06.1
Pacificor RMBS Carve Out2.7M0.817.6
Cello Fixed Income Master Fund251.2M0.74.5
KWK Partners LP186.2M0.72.6
Nykredit Alpha Mira107.6M0.58.9
Strategos Deep Value MBS Composite401.0M0.5-0.8

Top 10 Fixed Income MBS YTD

ProgramFund Size ($m)Jun 2016. Return (%)YTD Return (%)
Pacificor RMBS Carve Out2.7M0.817.6
IAM Structured Credit Strat Composite108.9M1.811.4
Nykredit Alpha Mira107.6M0.58.9
Nykredit Alpha KOBRA103.8M1.16.2
New Providence Income Fund58.1M1.06.1
Midway Market Neutral Fund480.0M-0.44.7
Cello Fixed Income Master Fund251.2M0.74.5
IAM Credit Opportunities Master Fund39.8M1.34.5
Voya Mortgage Investment1257.2M0.03.8
Cheyne RE Credit Holdings A GBP451.0M0.33.1
MBS Agency Fund774.0M0.02.8
KWK Partners LP186.2M0.72.6
Dwight Securities Fund A45.3M0.02.6
Lynx Plus Fund181.0M1.42.6
Relative Value Fund (The)5.9M0.32.1

Top 10 Fixed Income High Yield Funds June

ProgramFund Size ($m)May 2016. Return (%)YTD Return (%)
FTM Limited B0.9M2.68.0
Renminbi Bond Fund CHF B52.7M2.07.1
Aristeia International Ltd B987.9M1.65.0
Canepa Short-Term High Yield Offshore89.8M1.45.2
Concise Capital Composite Fund91.0M1.45.2
Horizon Multi Dis. Fund LP (A)10.8M1.44.1
Horizon Credit Opp LP7.2M1.35.5
Venator Income Fund F56.8M1.29.5
Pictet US High Yield I USD621.0M0.83.3
PENN Core HY Bond Fund LP375.6M0.64.2
MidOcean Credit Opp Fund754.0M0.62.4
Candriam Bonds Gl High Yield (I)509.2M0.24.7
Cedarview Liquid Short Duration Fund12.0M0.11.9
Brandywine Global Alternative Credit642.2M0.1-0.3
GCA Credit Opp Offshore794.8M0.13.6
Horizon Fund83.2M0.02.8
Pictet EUR Short Term Hi Yield HI USD3913.1M0.03.1
Pictet EUR Hi Yield HI USD1766.0M-0.12.9
Candriam Bonds Euro High Yield (I)2325.6M-0.33.5
WB Opportunities Fund Ltd117.7M-0.82.8
Capital Four Credit Opportunities Fund133.6M-0.90.6
Pacificor LLC Public HY Opportunities2.6M-1.51.6
BCM High Yield Fund A EUR7.7M-2.2-4.8
Tradex Gl Short-Biased High Yield8.9M-2.2-16.9

Top 10 Fixed Income High Yield Funds YTD

ProgramFund Size ($m)Jun 2016. Return (%)YTD Return (%)
Venator Income Fund F56.8M1.29.5
FTM Limited B0.9M2.68.0
Renminbi Bond Fund CHF B52.7M2.07.1
Horizon Credit Opp LP7.2M1.35.5
Canepa Short-Term High Yield Onshore1.1M1.45.4
Concise Capital Composite Fund91.0M1.45.2
Aristeia International Ltd B987.9M1.65.0
Candriam Bonds Gl High Yield (I)509.2M0.24.7
PENN Core HY Bond Fund LP375.6M0.64.2
Horizon Multi Dis. Fund LP (A)10.8M1.44.1
GCA Credit Opp Offshore794.8M0.13.6
Candriam Bonds Euro High Yield (I)2325.6M-0.33.5
Pictet US High Yield I USD621.0M0.83.3
Pictet EUR Short Term Hi Yield HI USD3913.1M0.03.1
Pictet EUR Hi Yield HI USD1766.0M-0.12.9
Horizon Fund83.2M0.02.8
WB Opportunities Fund Ltd117.7M-0.82.8
MidOcean Absolute Return Credit Fund310.0M0.72.5
Cedarview Liquid Short Duration Fund12.0M0.11.9
Pacificor LLC Public HY Opportunities2.6M-1.51.6
Capital Four Credit Opportunities Fund133.6M-0.90.6
Brandywine Global Alternative Credit642.2M0.1-0.3
BCM High Yield Fund A EUR7.7M-2.2-4.8
Tradex Gl Short-Biased High Yield8.9M-2.2-16.9