SMI Defensive and Alcentra lead the pack – October performance review

Canadian convertible bond fund SMI Defensive and $24.1bn global asset manager Alcentra remained in the top two positions during October, in a month in which a number of funds bounced back from a tough fall with double-digit returns. SMI Defensive is well ahead for the year to date with returns of 358.02%.

Alcentra returned 1.58% in October to take returns for the year to 24.41% while Copernico Capital Partners’ Latin America Strategic Fund was up 5.67% for the month to take YTD returns to 18.48%. The Argentinian-based hedge fund has a primary event-driven strategy looking for mispriced securities in the region, alongside momentum trades and a range of fixed income instruments.

Distressed debt fund Stornoway Recovery Fund continued its strong performance for the year while Paris-based Hellebore Credit Arbitrage, which launched last year and targets investments across credit derivatives, dropped slightly for the month but is still up nearly 15% YTD.

Russian fund VR Global is the top $1bn-plus performer with a 5.64% return in October taking YTD returns to 13.41% while David Tepper’s flagship $7.8bn Palomino fund remains high in the rankings and Pine River’s $1bn Liquid Rates Fund moves into the top 10 with 1.15% growth for the month taking YTD returns
to 9.63%.

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 September review

Top Performers in October

NameFund SizeReturns
Top Credit L/S FundCheyne Total Return Credit Fund$195M10.82%
Top Convertible ARBPerinvest Convertible$30M9.53%
Top Fixed Income ARBBlackRock Obsidian Onshore$2.1BN2.50%
Top Distressed SecuritiesAstra Sicav€8M5.74%
Top Credit FoHFIIA Leveraged High Yield Fund$16M25.13%
Top Alt Credit 40 Act FundWHV / Acuity Tactical Credit Long/Short$54M3.21%
Top Fixed Income ARB UCITS fundAntecedo – Independent Invest€181M28.86%

Top 20 Overall YTD (October)

NameFund sizeTotal return OctoberTotal return YTD
SMI Defensive LP$90m-4.47358.02
Alcentra Global Special Situations Fund€137m1.5824.41
Copernico Latin America Strategic$81 m5.6718.48
Stornoway Recovery Fund$25m0.7515.93
Hellebore Credit Arbitrage$66 m-0.8514.71
VR Global Offshore Fund$1.9bn5.6413.41
Quest Global Convertible Fund LTD$30 m1.0811.46
Pine River Liquid Rates Fund$1bn1.159.63
Sweetwater Investments Income Flood$87 m0.939.60
Endeavour Pembroke Fund Limited$37 m-1.539.38
Palomino Fund$7.8bn-0.679.06
TCA Global Credit Master Fund$321 m0.228.58
STS Partners Fund$1,520 m-0.978.43
Portland Private Income Fund$15m0.867.66
Napier Park European Credit Opportunites€364m0.367.29
Platinum Partners Credit Opp Fund$317 m0.577.11
BCA Alternative Income Fund$30m0.667.10
The Third Friday Total Return Fund$23 m2.327.09
Spinnaker Global Emerging Markets K1$992 m2.216.89
Axa private selection open bonds€31m
7.656.71
Long/Short Credit
Convertible Arbitrage
Fixed Income Arbitrage
Distressed Securities
40 Act Funds
Fund of Hedge Funds
Alt Credit UCITS