SMI Defensive and Alcentra still in charge – September performance review

Canadian convertible bond fund SMI Defensive remains the top performer YTD off the back of its huge monthly return earlier in the year.

$24.1bn global asset manager Alcentra continues in second place with a strong 1.93% return in September. The firm focuses on European undervalued, sub-investment grade credit opportunities.

Paris-based Hellebore Credit Arbitrage, which launched last year and targets investments across credit derivatives, shot into the top three by returning 5.8% in September and taking YTD returns to nearly 16%.

David Tepper’s flagship $8.1bn Palomino fund remains the top performing $1bn-plus fund, despite an underwhelming September when the fund fell -1.14% to 9.68%. It is followed closely by Deer Park Road’s $1.6bn STS Partners Fund, which was up slightly for the month; Pimco’s $2.6bn Global Credit Opportunity Fund, which was up 1.8%; and Pine River’s $1bn Liquid Rates Fund, which returned 0.42% to take its YTD performance to 8.33%.

Saba Capital’s $1bn flagship fund, which suffered significant outflows earlier in the year, moves into the top 20 with 2.02% growth in September taking YTD returns to 7.28%.

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 August review

Top Performers in September

NameFund SizeReturns
Top Credit L/S FundCedar Ridge Investors Fund$41M3.4%
Top Convertible ARBSMI Defensive$95m0.60%
Top Fixed Income ARBHellebore Credit Arbitrage$70m5.80%
Top Distressed SecuritiesEndeavour Pembroke Fund$36M2.19%
Top Credit FoHFCore Classic Fund$63m1.00%
Top Alt Credit 40 Act FundForward Credit Analysis l/s Instl / Cedar Ridge Unconstrained Credit$103M/$51M1.07%
Top Fixed Income ARB UCITS fundAntecedo – Independent Invest€150M3.01%

Top 20 Overall YTD (September)

NameFund sizeTotal return September (%)Total return YTD
SMI Defensive$95m0.60379.46
Alcentra Global Special Situations Fund€136m1.9322.48
Hellebore Credit Arbitrage$70 m5.8015.69
Stornoway Recovery Fund$24.25m0.6915.07
Contrarian Emerging Markets Off Fund$371m313.05
Copernico Latin America Strategic$77 m-2.8312.66
LMR Alpha Rates Trading Fund$255m112.17
Endeavour Pembroke Fund$36 m2.1911.06
Quest Global Convertible Fund$30 m-0.1110.27
Palomino Fund$8.1bn-1.149.68
STS Partners Fund$1,550 m0.189.49
Pimco Global Credit Opportunity Fund$2.6bn1.88.97
Sweetwater Investments Income Flood$79 m2.558.59
TCA Global Credit Master Fund$311 m0.718.34
Pine River Liquid Rates Fund$1bn0.428.33
VR Global Offshore Fund$1,907 m0.157.33
Saba Capital Offshore Fund$1bn2.027.28
Clareant Structured Credit Opportunities Fund II€251m0.196.96
Napier Park European Credit Opportunites€362m0.536.9
Portland Private Income Fund$13.45m0.536.74
Long/Short Credit
Convertible Arbitrage
Fixed Income Arbitrage
Distressed Securities
40 Act Funds
Fund of Hedge Funds
Alt Credit UCITS