Saba Capital’s top performances leave the rest behind – February performance review

It has been a tough start to 2016 for most credit funds, but that is not reflected in the exceptional YTD returns that the Saba Capital Offshore Fund has produced. Boaz Weinstein’s firm has made a comeback with its offshore fund significantly outperforming its peers up 13.61% YTD in February. Weinstein raised $5bn in assets when he spun out of Deutsche Bank in 2009. However, since the launch seven years ago, assets have fallen to about $1.5bn.

Contrarian Capital’s emerging markets fund, which took top spot last month returning 2.81%, has remained steady with 2.51% this month, while the Endeavour Pembroke Fund fell from fourth place last month to 18th place in February after a negative month.

Former CQS portfolio manager, Monica Hsaio’s new fund Triada Asia Credit Fund snagged second place in February up 4.53% YTD. The Hong Kong-based fund, which is still under $50m, was launched by Hsaio in June 2015 and is an event-driven long/short credit strategy.

Gracie Asset Management’s flagship fund, closely follows Hsaio’s new launch, up 4.12% in 2016 so far. Gracie Credit Opportunities Funds combines long/short investing across the credit spectrum with a macro overlay designed to capitalise on all stages of the credit cycle.

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 s.segal@pageantmedia.com.

Click here for January review

Top Performers in February

NameFund SizeTotal Ret YTD (%)
IIA Leveraged High Yield Fund$15 m19.59
Cheyne Total Return Credit Fund$154 m15.18
Varden Pacific Opportunity Offshore Fund$378m11.99
Triad Securities<$508.00
Schroder ISF Emerging Market Debt$4.2bn6.84
Simplon International$151 m6.38
Kayne Anderson Infrastructure Income$416 m6.17
Wellington Glbl Aggt Bond USD S Unhdgd$131 m5.70
Wellington Emerging Mkt Dbt$137 m4.76
Hellebore Capital Management$100m4.60
Brigade Leveraged Capital Structures Fund$2.8bn4.24
Pine River Liquid Rates Fund$1.2bn3.7
Permal F/I Special Opportunities$254 m3.66
Fullerton RMB Fixed Income Fund A$74 m3.57
Camden Bonds Plus$166 m3.35
Chenavari Regulatory Capital Strategy$222m3.34
Gracie Credit Opportunities Fund$93 m3.30
Numen Credit Opportunities Fund$215 m2.95
Sweetwater Income Flood$78 m2.95
Ovation Alternative Income Fund$200m2.91

Top 20 Overall YTD (February)

NameFund SizeTotal Ret Feb (%)Total Ret YTD (%)
Saba Capital Offshore Fund$1.5bn9.2113.61
Triad Asia Credit Fund<$502.284.53
Gracie Credit Opportunities Fund$97 m1.64.12
Numen Credit Opportunities Fund€ 215 m1.953.99
Waterstone Market Neutral Offshore$194m0.653.84
Midway Market Neutral Fund$ 475 m1.352.66
Kane Street Fund$ 108 m3.642.63
Contrarian Emerging Markets$ 434 m0.332.51
Simplon International$ 145 m2.82.39
Camden Bonds Plus$ 163 m0.891.96
Sweetwater Income Flood$58 m11.95
Pine River Liquid Rates Fund$ 1,132 m0.521.58
TCA Global Credit Master Fund$375 m0.641.54
Platinum Partners Credit Opp Fund$333 m0.811.46
LNG Europa Credit Fund$119 m0.181.42
Colchis P2P Offshore Master Fund$1,027 m0.81.4
III Fund LP$ 164 m0.971.25
Endeavour Pembroke Fund$ 35 m-1.071.1
Gulf International Bank Emerging Markets Opportunities Fund$391m0.850.91
Ovington Fund Limited$ 143 m0.140.79

Top 50 Credit L/S February

NameFund SizeTotal Ret Feb (%)Total Ret YTD (%)
Cheyne Total Return Credit Fund$154 m9.56-2.95
Saba Capital Offshore Fund$1.5bn9.2113.61
Triad Asia Credit Fund<$502.284.53
Kayne Anderson Infrastructure Income$416 m2.24-3.48
Gracie Credit Opportunities Fund$97 m1.604.12
Horizon Credit Opportunities Fund$7 m1.570.02
Varden Pacific Opportunity Partners$215 m1.25-2.87
Sweetwater Income Flood$58 m1.001.95
Gulf International Bank Emerging Markets Opportunities Fund$391m0.850.91
Platinum Partners Credit Opp Fund$333 m0.811.46
Colchis P2P Offshore Master Fund$1,027 m0.801.40
ICE Global Credit Fund$59 m0.74-4.05
Copernico Latin America Strategic$76 m0.68-0.91
TCA Global Credit Master Fund$375 m0.641.54
Moneda Latin American Corporate Debt Fund$204m0.50-1.47
AHP Asia Credit Opportunities Fund$117m0.480.02
Dwight Securities Fund$27 m0.480.22
Canepa Short-Term High Yield Offs$84 m0.43-2.61
Andromeda Global Credit$61 m0.37-5.39
KKR Credit Alpha Fund$17 m0.34-0.24
Contrarian Emerging Markets Off Fund$466m0.332.50
Bluebird Funds$73 m0.290.05
LNG Europa Credit Fund$119 m0.181.42
Regan Credit Opportunities Fund$134 m0.17-0.28
PCM Provident Agency Fund$212 m0.120.70
Ellington Mortgage Opportunites Master fund$338m0.070.20
IP All Seasons Asian Credit Fund$152 m0.03-2.78
Moneda Latin America Corporate Debt$201 m-0.02-2.02
MidOcean Absolute Return Credit fund$318m-0.330.25
Tilden Park Offshore Investment Fund$3.6bn-0.39-2.36
Observatory Credit Markets Fund$939m-0.41-0.63
Loomis Sayles Credit Long Short Fund$728m-0.44-2.35
WAF Master Fund$130 m-0.44-0.52
Aristeia International$2.4bn-0.50-1.89
Ellington Credit Opportunites Fund$831m-0.53-1.14
Arrowpoint Income Opportunity Fund$559 m-0.57-0.60
The Third Friday Total Return Fund$25 m-0.59-0.36
Fifth Street Oppo Fund$58 m-0.63-0.92
AHF Credit Opportunities$13 m-0.66-1.85
IP All Seasons Asian Credit Hedge Fund$174m-0.74-2.78
Double Haven Asia Absolute Bond Fund$158 m-0.77-2.67
Finisterre Global Opportunity Master$1,114 m-0.81-1.58
Lynx Plus Master Fund$173 m-0.88-1.32
Triple Opportunity Fixed Income Fund€24 m-0.94-0.99
DW Value Offshore Fund$832m-0.96-3.16
JLP Institutional Credit Fund$208 m-1.00-5.04
DW Catalysts Offshore Fund$4.8bn-1.01-3.08
FPP Global Emerging Markets Bond Fund$18 m-1.03-1.66
TIG Securitized Asset Fund$803 m-1.04-0.97
Cedar Ridge Investors Fund$39 m-1.09-1.37

Top 50 Credit L/S YTD

NameFund SizeTotal Ret Feb (%)Total Ret YTD (%)
Saba Capital Offshore Fund$1.5bn9.2113.61
Triad Asia Credit Fund<$502.284.53
Gracie Credit Opportunities Fund$97 m1.604.12
Contrarian Emerging Markets Off Fund$466m0.332.50
Sweetwater Income Flood$58 m1.001.95
TCA Global Credit Master Fund$375 m0.641.54
Platinum Partners Credit Opp Fund$333 m0.811.46
LNG Europa Credit Fund$119 m0.181.42
Colchis P2P Offshore Master Fund$1,027 m0.801.40
Gulf International Bank Emerging Markets Opportunities Fund$391m0.850.91
PCM Provident Agency Fund$212 m0.120.70
MidOcean Absolute Return Credit fund$318m-0.330.25
Dwight Securities Fund$27 m0.480.22
Ellington Mortgage Opportunites Master fund$338m0.070.20
Bluebird Funds$73 m0.290.05
AHP Asia Credit Opportunities Fund$117m0.480.02
Horizon Credit Opportunities Fund$7 m1.570.02
KKR Credit Alpha Fund$17 m0.34-0.24
Regan Credit Opportunities Fund$134 m0.17-0.28
The Third Friday Total Return Fund$25 m-0.59-0.36
WAF Master Fund$130 m-0.44-0.52
Arrowpoint Income Opportunity Fund$559 m-0.57-0.60
Observatory Credit Markets Fund$939m-0.41-0.63
Copernico Latin America Strategic$76 m0.68-0.91
Fifth Street Oppo Fund$58 m-0.63-0.92
TIG Securitized Asset Fund$803 m-1.04-0.97
Triple Opportunity Fixed Income Fund€24 m-0.94-0.99
Coherence Capital Spectrum Master$93 m-2.02-1.12
Ellington Credit Opportunites Fund$831m-0.53-1.14
Lynx Plus Master Fund$173 m-0.88-1.32
Cedar Ridge Investors Fund$39 m-1.09-1.37
Moneda Latin American Corporate Debt Fund$204m0.50-1.47
Finisterre Global Opportunity Master$1,114 m-0.81-1.58
FPP Global Emerging Markets Bond Fund$18 m-1.03-1.66
AHF Credit Opportunities$13 m-0.66-1.85
Aristeia International$2.4bn-0.50-1.89
GAM Absolute Return Bond Fund$10 m-1.32-1.96
Moneda Latin America Corporate Debt$201 m-0.02-2.02
Semper MIDAS Fund$89 m-2.15-2.25
Loomis Sayles Credit Long Short Fund$728m-0.44-2.35
Tilden Park Offshore Investment Fund$3.6bn-0.39-2.36
Symphony Andante Fund$632 m-3.09-2.49
Kingdon Credit Master Fund$347 m-1.27-2.50
Canepa Short-Term High Yield Offs$84 m0.43-2.61
Octagon High Income Fund$114m-1.40-2.63
SPF Credit Suisse Securitised Products Master Fund$2.2bn-1.90-2.66
Double Haven Asia Absolute Bond Fund$158 m-0.77-2.67
IP All Seasons Asian Credit Fund$152 m0.03-2.78
Napier Park European Credit Opportunites€360m-2.67-2.80
MidOcean Credit Opportunity Fund$742m-1.38-2.81

Top 10 Convertible Arb February

NameFund SizeTotal Ret Feb (%)Total Ret YTD (%)
Camden Yield Strategies Fund II$ 55.00 m0.99-1.53
Camden Bonds Plus$ 163.00 m0.891.96
Advent Hedged Convertible Fund$ 231.14 m0.650.65
Pine River Convertibles Fund$ 202.10 m0.65-3.84
Pine River Convertibles fund$202m0.65-3.84
Waterstone Market Neutral Offshore$194m0.653.84
Advent Capital Hedged Convertible Strategy$312m0.650.63
Steelhead Pathfinder Fund$ 341.10 m0.640.30
Quest Global Convertible Fund$ 30.00 m0.570.30
Lazard Rathmore Fund$1,027m0.55-2.58

Top 10 Convertible Arb YTD

NameFund SizeTotal Ret Feb (%)Total Ret YTD (%)
Waterstone Market Neutral Offshore$194m0.653.84
Camden Bonds Plus$ 163 m0.891.96
Advent Hedged Convertible Fund$ 231 m0.650.65
Advent Capital Hedged Convertible Strategy$312m0.650.63
Quest Global Convertible Fund$ 30 m0.570.30
Steelhead Pathfinder Fund$ 341 m0.640.30
Symphony Arpeggio Fund$ 490 m0.000.27
Polar Capital ALVA Glb Convertible$ 74 m0.42-0.45
Camden Yield Strategies Fund II$ 55 m0.99-1.53
Wolverine Flagship Fund$ 1,573 m0.15-2.03

Top 10 Fixed Income Arb February

NameFund SizeTotal Ret Feb (%)Total Ret YTD (%)
Midway Market Neutral Fund$ 475 m1.352.66
III Fund$ 164 m0.971.25
Pelgus Capital Fund$ 34 m0.530.41
Pine River Liquid Rates Fund$ 1,132 m0.521.58
Coast Value Fund I$ 26 m0.21-0.75
Ovington Fund$ 143 m0.140.79
III Select Credit Fund$ 141 m-0.11-2.08
Goldstein Cap Mngd Bond Port Master$ 28 m-0.17-0.98
III Relative Value Credit Strategy$ 20 m-0.51-1.72
Providence MBS Fund$ 897 m-1.44-1.85

Top 10 Fixed Income Arb YTD

NameFund SizeTotal Ret Feb (%)Total Ret YTD (%)
Midway Market Neutral Fund$ 475 m1.352.66
Pine River Liquid Rates Fund$ 1,132 m0.521.58
III Fund LP$ 164 m0.971.25
Ovington Fund Limited$ 143 m0.140.79
Pelagus Capital Fund$ 34 m0.530.41
Coast Value Fund I Ltd$ 26 m0.21-0.75
Goldstein Cap Mngd Bond Port Master Fund$ 28 m-0.17-0.98
III Relative Value Credit Strategy LP 3$ 20 m-0.51-1.72
Providence MBS Fund Ltd$ 897 m-1.44-1.85
III Select Credit Fund Ltd., Type A$ 141 m-0.11-2.08

Top 10 Distressed Securities February

NameFund SizeTotal Ret Feb (%)Total Ret YTD (%)
Kane Street Fund$ 108 m3.642.63
Simplon International$ 145 m2.802.39
Numen Credit Opportunities Fund€ 215 m1.953.99
Mudrick Distressed Opportunity Fund$1.2bn1.80-4.31
Armory Fund$ 35 m1.70-5.66
Stornoway Recovery Fund$ 28 m1.130.69
Spinnaker Global Emerging Markets$ 919 m0.71-1.83
Contrarian Emerging Markets$ 434 m0.332.51
Scoggin Worldwide Distressed Fund$ 151 m0.180.53
Regan Distressed Credit Fund$ 55 m-0.20-0.82

Top 10 Distressed Securities YTD

NameFund SizeTotal Ret Feb (%)Total Ret YTD (%)
Numen Credit Opportunities Fund€ 215 m1.953.99
Kane Street Fund$ 108 m3.642.63
Contrarian Emerging Markets$ 434 m0.332.51
Simplon International$ 145 m2.802.39
Endeavour Pembroke Fund$ 35 m-1.071.10
Stornoway Recovery Fund$ 28 m1.130.69
Scoggin Worldwide Distressed Fund$ 151 m0.180.53
STS Partners Fund$ 1,580 m-0.810.51
Halcyon Off Asset-backed Value Fund$968m-0.450.26
Regan Distressed Credit Fund$ 55 m-0.20-0.82

Top 40 40 Act Funds February

This is an absolute returns strategy focused on high-yield bonds, US treasuries and cash. The fund has produced positive annual returns all years except 2004 when it was down -0.20% for the year. The fund was invested over 90% invested in high-yield as of February 2016. BTS Asset Management, which was established in 1979, is one of the oldest unconstrained fixed income managers

NameFund SizeTotal Ret Feb (%)Total Ret YTD (%)
BTS Tactical Fixed Income A$218 m3.305.36
Stone Harbor Strategic Income Instl$35 m1.430.87
Parametric Absolute Return Institutional$17 m1.41-0.59
North Star Bond I$11 m1.220.28
Arrow Alternative Solutions A$139 m1.21-0.48
SMI Bond$8 m1.052.20
Arbitrage Credit Opportunities C$57 m0.950.74
Goldman Sachs Long Shrt Crdt Strats Inst$184 m0.920.22
MFS Absolute Return A$199 m0.830.88
WHV/Acuity Tactical Credit Long/Short A$47 m0.80-0.20
Wavelength Interest Rate Neutral$16 m0.770.00
Crow Point Alternative Income Investor$7 m0.75-1.46
Navigator Tactical Fixed Income A$336 m0.743.14
Touchstone Credit Opportunities A$54 m0.720.62
Anchor Tactical Credit Strategies A$118 m0.701.71
Scout Unconstrained Bond Instl$1,284 m0.63-0.36
Legg Mason BW Absolute Return Opp A$1,533 m0.630.18
Janus Aspen Global Unconstnd Bd Instl$6 m0.620.94
Janus Global Unconstrained Bond A$1,264 m0.610.87
Sentinel Unconstrained Bond A$26 m0.470.11
Eaton Vance Multi-Strat Absolute Ret A$130 m0.460.55
Lazard Enhanced Opportunities Instl$25 m0.450.22
Virtus Strategic Income A$28 m0.42-0.67
JNL/Scout Unconstrained Bond A$942 m0.42-0.21
WST Asset Manager - US Bond Instl$55 m0.410.31
Counterpoint Tactical Income A$110 m0.401.71
SunAmerica Flexible Credit A$268 m0.31-0.27
Columbia Strategic Income A$2,409 m0.29-0.98
Forward Credit Analysis Long/Short Instl$150 m0.261.06
Dreyfus Global Dynamic Bond A$19 m0.250.42
Pioneer Dynamic Credit A$299 m0.25-0.46
Toews Unconstrained Income$90 m0.220.18
Hartford Global Alpha A$26 m0.210.21
Altrius Enhanced Income I$2 m0.21-0.90
AB Credit Long/Short A$21 m0.21-0.10
FPA New Income$5,358 m0.200.10
Sierra Strategic Income A$352 m0.140.69
Iron Strategic Income Institutional$160 m0.10-0.79
Eaton Vance Glbl Macr Absolute Return A$4,293 m0.09-0.90
JHancock Short Duration Credit Opps A$1,355 m0.06-1.39

Top 40 40 Act Funds YTD

Navigator which was January’s top performer, was about 2% behind BTS Capital YTD with its Tactical Fixed Income Fund up 3.14%. The fund invests in short-term US treasuries as well as investment-grade corporate credit and high-yield bonds. The fund, which was established in 2005, is managed by Sean Clark of Pennsylvania-based Clark Capital Management.

NameFund SizeTotal Ret Feb (%)Total Ret YTD (%)
BTS Tactical Fixed Income A$218 m3.305.36
Navigator Tactical Fixed Income A$336 m0.743.14
SMI Bond$8 m1.052.20
Counterpoint Tactical Income A$110 m0.401.71
Anchor Tactical Credit Strategies A$118 m0.701.71
Forward Credit Analysis Long/Short Instl$150 m0.261.06
Janus Aspen Global Unconstnd Bd Instl$6 m0.620.94
MFS Absolute Return A$199 m0.830.88
Stone Harbor Strategic Income Instl$35 m1.430.87
Janus Global Unconstrained Bond A$1,264 m0.610.87
Arbitrage Credit Opportunities C$57 m0.950.74
Sierra Strategic Income A$352 m0.140.69
Touchstone Credit Opportunities A$54 m0.720.62
Eaton Vance Multi-Strat Absolute Ret A$130 m0.460.55
Dreyfus Global Dynamic Bond A$19 m0.250.42
Robinson Tax Advantaged Income A$79 m0.020.38
WST Asset Manager - US Bond Instl$55 m0.410.31
North Star Bond I$11 m1.220.28
Catalyst/Stone Beach Income Opp A$5 m-0.340.25
Lazard Enhanced Opportunities Instl$25 m0.450.22
Goldman Sachs Long Shrt Crdt Strats Inst$184 m0.920.22
Hartford Global Alpha A$26 m0.210.21
Toews Unconstrained Income$90 m0.220.18
Legg Mason BW Absolute Return Opp A$1,533 m0.630.18
T. Rowe Price Global Unconstrain Bd Adv$38 m-0.400.14
Sentinel Unconstrained Bond A$26 m0.470.11
FPA New Income$5,358 m0.200.10
Spectrum Low Volatility Investor$21 m-0.150.05
Metropolitan West Unconstrained Bd I$2,262 m-0.070.01
Wavelength Interest Rate Neutral$16 m0.770.00
AB Credit Long/Short A$21 m0.21-0.10
PIMCO Mortgage Opportunities A$2,054 m-0.32-0.20
WHV/Acuity Tactical Credit Long/Short A$47 m0.80-0.20
Manning & Napier Unconstrained Bond S$862 m-0.10-0.20
JNL/Scout Unconstrained Bond A$942 m0.42-0.21
Anfield Universal Fixed Income A$86 m-0.08-0.26
SunAmerica Flexible Credit A$268 m0.31-0.27
Metropolitan West Strategic Income M$122 m-0.50-0.33
Scout Unconstrained Bond Instl$1,284 m0.63-0.36
Cedar Ridge Unconstrained Credit Instl$52 m-0.76-0.38

Top 10 FOHF February

NameFund SizeTotal Ret Feb (%)Total Ret YTD (%)
Intl. Investment Advisers Leveraged HY Fund$ 15 m0.98-4.52
Portland Private Income Fund$ 21 m0.210.79
BCA Alternative Income Fund$48.2m0.140.7
Preserver Partners LP Strategy$32m-0.36-2.23
Core Classic Fund$ 62 m-0.37-1.37
Sandalwood Debt$ 195 m-0.72-2.91
Lighthouse Credit Opp$ 66 m-0.75-4.06
Alternative Investments Opportunity$ 85 m-0.96-3.16
Permal Fixed Income Holdings$ 2,486 m-1.16-4.14
Lighthouse Credit Oppo Fd$ 229 m-1.30-4.52

Top 10 FOHF YTD

NameFund SizeTotal Ret Feb (%)Total Ret YTD (%)
Portland Private Income Fund$ 21 m0.210.79
BCA Alternative Income Fund$48.2m0.140.7
Core Classic Fund$ 62 m-0.37-1.37
Preserver Partners LP Strategy$32m-0.36-2.23
Acorn Credit Strategies$ 30 m-1.56-2.74
Sandalwood Debt$ 195 m-0.72-2.91
Alternative Investments Opportunity$ 85 m-0.96-3.16
EnTrust Diversified Select Credit$ 42 m-1.40-3.53
Lighthouse Credit Opp$ 66 m-0.75-4.06
Permal Fixed Income Holdings$ 2,486 m-1.16-4.14

Top 40 Alt Credit UCITS February

Antecedo Strategic Invest is a German open-end fund, which invests in shortterm European bonds. The absolute return strategy targets 10% returns by investing exclusively in investmentgrade bonds. Despite being the top returner YTD, the fund’s performance has been volatile over the past 12 months. CIS Strategic Invest was up 6.07% in February, after being down -21.23% in January.

NameFund SizeTotal Ret Feb (%)Total Ret YTD (%)
Antecedo - CIS Strategic Invest€18m6.07%-16.50%
Allianz Global Investors - EM Flexible Bond€4m2.15%1.21%
Rivoli Management - Long Short Bond€17m2.12%6.24%
Invictus - Global Bond€10m2.04%0.22%
L & G - Multi-Strategy Credit£71m1.67%6.93%
CGS FMS - Global Evolution Frontier Markets€620m1.62%-1.11%
Legg Mason Global - Brandywine Global Income Optimiser€35m1.58%1.86%
Credit Suisse (Lux) - Absolute Return Bond€374m1.44%2.99%
Emirates NBD - Emerging Market Corporate Bond Absolute Return$34m1.40%-1.61%
FP Matterley Investment - Bond Opportunities£2m1.35%3.97%
Trea - 3G Credit Opportunities€32m1.27%-3.63%
ABSALON - EM Corporate Debt€53m1.13%-0.15%
Bantleon - Opportunities XL€217m1.12%-0.46%
HSBC Global Investment - GEM Debt Total Return€3330m1.04%1.19%
Schroder International Selection - Emerging Markets Debt Absolute Return$2643m1.04%1.59%
Julius Baer Multibond - Absolute Return Emerging Bond€25m1.00%0.07%
BlueBay - Emerging Market Absolute Return Bond€38m0.99%-0.42%
Oaks Field Partners - OFP 150€69m0.95%1.39%
Lazard Global Investment - Emerging Markets Total Return Debt€539m0.89%0.41%
Principal Global Investors - Finisterre EM Debt$310m0.86%0.40%
Lupus alpha - LS Duration Corporates Invest€11m0.85%1.80%
TIMEO NEUTRAL - BZ Conservative Wolf€25m0.84%0.01%
Muzinich - Global Tactical Credit€471m0.82%1.35%
XAIA - Credit Debt Capital€234m0.81%1.31%
Universal Investment - FINCA Active Duration€12m0.78%2.04%
Schroder GAIA - KKR Credit€270m0.75%0.09%
L & G - LIBOR High Alpha Global Credit$170m0.75%1.78%
L & G - LIBOR Plus Global Credit£335m0.75%1.06%
Bantleon - Opportunities L€1341m0.69%-1.34%
Goldman Sachs - Euro Fixed Income Plus Portfolio€11m0.68%2.06%
Schroder GAIA - BSP Credit€31m0.65%0.99%
MFS Meridian - Absolute Return€15m0.60%1.27%
Legg Mason Global - Brandywine Global Fixed Income Absolute Return€1329m0.52%0.19%
TIMEO NEUTRAL - BZ Inflation Linked Bonds€43m0.52%1.06%
Scout Investments - Unconstrained Bond€58m0.52%-0.10%
Threadneedle Specialist Investment - Absolute Return Bond£242m0.50%-0.57%
Hermes Investment - Absolute Return Credit€46m0.49%-0.06%
Bantleon - Trend€253m0.44%0.78%
Deka - Euro RentenPlus€103m0.42%0.71%
Legg Mason Global - Western Asset Global Multi Strategy€906m0.42%-0.98%
Bantleon - Opportunities World0.37%0.56%
Bantleon - Family & Friends0.37%-3.35%
Bantleon - Opportunities S0.37%-0.51%
G & P Portfolio - Bond Absolute Return0.36%0.02%
H & A - Rendite Plus0.35%-0.36%
Nordea 1 - Global Fixed Income Alpha0.34%1.05%
Hedge Invest International - HI Numen Credit0.34%0.86%
HMT - Corporates RiskControl0.34%-0.10%
Candriam Bonds - Credit Opportunities0.33%0.23%
Quoniam Selection - Euro Fixed Income MinRisk0.33%0.71%

Top 40 Alt Credit UCITS YTD

For the second month running, L&G has snagged the top spot with its new Multi- Strategy Credit Fund, which launched in September of last year. The fund takes an unconstrained global approach to fixed income and is biased towards investing in the high-yield and emerging markets assets. The fund, which will target annual returns of 5%, was up 1.67% in one of the toughest months for credit investors over the past few quarters.

NameFund SizeTotal Ret Feb (%)Total Ret YTD (%)
L & G - Multi-Strategy Credit£71m1.67%6.93%
Rivoli Management - Long Short Bond€17m2.12%6.24%
FP Matterley Investment - Bond Opportunities£2m1.35%3.97%
Credit Suisse (Lux) - Absolute Return Bond€374m1.44%2.99%
Goldman Sachs - Sterling Broad Fixed Income Plus Portfolio£29m0.06%2.68%
Goldman Sachs - Euro Fixed Income Plus Portfolio€11m0.68%2.06%
Universal Investment - FINCA Active Duration€12m0.78%2.04%
Legg Mason Global - Brandywine Global Income Optimiser€35m1.58%1.86%
Lupus alpha - LS Duration Corporates Invest€11m0.85%1.80%
L & G - LIBOR High Alpha Global Credit$170m0.75%1.78%
DCI Umbrella - Market Neutral Credit UCITS$6m-0.19%1.60%
Schroder International Selection - Emerging Markets Debt Absolute Return$2643m1.04%1.59%
PEH - Renten EvoPro€28m0.26%1.44%
Oaks Field Partners - OFP 150€69m0.95%1.39%
Muzinich - Global Tactical Credit€471m0.82%1.35%
XAIA - Credit Debt Capital€234m0.81%1.31%
MFS Meridian - Absolute Return€15m0.60%1.27%
Allianz Global Investors - Emerging Markets Flexible Bond Strategy€4m2.15%1.21%
HSBC Global Investment - GEM Debt Total Return€3330m1.04%1.19%
Wellington MP (Dublin) - Emerging and Sovereign Opportunities$52m-0.18%1.09%
L & G - LIBOR Plus Global Credit£335m0.75%1.06%
TIMEO NEUTRAL - BZ Inflation Linked Bonds€43m0.52%1.06%
Nordea 1 - Global Fixed Income Alpha€1296m0.34%1.05%
Goldman Sachs - Global Fixed Income Plus Portfolio (Hedged)€730m0.07%1.04%
Schroder GAIA - BSP Credit€31m0.65%0.99%
Wellington MP (Luxembourg) - Emerging Local Debt Advanced Beta Portfolio€38m0.20%0.90%
Ignis - Absolute Return Government Bond€415m0.04%0.88%
Hedge Invest International - HI Numen Credit€947m0.34%0.86%
Bantleon - Trend€253m0.44%0.78%
Deka - Euro RentenPlus€103m0.42%0.71%
Quoniam Selection - Euro Fixed Income MinRisk€64m0.33%0.71%
Bantleon - Opportunities World€220m0.37%0.56%
Patcham Investment - Global Fixed IncomeN/A0.16%0.54%
Muzinich - Long Short Credit Yield€1397m0.28%0.47%
Lazard Global Investment - Emerging Markets Total Return Debt€539m0.89%0.41%
Principal Global Investors - Finisterre EM Debt$310m0.86%0.40%
CB-Accent (Lux) - Swan Bond Opportunity€166m0.19%0.36%
Lombard Odier - Absolute Return Bond€278m0.01%0.36%
Candriam Bonds - Credit Opportunities€986m0.33%0.23%
L & G - LIBOR High Alpha Global Rates£140m0.03%0.23%