Positive performance continues into Feb for many funds – February performance review

Dr Renyuan Gao’s $167m Westfield Fund continued to top the charts in February with 4.8% returns taking YTD performance to 14.6%.

Hong Kong-based Income Partners moved into second place with its $154m fund returning 3.6% in February to overtake the Phoenix Fund which is up 8.4% YTD after returning nearly 20% last year.

Phoenix Investment Advisers’ JLP Credit Opportunity Fund was the top performing $1bn-plus fund. The firm’s flagship vehicle was soft-closed in 2013.

New Jersey- based Barnegat Fund Management’s fixed income arbitrage fund is now the top performer in its sector YTD with 2.3% February returns taking YTD returns to 5.8%.

Minnesota-based Whitebox continues to have two funds in the top 20 with its Whitebox Relative Value Partners and Whitebox Credit Partners both continuing their good performance from 2016 into this year.

MKP’s $684m credit fund was down 6% in 2016 but is now up nearly 6% for 2017 while two other fixed income arbitrage fund in the form of Axonic’s fixed income arbitrage fund and the Serenitas Credit Gamma Master Fund have moved into the top 20 with both vehicles now up at least 4% YTD. Two smaller funds, the Serone Key Opportunities Fund and Nykredit Alpha Mira have also moved into the top 20 with decent performance in February.

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

Top Performers in February

 NameFund size ($m)Total return FebTotal return YTD
Top l/s credit fundWestfield Fund160m4.814.6
Top Convertilbe arb fundWhitebox Relative Value Partners LP432m1.45.6
Top fixed income arb fundSerenitas Credit Gamma Master Fund LP42.6m3.64.0
Top distressed fundJLP Partners Fund LP1200m3.87.6
Top credit FoHFEnTrustPermal FI Holdings1515m1.20.8
Top fixed income MBSNykredit Alpha Mira157m2.93.9
Top fixed income high yieldPictet US High Yield I850m1.52.7
Top alt credit UcitsDB Platinum IV Inst FI1273m7.7-6.5
Top '40 Act fundShelton Tactical Credit Institutional35m1.91.9

Top 20 Overall YTD (February)

ProgramFund Size ($m)Feb 2017. Return (%)YTD Return (%)
Westfield Fund160.04.814.6
Income Ptnrs All Seasons Asian Credit154.0M3.68.8
Phoenix Fund NV95.5M2.58.4
JLP Credit Opportunity Fund LP1200.0M3.87.6
BayCity Event Driven Opp Fund Offshore2.2M4.37.2
Armory Credit Opportunity Fund LP207.0M1.76.8
Barnegat Fund Ltd (B)617.9M2.35.8
Whitebox Relative Value Partners LP432.4M1.45.6
MKP Credit Fund Ltd684.0M1.75.5
Cedar Ridge Investors I LP31.9M2.85.4
Pacificor LLC Public HY Opportunities6.1M1.15.3
Good Hill Muni Bond Opportunity Fund20.0M3.75.1
Teak Hill Fund106.7M1.54.7
Whitebox Credit Partners LP300.1M0.74.6
Providence MBS Fund Ltd615.3M1.74.4
Axonic Systematic Arbitrage Fund LP226.6M2.54.3
Hain Capital Investors LLC20.9M-0.14.2
Serone Key Opportunities Fund USD152.9M2.34.2
Serenitas Credit Gamma Master Fund LP42.6M3.64.0
Nykredit Alpha Mira157.4M2.93.9

Top 50 Credit L/S February

ProgramFund Size ($m)Feb 2017. Return (%)YTD Return (%)
Westfield Fund160M4.814.6
BayCity Event Driven Opp Fund L.P.94.1M4.27.1
Good Hill Muni Bond Opportunity Fund20.0M3.75.1
Income Ptnrs All Seasons Asian Credit154.0M3.68.8
Cedar Ridge Investors I LP31.9M2.85.4
Cheyne Total Return Credit June 202272.0M2.73.7
Serone Key Opportunities Fund USD152.9M2.34.2
Cheyne Total Return Credit Dec 2020336.0M2.33.5
Franklin Fixed Income Opps Composite70.8M2.23.1
Cheyne Total Return Credit Dec 2019231.0M2.03.2
Rivoli Long Short Bond Fund18.1M1.9-0.7
Sandler Total Return Opportunities17.8M1.73.6
Danske Invest Hedge FI Rel Value443.5M1.53.0
PIMCO Tactical Opportunities Fund1151.0M1.52.4
JLP Institutional Credit Fund270.0M1.53.6
Teak Hill Fund106.7M1.54.7
Serengeti Lycaon Fund294.1M1.23.1
AAG Aviation Fund112.0M1.21.4
Orchard SquarePartners Credit Fund Ltd178.5M1.11.8
Sancus Capital Select Master Fund Ltd36.5M1.10.8
LFIS VISION Credit Opportunities I USD229.1M1.11.6
BlueBay Credit Alpha L/S Fund192.7M1.02.0
SGAS Pearl Vega Limited23.8M0.91.9
Rimrock Structured Product Fund344.2M0.82.4
Eiffel Credit Opportunities42.3M0.82.1
Candlewood Structured Credit Hrvst Ltd272.0M0.82.0
Rimrock High Income PLUS Ltd2487.4M0.82.5
Coherence Capital Spectrum LP A110.5M0.71.8
Napier Park European Credit Opp Fund636.1M0.72.1
BulwarkBay Credit Opp Fund LP31.3M0.71.8
One Oak Capital Mgt Alpha Opp Fund15.0M0.61.1
Old Orchard Credit Master Fund LP263.0M0.61.2
KLS Diversified Master Fund LP1838.0M0.53.2
SIDUS IV Credit Opportunity Fund, LP37.0M0.51.2
BlueBay Event Driven Credit Fund108.0M0.51.9
Northlight European Fundamental Credit226.2M0.51.4
Rimrock Low Volatility QP Master367.1M0.41.8
CVC Global Credit Opportunities Fund441.6M0.32.7
CKC Credit Opportunity Fund166.0M0.30.6
Aesir Credit Master Fund Ltd Founder B62.0M0.20.8
RV Corporate Bonds Fund A21.2M0.1-0.1
LNG Europa Credit Fund85.0M0.00.0
Fifth Street Opportunities Fund LP46.1M-0.10.7
III Relative Value Crdt Strat Ltd160.0M-0.11.9
III Select Credit Fund LP (B)219.0M-0.21.3
NZC Guggenheim Fund LLC513.5M-0.30.7
Kingdon Credit Master Fund LP347.0M-0.30.3
Rhodium Captl Credit Master Fund Ltd7.8M-0.3-0.4
PIMCO Glbl Credit Opportunity Strategy3564.0M-0.5-0.4
KLS Macro Rates Master Fund LP108.0M-0.5-0.1
Loomis Sayles Credit L/S Ltd574.1M-0.9-0.8
Gracie Credit Opportunities LP63.0M-1.2-1.2
P Gracie SMA288.6M-1.3-1.2
Schroder GAIA BSP Credit USD I Acc33.7M-1.4-1.2
GAM Global Rates (US) USD91.6M-2.0-0.5

Top 50 Credit L/S YTD

ProgramFund Size ($m)Feb 2017. Return (%)YTD Return (%)
Westfield Fund160M4.814.6
Income Ptnrs All Seasons Asian Credit154.0M3.68.8
BayCity Event Driven Opp Fund Offshore2.2M4.37.2
Cedar Ridge Investors I LP31.9M2.85.4
Good Hill Muni Bond Opportunity Fund20.0M3.75.1
Teak Hill Fund106.7M1.54.7
Serone Key Opportunities Fund USD152.9M2.34.2
Cheyne Total Return Credit June 202272.0M2.73.7
JLP Institutional Credit Fund270.0M1.53.6
Sandler Total Return Opportunities17.8M1.73.6
Cheyne Total Return Credit Dec 2020336.0M2.33.5
Cheyne Total Return Credit Dec 2019231.0M2.03.2
KLS Diversified Master Fund LP1838.0M0.53.2
Franklin Fixed Income Opps Composite70.8M2.23.1
Serengeti Lycaon Fund294.1M1.23.1
Danske Invest Hedge FI Rel Value443.5M1.53.0
CVC Global Credit Opportunities Fund441.6M0.32.7
Rimrock High Income PLUS Ltd2487.4M0.82.5
PIMCO Tactical Opportunities Fund1151.0M1.52.4
Rimrock Structured Product Fund344.2M0.82.4
Eiffel Credit Opportunities42.3M0.82.1
Napier Park European Credit Opp Fund636.1M0.72.1
Candlewood Structured Credit Hrvst Ltd272.0M0.82.0
BlueBay Credit Alpha L/S Fund192.7M1.02.0
BlueBay Event Driven Credit Fund108.0M0.51.9
SGAS Pearl Vega Limited23.8M0.91.9
III Relative Value Crdt Strat Ltd160.0M-0.11.9
Rimrock Low Volatility QP Master367.1M0.41.8
BulwarkBay Credit Opp Fund LP31.3M0.71.8
Orchard SquarePartners Credit Fund Ltd178.5M1.11.8
Coherence Capital Spectrum LP A110.5M0.71.8
LFIS VISION Credit Opportunities I USD229.1M1.11.6
Northlight European Fundamental Credit226.2M0.51.4
AAG Aviation Fund112.0M1.21.4
III Select Credit Fund LP (B)219.0M-0.21.3
SIDUS IV Credit Opportunity Fund, LP37.0M0.51.2
Old Orchard Credit Master Fund LP263.0M0.61.2
One Oak Capital Mgt Alpha Opp Fund15.0M0.61.1
Sancus Capital Select Master Fund Ltd36.5M1.10.8
Aesir Credit Master Fund Ltd Founder B62.0M0.20.8
Fifth Street Opportunities Fund LP46.1M-0.10.7
NZC Guggenheim Fund LLC513.5M-0.30.7
CKC Credit Opportunity Fund166.0M0.30.6
Kingdon Credit Master Fund LP347.0M-0.30.3
LNG Europa Credit Fund85.0M0.00.0
KLS Macro Rates Master Fund LP108.0M-0.5-0.1
RV Corporate Bonds Fund A21.2M0.1-0.1
Rhodium Captl Credit Master Fund Ltd7.8M-0.3-0.4
PIMCO Glbl Credit Opportunity Strategy3564.0M-0.5-0.4
GAM Global Rates (US) USD91.6M-2.0-0.5
Rivoli Long Short Bond Fund18.1M1.9-0.7
Loomis Sayles Credit L/S Ltd574.1M-0.9-0.8
Schroder GAIA BSP Credit USD I Acc33.7M-1.4-1.2
Gracie Credit Opportunities LP63.0M-1.2-1.2
P Gracie SMA288.6M-1.3-1.2

Top 10 Convertible Arb February

ProgramFund Size ($m)Feb 2017. Return (%)YTD Return (%)
Whitebox Relative Value Partners LP432.4M1.45.6
Context Partners Fund LP74.3M1.03.1
Steelhead Pathfinder Fund703.0M0.91.2
Polygon Convertible Opport Fund - A485.5M0.81.8
Palisade Strat. Master (Cayman) Ltd177.6M0.72.0
Lazard Rathmore Fund Ltd1.5M0.71.5
Basso Investors Ltd469.9M0.61.2
GLG Gl Convertible A USD148.8M0.51.0
Advent Global Partners223.2M0.51.1
Mohican VCA Fund LP18.1M0.40.5
Castle Creek Arb LLC691.0M0.30.7

Top 10 Convertible Arb YTD

ProgramFund Size ($m)Feb 2017. Return (%)YTD Return (%)
Whitebox Relative Value Partners LP432.4M1.45.6
Context Partners Fund LP74.3M1.03.1
Palisade Strat. Master (Cayman) Ltd177.6M0.72.0
Polygon Convertible Opport Fund - A485.5M0.81.8
Lazard Rathmore Fund Ltd1.5M0.71.5
Steelhead Pathfinder Fund703.0M0.91.2
Basso Investors Ltd469.9M0.61.2
Advent Global Partners223.2M0.51.1
GLG Gl Convertible A USD148.8M0.51.0
Castle Creek Arb LLC691.0M0.30.7
Mohican VCA Fund LP18.1M0.40.5

Top 10 Fixed Income Arb February

ProgramFund Size ($m)Feb 2017. Return (%)YTD Return (%)
Serenitas Credit Gamma Master Fund LP42.6M3.64.0
Axonic Systematic Arbitrage Fund LP226.6M2.54.3
Asgard Fixed Income Fund I Ltd EUR602.2M2.33.5
Redhedge Relative Value Fund7.7M2.33.9
Barnegat Fund Ltd (B)617.9M2.35.8
Danske Invest Hedge FI Strategy1161.8M1.93.3
Capula Global RV Fund Ltd9541.7M1.61.9
Lawrence Park Credit Strategies Fund294.4M1.52.5
Sanctum Fixed Income Fund USD220.5M1.43.4
Theorema Credit Equity Opp C EUR20.2M1.41.4
BayCity L/S Credit Offshore Ltd489.4M1.03.0
III Fund Ltd227.0M0.91.6

Top 10 Fixed Income Arb YTD

ProgramFund Size ($m)Feb 2017. Return (%)YTD Return (%)
Barnegat Fund Ltd (B)617.9M2.35.8
Whitebox Credit Partners LP300.1M0.74.6
Axonic Systematic Arbitrage Fund LP226.6M2.54.3
Serenitas Credit Gamma Master Fund LP42.6M3.64.0
Redhedge Relative Value Fund7.7M2.33.9
Asgard Fixed Income Fund I Ltd EUR602.2M2.33.5
Sanctum Fixed Income Fund USD220.5M1.43.4
Danske Invest Hedge FI Strategy1161.8M1.93.3
BayCity L/S Credit Offshore Ltd489.4M1.03.0
Lawrence Park Credit Strategies Fund294.4M1.52.5
Blue Mountain Credit Alternatives Ltd6006.4M0.72.2
Capula Global RV Fund Ltd9541.7M1.61.9
III Fund LP155.0M0.91.6

Top 10 Distressed Securities February

ProgramFund Size ($m)Feb 2017. Return (%)YTD Return (%)
JLP Credit Opportunity Fund LP1200.0M3.87.6
Phoenix Fund NV95.5M2.58.4
Birch Creek Muni Credit Value Fund15.0M2.12.6
Corrib Master Fund233.7M1.83.4
Armory Credit Opportunity Fund LP207.0M1.76.8
Candlewood Special Situations Fund Ltd357.0M1.7-0.3
MKP Credit Fund Ltd684.0M1.75.5
X2 Opportunistic Debt Fund LLC18.0M1.43.5
TCW Distressed Fund47.6M1.23.9
Venor Capital Offshore Ltd410.1M1.02.8
Libero Development Fund A11.1M1.02.0
OCP Debt Opp Intl Ltd315.0M0.72.6
Polygon Distressed Opp Fund A118.6M0.61.0

Top 10 Distressed Securities YTD

ProgramFund Size ($m)Feb 2017. Return (%)YTD Return (%)
Phoenix Fund NV95.5M2.58.4
JLP Credit Opportunity Fund LP1200.0M3.87.6
Armory Credit Opportunity Fund LP207.0M1.76.8
MKP Credit Fund Ltd684.0M1.75.5
Hain Capital Investors LLC20.9M-0.14.2
TCW Distressed Fund47.6M1.23.9
X2 Opportunistic Debt Fund LLC18.0M1.43.5
Corrib Master Fund233.7M1.83.4
PSAM Rebound Fund Ltd38.0M0.43.2
Marble Ridge Offshore Fund Ltd188.0M0.53.1
Venor Capital Offshore Ltd410.1M1.02.8
Birch Creek Muni Credit Value Fund15.0M2.12.6

Top 40 40 Act Funds February

After returning 0% in January this $35m fund was the top performer in February returning 1.9%. The firm is overwhelmingly invested in corporate bonds, with 32% exposed to consumer cyclical, 20% to technology, 14% to financial services and 13% to real estate, 11% to consumer defensives and 8% to utilities. The fund is overwhelmingly expose to the US ( 86%) with 13% exposure to Luxembourg and a very small amount in other countries. Nearly a quarter of the fund is BBB with around 15% in BB and B and 21% below B.

NameTotal return FebruaryTotal return YTDFund size ($)
Shelton Tactical Credit Institutional1.91.935 m
Spectrum Low Volatility Investor1.73.250 m
Redwood Managed Volatility Y1.52.6326 m
Altrius Enhanced Income I1.52.246 m
Stone Harbor Strategic Income Instl1.42.139 m
Ascendant Tactical Yield I1.41.834 m
Pioneer Dynamic Credit Y1.42.4272 m
Anchor Tactical Credit Strategies Inv1.41.8125 m
CMG Tactical Bond I1.32.120 m
Counterpoint Tactical Income I1.32.4271 m
Prudential Global Absolute Return Bond Q1.32.827 m
Navigator Tactical Fixed Income I1.32.0652 m
WSTCM Credit Select Risk Managed Instl1.22.479 m
Western Asset Macro Opportunities IS1.22.6975 m
Sierra Strategic Income Y1.21.7657 m
Driehaus Select Credit1.11.162 m
Cedar Ridge Unconstrained Credit Instl1.12.586 m
Wells Fargo Strategic Income Inst1.11.827 m
Transamerica Unconstrained Bond I1.12.9224 m
PIMCO Unconstrained Tax Managed Bd Instl1.12.6112 m
BTS Tactical Fixed Income A1.11.8665 m
PIMCO Unconstrained Bond Inst1.02.03,535 m
Virtus Strategic Income I1.02.031 m
JPMorgan Unconstrained Debt R51.01.42,735 m
Prudential Unconstrained Bond Z0.92.130 m
Iron Strategic Income Institutional0.91.9135 m
Salient Tactical Muni & Credit Instl0.92.175 m
PIMCO Credit Absolute Return Instl0.91.6400 m
Deutsche Fixed Income Opportunities Inst0.91.5188 m
Toews Unconstrained Income0.92.2110 m
JPMorgan Strategic Income Opps R50.91.612,418 m
Neuberger Berman Long Short Credit R60.81.330 m
GMO Opportunistic Income VI0.81.91,511 m
Prudential Absolute Return Bond Q0.81.61,595 m
Dreyfus Opportunistic Fixed Income I0.81.4151 m
James Alpha Hedged High Income I0.82.315 m
Touchstone Credit Opportunities Instl0.81.956 m
Legg Mason BW Absolute Return Opp I0.82.31,557 m
Sentinel Unconstrained Bond I0.80.827 m
PIMCO Low Duration Income Instl0.81.7404 m

Top 40 40 Act Funds YTD

This $50m fund was the top performer YTD with 1.7% returns in February taking it to 3.2% YTD. The fund is run by Spectrum Financial CEO Ralph Doudera. At present the fund is 37% in bonds, 3% in US stocks and 56% in cash, with 5% also in other investments. The vehicle is 6% invested in government bonds and 21% invested in corporate bonds with 65% in cash and equivalents. The fund has 76% exposure to the US with 7% in Canada and a small percentage in a range of other countries.

NameTotal return FebTotal return YTDFund size ($)
Spectrum Low Volatility Investor1.73.250 m
Legg Mason BW Alternative Credit IS0.73.0331 m
Transamerica Unconstrained Bond I1.12.9224 m
Prudential Global Absolute Return Bond Q1.32.827 m
Redwood Managed Volatility Y1.52.6326 m
Western Asset Macro Opportunities IS1.22.6975 m
PIMCO Unconstrained Tax Managed Bd Instl1.12.6112 m
Cedar Ridge Unconstrained Credit Instl1.12.586 m
AB Unconstrained Bond A0.42.5283 m
WSTCM Credit Select Risk Managed Instl1.22.479 m
Pioneer Dynamic Credit Y1.42.4272 m
Counterpoint Tactical Income I1.32.4271 m
James Alpha Hedged High Income I0.82.315 m
Legg Mason BW Absolute Return Opp I0.82.31,557 m
Toews Unconstrained Income0.92.2110 m
Altrius Enhanced Income I1.52.246 m
Salient Tactical Muni & Credit Instl0.92.175 m
CMG Tactical Bond I1.32.120 m
Stone Harbor Strategic Income Instl1.42.139 m
Prudential Unconstrained Bond Z0.92.130 m
Navigator Tactical Fixed Income I1.32.0652 m
PIMCO Unconstrained Bond Inst1.02.03,535 m
Putnam Absolute Return 300 Y0.32.0495 m
Virtus Strategic Income I1.02.031 m
Touchstone Credit Opportunities Instl0.81.956 m
Iron Strategic Income Institutional0.91.9135 m
GMO Opportunistic Income VI0.81.91,511 m
Shelton Tactical Credit Institutional1.91.935 m
Wells Fargo Strategic Income Inst1.11.827 m
BTS Tactical Fixed Income A1.11.8665 m
Ascendant Tactical Yield I1.41.834 m
Anchor Tactical Credit Strategies Inv1.41.8125 m
MFS Absolute Return I0.41.8204 m
Sierra Strategic Income Y1.21.7657 m
PIMCO Low Duration Income Instl0.81.7404 m
American Beacon Flexible Bond Instl0.71.7125 m
Robinson Tax Advantaged Income Instl-0.21.6137 m
Columbia Strategic Income A0.71.63,171 m
JPMorgan Strategic Income Opps R50.91.612,418 m
PIMCO Credit Absolute Return Instl0.91.6400 m

Top 10 FOHF February

ProgramFund Size ($m)Feb 2017. Return (%)YTD Return (%)
EnTrustPermal FI Holdings NV USD A1515.4M1.20.8
Lighthouse Credit Opp. LP (B)54.0M1.12.6
Stenham Credit Opportunities USD21.1M0.92.0
Sandalwood Debt Fund B LP199.0M0.82.5
Corbin Opportunity Fund763.3M0.72.2
TAS Fixed Income Arbitrage H USD34.4M0.71.0
Burkian Fund Strategy19.0M0.60.7
GPIncome LP73.1M0.61.2
Riverview Select Mortgage Fund LP45.0M0.61.5
Narrapuno SPC - Convergence A USD31.0M0.61.1
BCA Alternative Income Fund49.3M0.51.0
Morrocroft Special Opportunity II LP35.0M0.10.3

Top 10 FOHF YTD

ProgramFund Size ($m)Feb 2017. Return (%)YTD Return (%)
Lighthouse Credit Opp. LP (B)54.0M1.12.6
Sandalwood Debt Fund B LP199.0M0.82.5
Corbin Opportunity Fund763.3M0.72.2
Stenham Credit Opportunities USD21.1M0.92.0
Riverview Select Mortgage Fund LP45.0M0.61.5
GPIncome LP73.1M0.61.2
Narrapuno SPC - Convergence A USD31.0M0.61.1
BCA Alternative Income Fund49.3M0.51.0
TAS Fixed Income Arbitrage H USD34.4M0.71.0
EnTrustPermal FI Holdings NV USD A1515.4M1.20.8
Burkian Fund Strategy19.0M0.60.7
Morrocroft Special Opportunity II LP35.0M0.10.3

Top 40 Alt Credit UCITS February

This $1.3bn fund partially bounced back from a terrible January, when it was down 13.2%, with 7.7% returns in February. The fun 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. The fund has 78% exposure to fixed income debt and 17% to securities with 6% in cash.

ProgramFund Size ($m)Feb 2017. Return (%)YTD Return (%)
DB Platinum IV Inst FI I6D1273.4M7.7-6.5
DWS Euro High Yield Bond Master ZAR1332.0M4.04.0
New Capital WNBF USD/INR Hedge Inst888.5M3.35.0
Polar Cap Gl Convert Fund I EUR509.2M2.72.5
GAM Star Credit Opp - USD Instl1201.6M2.03.6
Ignis Abs Return Government Bond USD261.4M1.80.7
DWS Eurorenta612.5M1.8-0.1
DB Platinum IV Sovereign Plus R1C90.4M1.6-0.7
DWS Euro-Bonds (Long)63.5M1.5-0.5
Man GLG Corp Bond Fund Prof Inc GBP126.5M1.52.1
Man GLG ABS Fund Corp Acc101.2M1.52.7
db PrivatMandat Comfort Einkommen U715.5M1.51.3
Deutsche Inv I Euro Corp Bonds IC692.3M1.40.8
RWC Asia Convertibles Fund B USD49.8M1.32.8
Convertible & Credit A USD111.0M1.32.0
DB Platinum IV Sovereign Optima I1D-S109.4M1.30.9
Man GLG Strategic Bond Fund Prof360.0M1.33.2
Oyster Multi Asset Inf Shield R USD36.1M1.32.0
Oyster Global High Yield I USD245.3M1.32.5
RWC Global Convertibles Fund B USD1281.1M1.32.3
Deutsche Inv I Euro HY Corp USD FCH2.3M1.32.1
PVE Credit Value Fund A41.8M1.30.1
Cheyne Convertibles Absolute Return42.5M1.21.8
Bethmann Vermoegensverwaltung Ertrag209.0M1.21.3
Duemme SICAV Euro Investments Plus175.2M1.22.0
RAM (Lux) Tactical Conv. Europe EUR E92.4M1.20.9
Deutsche Inv I Euro-Gov Bonds FC676.0M1.2-0.9
Pictet EUR Corp Bonds Ex Financial I372.7M1.10.4
Deutsche Inv I Convertibles USD FCH115.9M1.12.0
Oyster Global Convertibles C USD HP666.6M1.12.1
Oyster European Corp Bonds C EUR306.4M1.11.0
Oyster USD Bonds C USD185.8M1.11.6
Rubrics Global Credit UCITS USD A362.2M1.11.9
DB Fixed Income Opp DPM USD110.5M1.11.5
DB Fixed Income Opp ADV USD63.1M1.01.4
Oyster Euro FI C EUR224.8M1.00.1
Byron Fixed Income Alpha Sub-Fund11.6M1.01.3
Renminbi Bond Fund USD Inst23.2M1.05.1
Man GLG Gl Convertibles IM USD175.5M0.91.8
Lyxor / Chenavari Credit Fund I USD17.4M0.91.9
Duemme Sicav - Gl Conv Plus I32.9M0.92.0
DWS Euro-Bonds (Medium)206.9M0.70.1
RAM (Lux) Tactical Gl Bnd Tot Re E EUR130.6M0.71.0
BGF FI Global Op A1 USD7840.5M0.71.2
DWS Covered Bond Fund FD153.0M0.70.4
GAM Star AR Bond Def USD Instl Acc70.2M0.50.9
Pictet Abs Ret FI I USD1570.0M0.50.9
GAM Star AR Bond Plus USD Instl A905.1M0.51.7
GAM Star AR Bond GBP Instl Acc824.4M0.51.3
RWC Core Plus Fund B EUR26.0M0.50.6
Rubrics Global FI UCITS (A-USD)314.7M0.51.1
GAM Star MBS Total Return - USD Inst121.2M0.51.3
Altana Corporate Bond Fund UCITS28.4M0.40.5
Deutsche Inv I Short Dur Credit LC212.9M0.40.5
Cheyne Global Credit UCITS IV I1 EUR102.0M0.40.6
Oyster Flexible Credit R EUR PR63.9M0.31.2
Candriam Bonds Credit Op I-EUR2080.7M0.30.8
GAM Star (Lux) Convertible Alpha D USD123.2M0.31.6
Alegra High Grade ABS Fund UCITS110.2M0.20.8
Deutsche Inv I Euro Bonds (Short) FC1709.3M0.20.1
Deutsche Inv I Euro Bonds (Prem) FC34.6M0.2-0.6
Deutsche Inv I Liquidity USD LCH18.3M0.10.2
Candriam L/S Credit C EUR1464.8M0.10.2
PTR Kosmos HI USD636.0M0.00.1
DB Platinum MidOcean AR Credit I1C U143.6M0.00.1
GAM Star Alt. FI Inst'nl GBP Income133.5M-0.12.4
BSF Euro Credit Strategies H2 CHF395.1M-0.10.6
BSF Global Absolute Return Bond A644.1M-0.10.1
BlackRock FI Strategies A2 EUR6917.5M-0.4-0.1
Rubrics International Bond A - USD1.1M-0.7-3.5
Quaesta Capital Bond Gl Select Fund1.0M-1.0-1.1
Man GLG Cred-Eq Alternative IN H USD47.7M-1.4-1.0
Algebris Macro Credit (UCITS) B EUR408.8M-2.10.3
GAM Star Global Rates - USD (Acc)358.4M-2.3-0.6

Top 40 Alt Credit UCITS YTD

The $23m Renminbi Bond Fund UI had a great start to 2017 after a difficult second half of last year. The fund is run by CIO Andrew Seaman, partner Mark Johns and finance partner Michael White and invests in diversified investments in transferable debt securities issued or guaranteed by governments or government agencies and corporate borrowers in debt markets in Asia, denominated in both foreign and local currencies and hedging the currency exposure of the non-Renminbi denominated assets of the sub-Fund back into Renminbi or offshore.

ProgramFund Size ($m)Feb 2017. Return (%)YTD Return (%)
Renminbi Bond Fund USD Inst23.2M1.05.1
New Capital WNBF USD/INR Hedge Inst888.5M3.35.0
DWS Euro High Yield Bond Master BRL1332.0M2.34.3
GAM Star Credit Opp - USD Instl1201.6M2.03.6
Man GLG Strategic Bond Fund Prof360.0M1.33.2
Polar Cap Gl Convert Fund I USD509.2M1.03.1
RWC Asia Convertibles Fund B USD49.8M1.32.8
Man GLG ABS Fund Corp Acc101.2M1.52.7
Oyster Global High Yield I USD245.3M1.32.5
GAM Star Alt. FI Inst'nl GBP Income133.5M-0.12.4
RWC Global Convertibles Fund B USD1281.1M1.32.3
Deutsche Inv I Euro HY Corp USD FCH2.3M1.32.1
Oyster Global Convertibles C USD HP666.6M1.12.1
Man GLG Corp Bond Fund Prof Inc GBP126.5M1.52.1
Deutsche Inv I Convertibles USD FCH115.9M1.12.0
Oyster Multi Asset Inf Shield R USD36.1M1.32.0
Duemme Sicav - Gl Conv Plus I32.9M0.92.0
Convertible & Credit A USD111.0M1.32.0
Duemme SICAV Euro Investments Plus175.2M1.22.0
Lyxor / Chenavari Credit Fund I USD17.4M0.91.9
Rubrics Global Credit UCITS USD A362.2M1.11.9
Cheyne Convertibles Absolute Return42.5M1.21.8
Man GLG Gl Convertibles IM USD175.5M0.91.8
GAM Star AR Bond Plus USD Instl A905.1M0.51.7
Oyster USD Bonds C USD185.8M1.11.6
GAM Star (Lux) Convertible Alpha D USD123.2M0.31.6
DB Fixed Income Opp DPM USD110.5M1.11.5
DB Fixed Income Opp ADV USD63.1M1.01.4
Bethmann Vermoegensverwaltung Ertrag209.0M1.21.3
GAM Star MBS Total Return - USD Inst121.2M0.51.3
db PrivatMandat Comfort Einkommen U715.5M1.51.3
Byron Fixed Income Alpha Sub-Fund11.6M1.01.3
GAM Star AR Bond GBP Instl Acc824.4M0.51.3
Oyster Flexible Credit R EUR PR63.9M0.31.2
BGF FI Global Op A1 USD7840.5M0.71.2
Rubrics Global FI UCITS (A-USD)314.7M0.51.1
Oyster European Corp Bonds C EUR306.4M1.11.0
RAM (Lux) Tactical Gl Bnd Tot Re E EUR130.6M0.71.0
RAM (Lux) Tactical Conv. Europe EUR E92.4M1.20.9
GAM Star AR Bond Def USD Instl Acc70.2M0.50.9
Pictet Abs Ret FI I USD1570.0M0.50.9
DB Platinum IV Sovereign Optima I1D-S109.4M1.30.9
Alegra High Grade ABS Fund UCITS110.2M0.20.8
Deutsche Inv I Euro Corp Bonds IC692.3M1.40.8
Candriam Bonds Credit Op I-EUR2080.7M0.30.8
Ignis Abs Return Government Bond USD261.4M1.80.7
RWC Core Plus Fund B EUR26.0M0.50.6
BSF Euro Credit Strategies H2 CHF395.1M-0.10.6
Cheyne Global Credit UCITS IV I1 EUR102.0M0.40.6
Ignis Abs Return Government Bond EUR257.3M-0.20.5
Deutsche Inv I Short Dur Credit LC212.9M0.40.5
Altana Corporate Bond Fund UCITS28.4M0.40.5
Pictet EUR Corp Bonds Ex Financial I372.7M1.10.4
DWS Covered Bond Fund FD153.0M0.70.4
Algebris Macro Credit (UCITS) B EUR408.8M-2.10.3
Deutsche Inv I Liquidity USD LCH18.3M0.10.2
Candriam L/S Credit C EUR1464.8M0.10.2
DWS Euro-Bonds (Medium)206.9M0.70.1
PTR Kosmos HI USD636.0M0.00.1
BSF Global Absolute Return Bond A644.1M-0.10.1
PVE Credit Value Fund A41.8M1.30.1
Oyster Euro FI C EUR224.8M1.00.1
Deutsche Inv I Euro Bonds (Short) FC1709.3M0.20.1
DB Platinum MidOcean AR Credit R1C U143.6M0.00.1
BlackRock FI Strategies A2 EUR6917.5M-0.4-0.1
DWS Eurorenta612.5M1.8-0.1
DB Platinum IV Inst FI I1D1273.4M-0.4-0.4
DWS Euro-Bonds (Long)63.5M1.5-0.5
Deutsche Inv I Euro Bonds (Prem) FC34.6M0.2-0.6
GAM Star Global Rates - USD (Acc)358.4M-2.3-0.6
Schroder GAIA BSP Credit USD C34.8M0.7-0.6
DB Platinum IV Sovereign Plus R1C90.4M1.6-0.7
Deutsche Inv I Euro-Gov Bonds FC676.0M1.2-0.9
Man GLG Cred-Eq Alternative IN H USD47.7M-1.4-1.0
Quaesta Capital Bond Gl Select Fund1.0M-1.0-1.1
Rubrics International Bond A - USD1.1M-0.7-3.5

Top 10 Fixed Income MBS February

ProgramFund Size ($m)Feb 2017. Return (%)YTD Return (%)
Nykredit Alpha Mira157.4M2.93.9
CCP Total Return Fund9.0M2.12.8
Providence MBS Fund Ltd615.3M1.74.4
Cello Fixed Income Master Fund255.7M1.62.7
Semper MIDAS Fund LP44.9M1.53.1
Pacificor RMBS Carve Out2.0M1.53.5
Nykredit Alpha KOBRA107.7M1.53.2
PTAM Enhanced Structured Credit LP50.2M1.22.5
Structured Servicing Holdings759.0M1.12.0
KWK Partners LP207.3M1.01.5
Aperio RMBS Credit Opp LLC14.2M1.01.3
Dalton High Yield Opportunities Fund96.0M0.81.4
Cheyne RE Credit Holdings A GBP268.6M0.81.5
Sterling Mortgage Income Fund Class A79.2M0.81.6

Top 10 Fixed Income MBS YTD

ProgramFund Size ($m)Feb 2017. Return (%)YTD Return (%)
Providence MBS Fund Ltd615.3M1.74.4
Nykredit Alpha Mira157.4M2.93.9
Pacificor RMBS Carve Out2.0M1.53.5
Nykredit Alpha KOBRA107.7M1.53.2
Semper MIDAS Fund LP44.9M1.53.1
CCP Total Return Fund9.0M2.12.8
Cello Fixed Income Master Fund255.7M1.62.7
MP Securitized Credit Partners950.0M-0.42.7
PTAM Enhanced Structured Credit LP50.2M1.22.5
LibreMax Offshore Fund Ltd1061.0M0.42.1
MBS Mantra SMA2.3M0.42.1
Angel Oak Strategic Mortgage Income197.5M0.62.0
Structured Servicing Holdings759.0M1.12.0

Top 10 Fixed Income High Yield Funds February

ProgramFund Size ($m)Feb 2017. Return (%)YTD Return (%)
Pictet US High Yield I USD850.0M1.52.7
Capital Four Credit Opportunities Fund150.1M1.33.8
PENN Core HY Bond Fund LP364.0M1.32.5
Pacificor LLC Public HY Opportunities6.1M1.15.3
Post Credit Opportunities Master Fund14.7M1.02.0
Horizon Fund108.7M1.01.6
FTM Limited B1.2M1.01.6
Candriam Bonds Gl High Yield (I)698.3M1.01.9
Candriam Bonds Euro High Yield (I)2278.7M0.91.4
MidOcean Credit Opp Fund779.5M0.91.8
Canepa Short-Term High Yield Onshore1.3M0.82.8

Top 10 Fixed Income High Yield Funds YTD

ProgramFund Size ($m)Feb 2017. Return (%)YTD Return (%)
Pacificor LLC Public HY Opportunities6.1M1.15.3
Capital Four Credit Opportunities Fund150.1M1.33.8
Brandywine Global Alternative Credit511.4M0.52.8
Pictet US High Yield I USD850.0M1.52.7
PENN Core HY Bond Fund LP364.0M1.32.5
Aristeia International Ltd A965.2M0.22.4
Canepa Short-Term High Yield Offshore74.7M0.82.0
Concise Capital Composite Fund75.9M0.82.0
Post Credit Opportunities Master Fund14.7M1.02.0
Candriam Bonds Gl High Yield (I)698.3M1.01.9
MidOcean Credit Opp Fund779.5M0.91.8