Top firms continue upward trajectory – November performance review

The credit opportunities fund from Los Angeles-headquartered Armory Group leads the way again through November. Th e $45m vehicle is up 58% for the year although returns for the month were muted at 0.5%.

JLP Partners’ eponymous strategy is the standout monthly performer, with the vehicle up almost 10% in November and more than 30% for the year. Other strong performers include Connecticut-based Wexford Capital which has seen its energy and MLP-focused strategy deliver 1.5% gains for the month and 36.6% during 2016.

The new distressed venture from former Paulson & Co managing director Dan Kamensky continues on its upward trajectory. Th e eponymous fund from the New York manager is now up 25.3% for the year and its fund size has risen to $49.3m.

Meanwhile, London-based credit specialist Cheyne Capital has two funds represented in November’s top performers. Its two total returns fund, which have combined assets north of $530m are up 21.9% and 18.4% respectively for the month.

A new entry for November is the $301m debt opportunities fund from Onex Credit Partners. The $7bn Canadian manager saw its fund post 1% gains in November and more than 14% for the year.

If you fund is not listed here, please contact p.mcmillan@hfmweek.com.

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.

Top Performers in November

 NAMEAuMNovember Returns (%)
TOP L/S CREDIT FUNDTeak Hill Fund101.012.4
TOP CONVERTIBLE ARB FUNDPalisade Strat. Master (Cayman) Ltd153.01.4
TOP FIXED INCOME ARBIII Convex Strategies Fund Ltd107.0M2.6
TOP DISTRESSEDJLP Partners Fund LP27.4M9.8
TOP FOHFEnTrustPermal FI Holdings NV USD A1638.7M1.4
TOP FIXED INCOME MBSMetacapital Rising Rates Fund515.0M9.0
TOP FIXED INCOME HIGH YIELDPictet EUR High Yield I JPY1182.63.8
TOP ALT CREDIT UCITSDWS Euro High Yield Bond Master AUD1276.35.5

Top 20 Overall YTD (November)

NameFund size ($m)Nov Return (%)YTD Return (%)
Armory Credit Opportunity Fund LP45.00.557.8
JLP Credit Opportunity Fund LP854.03.044.3
Sancus Capital Select Master Fund Ltd38.8-0.441.8
Wexford Credit Opps LP Class A107.71.536.6
SIDUS IV Credit Opportunity Fund LP37.01.031.9
JLP Partners Fund LP27.49.830.5
Marble Ridge LP49.30.825.3
Redhedge Relative Value Fund6.91.524.5
Cheyne Total Return Credit Dec 2019235.00.121.9
Whitebox Relative Value Partners LP372.8-0.820.9
JLP Institutional Credit Fund183.00.418.8
Axonic Systematic Arbitrage Fund LP212.32.318.5
Cheyne Total Return Credit Dec 2020313.0-0.118.4
Phoenix Fund NV61.41.517.6
Serone Key Opportunities Fund USD152.32.516.6
Asgard Fixed Income Fund I Ltd EUR577.5-0.215.8
Scoggin Worldwide Distressed Fund Ltd106.3-0.115.7
Pine River Convert Master Fund Ltd155.61.115.3
Cedar Ridge Investors I LP28.20.315.3
OCP Debt Opp Intl Ltd301.01.014.9

Top 50 Credit L/S November

ProgramFund Size ($m)Nov 2016. Return (%)YTD Return (%)
Teak Hill Fund101.012.4-6.9
Sandler Total Return Opportunities14.02.77.0
Serone Key Opportunities Fund USD152.32.516.6
Rimrock Structured Product Fund325.92.38.2
Rivoli Long Short Bond Fund17.51.94.6
BlueBay Credit Alpha L/S Fund198.71.80.7
Kingdon Credit Master Fund LP340.01.49.3
P Gracie SMA274.61.36.5
Gracie Credit Opportunities LP60.71.36.0
Rimrock High Income PLUS Ltd2484.91.34.0
PIMCO Glbl Credit Opportunity Strategy3602.01.27.6
CVC Global Credit Opportunities Fund416.41.28.4
Napier Park European Credit Opp Fund534.91.211.8
SIDUS IV Credit Opportunity Fund LP37.01.031.9
Serengeti Lycaon Fund286.00.98.7
Rimrock Low Volatility QP Master360.90.84.7
Candlewood Structured Credit Hrvst Ltd325.00.7-0.7
Orchard SquarePartners Credit Fund Ltd176.70.63.0
KLS Diversified Master Fund LP1800.00.58.0
Northlight European Fundamental Credit232.70.54.9
Cardinal Point Master Fund I LtdN/A0.57.7
Franklin Fixed Income Opps Composite65.90.513.3
BulwarkBay Credit Opp Fund LP30.70.59.3
JLP Institutional Credit Fund183.00.418.8
CKC Credit Opportunity Fund166.00.43.4
BlueBay Event Driven Credit Fund126.40.42.0
PIMCO Tactical Opportunities Fund1159.00.39.2
Cedar Ridge Investors I LP28.20.315.3
Schroder GAIA BSP Credit USD I Acc34.80.30.2
One Oak Capital Mgt Alpha Opp Fund15.00.27.4
Aesir Credit Master Fund Ltd Founder B60.90.23.8
III Relative Value Crdt Strat Ltd (5)156.00.17.4
Cheyne Total Return Credit Dec 2019235.00.121.9
Danske Invest Hedge FI Rel Value356.80.17.5
LNG Europa Credit Fund85.00.0-3.7
Cheyne Total Return Credit Dec 2020313.0-0.118.4
III Select Credit Fund LP (B)220.0-0.110.0
AAG Aviation Fund109.7-0.13.4
RV Corporate Bonds Fund A21.2-0.30.4
Gabelli Intermediate Credit LPN/A-0.47.6
Sancus Capital Select Master Fund Ltd38.8-0.441.8
Fifth Street Opportunities Fund LP62.5-0.57.1
Loomis Sayles Credit L/S Ltd569.6-0.51.6
Coherence Capital Spectrum LP A109.2-0.66.4
BayCity Event Driven Opp Fund L.P.85.9-0.610.0
Samuel Municipal Total Return Fund LP28.9-0.82.7
Prologue Ltd Class A Shares Series SGD833.0-0.9-1.9
Rhodium Captl Credit Master Fund Ltd7.9-1.06.4
LFIS VISION Credit Opportunities I USD223.5-1.01.5
KLS Macro Rates Master Fund LP108.0-1.25.2
SGAS Pearl Vega Limited22.9-1.52.5
Silverdale Fund SP-1AN/A-2.016.2
Old Orchard Credit Master Fund LP207.0-2.47.8
GAM Global Rates (US) USD100.6-2.8-4.5

Top 50 Credit L/S YTD

ProgramFund Size ($m)Nov 2016. Return (%)YTD Return (%)
Sancus Capital Select Master Fund Ltd38.8-0.441.8
SIDUS IV Credit Opportunity Fund LP37.01.031.9
Cheyne Total Return Credit Dec 2019235.00.121.9
JLP Institutional Credit Fund183.00.418.8
Cheyne Total Return Credit Dec 2020313.0-0.118.4
Serone Key Opportunities Fund USD152.32.516.6
Silverdale Fund SP-1AN/A-2.016.2
Cedar Ridge Investors I LP28.20.315.3
Franklin Fixed Income Opps Composite65.90.513.3
Napier Park European Credit Opp Fund534.91.211.8
III Select Credit Fund LP (B)220.0-0.110.0
BayCity Event Driven Opp Fund L.P.85.9-0.610.0
BulwarkBay Credit Opp Fund LP30.70.59.3
Kingdon Credit Master Fund LP340.01.49.3
PIMCO Tactical Opportunities Fund1159.00.39.2
Serengeti Lycaon Fund286.00.98.7
CVC Global Credit Opportunities Fund416.41.28.4
Rimrock Structured Product Fund325.92.38.2
KLS Diversified Master Fund LP1800.00.58.0
Old Orchard Credit Master Fund LP207.0-2.47.8
Cardinal Point Master Fund I LtdN/A0.57.7
PIMCO Glbl Credit Opportunity Strategy3602.01.27.6
Gabelli Intermediate Credit LPN/A-0.47.6
Danske Invest Hedge FI Rel Value356.80.17.5
III Relative Value Crdt Strat Ltd (5)156.00.17.4
One Oak Capital Mgt Alpha Opp Fund15.00.27.4
Fifth Street Opportunities Fund LP62.5-0.57.1
Sandler Total Return Opportunities14.02.77.0
P Gracie SMA274.61.36.5
Coherence Capital Spectrum LP A109.2-0.66.4
Rhodium Captl Credit Master Fund Ltd7.9-1.06.4
Gracie Credit Opportunities LP60.71.36.0
KLS Macro Rates Master Fund LP108.0-1.25.2
Northlight European Fundamental Credit232.70.54.9
Rimrock Low Volatility QP Master360.90.84.7
Rivoli Long Short Bond Fund17.51.94.6
Rimrock High Income PLUS Ltd2484.91.34.0
Aesir Credit Master Fund Ltd Founder B60.90.23.8
CKC Credit Opportunity Fund166.00.43.4
AAG Aviation Fund109.7-0.13.4
Orchard SquarePartners Credit Fund Ltd176.70.63.0
Samuel Municipal Total Return Fund LP28.9-0.82.7
SGAS Pearl Vega Limited22.9-1.52.5
BlueBay Event Driven Credit Fund126.40.42.0
Loomis Sayles Credit L/S Ltd569.6-0.51.6
LFIS VISION Credit Opportunities I USD223.5-1.01.5
BlueBay Credit Alpha L/S Fund198.71.80.7
RV Corporate Bonds Fund A21.2-0.30.4
Schroder GAIA BSP Credit USD I Acc34.80.30.2
Candlewood Structured Credit Hrvst Ltd325.00.7-0.7
Prologue Ltd Class A Shares Series SGD833.0-0.9-1.9
LNG Europa Credit Fund85.00.0-3.7
GAM Global Rates (US) USD100.6-2.8-4.5
Teak Hill Fund101.012.4-6.9

Top 10 Convertible Arb November

ProgramFund Size ($m)Nov 2016. Return (%)YTD Return (%)
Palisade Strat. Master (Cayman) Ltd153.01.46.8
Pine River Convert Master Fund Ltd155.61.115.3
Steelhead Pathfinder Fund690.00.88.1
Mohican VCA Fund LP17.70.79.1
Advent Global Partners229.80.63.9
Castle Creek Arb LLC668.00.32.9
Basso Investors Ltd483.00.36.0
Polygon Convertible Opport Fund - A483.50.310.9
Context Partners Fund LP69.10.110.0
GLG Gl Convertible A USD146.00.10.8
Lazard Rathmore Fund Ltd2.30.05.1
Symphony Rhapsody Fund LP38.6-0.12.8

Top 10 Convertible Arb YTD

ProgramFund Size ($m)Nov 2016. Return (%)YTD Return (%)
Whitebox Relative Value Partners LP372.8-0.820.9
Pine River Convert Master Fund Ltd155.61.115.3
Polygon Convertible Opport Fund - A483.50.310.9
Context Partners Fund LP69.10.110.0
Mohican VCA Fund LP17.70.79.1
Steelhead Pathfinder Fund690.00.88.1
Palisade Strat. Master (Cayman) Ltd153.01.46.8
Basso Investors Ltd483.00.36.0
Lazard Rathmore Fund Ltd2.30.05.1
Advent Global Partners229.80.63.9
Castle Creek Arb LLC668.00.32.9
Symphony Rhapsody Fund LP38.6-0.12.8
GLG Gl Convertible A USD146.00.10.8

Top 10 Fixed Income Arb November

ProgramFund Size ($m)Nov 2016. Return (%)YTD Return (%)
III Convex Strategies Fund Ltd107.0M2.66.1
Axonic Systematic Arbitrage Fund LP212.3M2.318.5
Redhedge Relative Value Fund6.9M1.524.5
Serenitas Credit Gamma Master Fund LP40.8M1.59.2
Capula Global RV Fund Ltd D JPY9360.6M1.56.3
III Fund LP167.0M1.24.4
Sanctum Fixed Income Fund USD272.0M0.64.0
BayCity L/S Credit Offshore Ltd479.8M0.61.5
Hellebore Credit Arbitrage191.1M0.514.1
Blue Mountain Credit Alternatives Ltd5905.0M0.42.8

Top 10 Fixed Income Arb YTD

ProgramFund Size ($m)Nov 2016. Return (%)YTD Return (%)
Redhedge Relative Value Fund6.91.524.5
Axonic Systematic Arbitrage Fund LP212.32.318.5
Asgard Fixed Income Fund I Ltd EUR577.5-0.215.8
Hellebore Credit Arbitrage191.10.514.1
Danske Invest Hedge FI Strategy1115.70.012.3
Whitebox Credit Partners LP281.30.111.3
Serenitas Credit Gamma Master Fund LP40.81.59.2
Lawrence Park Credit Strategies Fund283.10.17.8
Capula Global RV Fund Ltd F USD9360.61.47.1
III Convex Strategies Fund Ltd107.02.66.1
Coast Value Fund I Ltd23.30.34.4
III Fund LP167.01.24.4

Top 10 Distressed Securities November

ProgramFund Size ($m)Nov 2016. Return (%)YTD Return (%)
JLP Partners Fund LP27.4M9.830.5
X2 Opportunistic Debt Fund LLC5.8M4.011.3
Knighthead Master Fund2100.0M3.26.9
Venor Capital Partners LP201.8M3.29.9
JLP Credit Opportunity Fund LP854.0M3.044.3
Hain Capital Investors LLC17.7M2.710.1
Candlewood Special Situations Fund Ltd493.8M2.63.5
Marathon Special Opportunity Fund1244.0M2.514.0
PENN Distressed Fund LP6.5M2.114.1
Wexford Credit Opps LP Class A107.7M1.536.6
Phoenix Fund NV61.4M1.517.6
Armory Offshore Fund Ltd0.6M1.45.1

Top 10 Distressed Securities YTD

ProgramFund Size ($m)Nov 2016. Return (%)YTD Return (%)
Armory Credit Opportunity Fund LP45.00.557.8
JLP Credit Opportunity Fund LP854.03.044.3
Wexford Credit Opps LP Class A107.71.536.6
JLP Partners Fund LP27.49.830.5
Marble Ridge LP49.30.825.3
Phoenix Fund NV61.41.517.6
Scoggin Worldwide Distressed Fund Ltd106.3-0.115.7
OCP Debt Opp Intl Ltd301.01.014.9
Trilogy Financial Ptnrs Intl Ltd120.0-0.914.5
PENN Distressed Fund LP6.52.114.1
Marathon Special Opportunity Fund1244.02.514.0
Polygon Distressed Opp Fund A118.5-0.312.8

Top 40 40 Act Funds November

This fund from the investment giant, which has had an uninspiring 2016, has delivered strongly monthly returns for November with gains of 1.6%. The $136m fund is made up predominantly of cash and equities and has 16% in corporate bond and 22% in securitised bond products.

Launched in 2013, the strategy is overseen by Thomas Musmanno, a director at BlackRock since 2006, who previously spent more than a decade at Merril Lynch in various investment roles.

NameFund size (m)Total Ret (Nov) %Total Ret YTD (%)
BlackRock Allocation Target Shrs Ser P136.11.6-4.2
Legg Mason BW Absolute Return Opp A1,475.91.55.1
AB Unconstrained Bond A281.11.34.4
MFS Absolute Return A207.81.36.7
Hartford Schroders Global Strat Bd A70.61.12.1
PIMCO Unconstrained Bond A3,608.51.04.9
Ascendant Tactical Yield A34.31.03.2
Western Asset Total Return Uncons I1,124.50.95.0
Putnam Diversified Income A3,040.00.92.3
PIMCO Floating Income A327.40.99.1
Columbia Mortgage Opportunities A266.30.95.5
RBC BlueBay Absolute Return I150.80.8-0.6
Guggenheim Macro Opportunities A3,441.70.88.5
PIMCO Fixed Income SHares LD31.30.84.1
Prudential Global Absolute Return Bond A26.10.84.9
American Beacon Flexible Bond A142.00.74.0
Transamerica Unconstrained Bond I219.30.76.9
Neuberger Berman Unconstrained Bd A54.90.71.0
PIMCO Unconstrained Tax Managed Bd A116.90.73.8
Pioneer Dynamic Credit A267.70.610.6
Morgan Stanley Inst Strategic Income A9.80.62.6
Goldman Sachs Strategic Income A9,166.10.61.6
Hartford Unconstrained Bond A86.30.63.6
James Alpha Hedged High Income A15.00.57.3
Putnam Mortgage Opportunities I10.20.52.6
T. Rowe Price Global Unconstrain Bd Adv236.30.53.9
Touchstone Credit Opportunities A52.40.59.9
Wells Fargo Strategic Income A26.00.45.5
Catalyst/Princeton Uncons Hedged Inc A0.90.416.9
PIMCO Mortgage Opportunities A2,284.30.44.8
Russell Unconstrained Total Return A244.50.4
Semper MBS Total Return Institutional503.80.42.5
Janus Aspen Global Unconstnd Bd Instl6.60.44.8
Bramshill Income Performance Instl78.70.4
GMO Debt Opportunities VI1,527.00.44.6
1290 Unconstrained Bond Managers A69.50.43.6
Western Asset Macro Opportunities A868.30.48.0
Calvert Unconstrained Bond A76.90.35.6
Loomis Sayles Strategic Alpha A1,189.50.35.5
MainStay Unconstrained Bond A1,417.40.37.7

Top 40 40 Act Funds YTD

This experienced US operator, which has been an RIA since 1986 but only in the mutual fund space for three years, is one of the best performers YTD. Its low volatility strategy is up 13.6% for the year and has produced 0.3% during November.

The fund has a majority exposure in cashes and equities but also invests across bond types and its 2016 performance represents a clear uptick from 2015 when the $39m vehicle delivered 1.1% gains.

NameFund size (m)Total Ret (Nov) %Total Ret YTD (%)
Catalyst/Princeton Uncons Hedged Inc A0.90.416.9
Navigator Tactical Fixed Income A458-0.714.6
Counterpoint Tactical Income A242-0.114.5
Redwood Managed Volatility I277-0.314.0
Spectrum Low Volatility Investor370.313.6
BTS Tactical Fixed Income A481-0.812.1
WST Asset Manager - US Bond Instl720.011.5
Pioneer Dynamic Credit A2680.610.6
Touchstone Credit Opportunities A520.59.9
Altrius Enhanced Income I330.09.6
Stone Harbor Strategic Income Instl39-0.49.6
Prudential Unconstrained Bond A270.39.1
PIMCO Floating Income A3270.99.1
Guggenheim Macro Opportunities A3,4420.88.5
Columbia Strategic Income A3,1730.08.2
Western Asset Macro Opportunities A8680.48.0
Virtus Strategic Income A310.07.9
Toews Unconstrained Income108-0.37.9
JPMorgan Strategic Income Opps A12,0110.17.7
MainStay Unconstrained Bond A1,4170.37.7
Wavelength Interest Rate Neutral18-0.67.5
James Alpha Hedged High Income A150.57.3
Arrow Alternative Solutions A193-1.37.1
Transamerica Unconstrained Bond I2190.76.9
North Star Bond I16-0.46.9
Sierra Strategic Income A547-0.56.8
MFS Absolute Return A2081.36.7
Scout Unconstrained Bond Instl1,5260.16.4
Eaton Vance Glbl Macro Abs Ret Advtg A1,7700.25.7
Calvert Unconstrained Bond A770.35.6
Wells Fargo Strategic Income A260.45.5
Loomis Sayles Strategic Alpha A1,1900.35.5
Columbia Mortgage Opportunities A2660.95.5
DoubleLine Flexible Income I3270.25.4
JNL/Scout Unconstrained Bond A1,2420.05.2
Legg Mason BW Absolute Return Opp A1,4761.55.1
Janus Global Unconstrained Bond A1,6800.35.0
Western Asset Total Return Uncons I1,1240.95.0
Prudential Global Absolute Return Bond A260.84.9
PIMCO Unconstrained Bond A3,6081.04.9
SMI Bond8-1.04.8

Top 10 FOHF November

ProgramFund Size ($m)Nov 2016. Return (%)YTD Return (%)
EnTrustPermal FI Holdings NV USD A1638.7M1.42.3
Sandalwood Debt Fund B LP199.0M1.34.3
Stenham Credit Opportunities USD53.2M1.26.0
TAS Fixed Income Arbitrage H USD37.0M1.13.3
Lighthouse Credit Opp. LP (B)59.0M0.61.2
BCA Alternative Income Fund46.6M0.66.7
Burkian Fund Strategy19.0M0.52.2
Narrapuno SPC - Convergence A USD31.0M0.33.0
Corbin Opportunity Fund763.3M-0.18.9
Morrocroft Special Opportunity II LP45.0M-0.25.6

Top 10 FOHF YTD

ProgramFund Size ($m)Nov 2016. Return (%)YTD Return (%)
Corbin Opportunity Fund763.3-0.18.9
BCA Alternative Income Fund46.60.66.7
Stenham Credit Opportunities USD53.21.26.0
Morrocroft Special Opportunity II LP45.0-0.25.6
Sandalwood Debt Fund B LP199.01.34.3
TAS Fixed Income Arbitrage H USD37.01.13.3
Narrapuno SPC - Convergence A USD31.00.33.0
EnTrustPermal FI Holdings NV USD A1638.71.42.3
Burkian Fund Strategy19.00.52.2
Lighthouse Credit Opp. LP (B)59.00.61.2

Top 40 Alt Credit UCITS November

The Ucits offering the German banking giant’s asset management arm is continuing its upward curve for the year and delivered 5.5% gains through November.

The long-only vehicle, which has posted almost 7% returns in 2016, and sits tops of the Ucits monthly performance with its corporate bond-focused portfolio (76%). It also hold 9% in financial bonds and 4% in emerging market interests among other areas.

ProgramFund Size ($m)Nov 2016. Return (%)YTD Return (%)
DWS Euro High Yield Bond Master AUD1276.35.54.0
Convertible & Credit A USD107.71.22.5
DB Platinum MidOcean AR Credit I1C U70.01.23.1
Ignis Abs Return Government Bond GBP318.91.11.9
PVE Credit Value Fund A35.11.1-1.5
GAM Star Credit Opp - USD Instl966.61.19.8
Altana Corporate Bond Fund UCITS29.71.04.7
Duemme Sicav - Gl Conv Plus I42.30.80.0
GAM Star MBS Total Return - USD Inst139.70.73.9
Polar Cap Gl Convert Fund I EUR490.60.61.1
Man GLG ABS Fund Corp Acc108.80.54.6
RWC Global Convertibles Fund B USD1410.30.40.4
Man GLG Gl Convertibles IM USD171.80.41.6
PTR Kosmos HI USD601.00.43.1
Bethmann Vermoegensverwaltung Ertrag199.10.40.4
GAM Star (Lux) Convertible Alpha D USD5.90.34.3
Alegra High Grade ABS Fund UCITS108.60.34.1
Man GLG Cred-Eq Alternative IN H USD46.90.3-1.7
BGF FI Global Op A1 USD7706.30.11.7
Schroder GAIA BSP Credit USD C34.80.1-1.2
Deutsche Inv I Liquidity USD LCH17.80.10.9
Algebris Macro Credit (UCITS) B USD194.60.02.3
Lyxor / Chenavari Credit Fund I USD17.80.00.6
RWC Asia Convertibles Fund B USD50.40.02.4
Cheyne Convertibles Absolute Return41.3-0.10.1
BlackRock FI Strategies A2 EUR6311.6-0.1-1.1

Top 40 Alt Credit UCITS YTD

Deutsche Bank’s Platinum IV Institutional fund is the standout performer in the credit Uctis sector for the year so far. The Luxembourg domiciled strategy, which has asset in excess of $1.3bn, is up 27.4% for the year and invests predominantly across fixed income debt (78%) and securities (17%).

“The DB Platinum IV Institutional Fixed Income Fund aims to provide investors with exposure to attractively priced, high-quality debt securities plus a derivative overlay to deliver a customised payout,” a fund document reads.

ProgramFund Size ($m)Nov 2016. Return (%)YTD Return (%)
DB Platinum IV Inst FI I5D1327.0-11.127.4
DWS Euro High Yield Bond Master BRL1276.31.827.2
Man GLG Corporate Bond Fund Prof Acc118.2-5.121.5
PTR Kosmos I GBP600.3-5.217.6
Polar Cap Gl Convert Fund I GBP490.6-5.216.3
Oyster Global High Yield I USD225.8-0.414.6
GAM Star Alt. FI Inst'nl GBP Income134.2-0.212.1
Deutsche Inv I Euro HY Corp USD FCH2.3-0.611.3
GAM Star Credit Opp - USD Instl966.61.19.8
Gems Fixed Income Flex Strat USD IN/A-0.49.3
DB Platinum IV Sovereign Optima I1D-S121.5-1.48.8
New Capital WNBF USD/INR Hedge Inst903.3-5.76.9
GAM Star AR Bond Plus USD Instl A816.3-0.75.9
Rubrics Global Credit UCITS USD A312.9-1.25.2
Ignis Abs Return Government Bond USD316.1-2.05.1
Deutsche Inv I Euro Corp Bonds IC543.2-1.34.8
DWS Euro-Bonds (Medium)213.3-1.14.7
Altana Corporate Bond Fund UCITS29.71.04.7
Cheyne Global Credit UCITS IV I1 EUR107.0-0.24.7
Man GLG ABS Fund Corp Acc108.80.54.6
GAM Star (Lux) Convertible Alpha D USD5.90.34.3
Alegra High Grade ABS Fund UCITS108.60.34.1
Man GLG Corp Bond Fund Prof Acc GBP118.2-2.33.9
GAM Star MBS Total Return - USD Inst139.70.73.9
Oyster European FI C EUR236.4-2.13.7
DB Fixed Income Opp DPM USD143.6-1.33.7

Top 10 Fixed Income MBS November

ProgramFund Size ($m)Nov 2016. Return (%)YTD Return (%)
Metacapital Rising Rates Fund515.0M9.01.4
Alden Gl CRE Opportunities Master305.0M6.40.7
Cheyne RE Debt Fund A1419.0M2.23.2
CCP Total Return Fund9.0M1.511.0
MBS Agency Fund597.0M1.59.7
Spectrum Master Fund Ltd92.0M1.35.3
Cheyne RE Credit Holdings A GBP274.9M1.24.1
MP Securitized Credit Partners906.0M1.2-7.5
PCM Provident Agency LP174.3M1.26.3
Metacapital Mortgage Value Fund146.0M1.11.7
SPM Core637.0M1.05.2
Angel Oak Strategic Mortgage Income217.5M1.05.4
Lynx Plus Fund224.0M0.910.8
Sterling Mortgage Income Fund Class A63.3M0.911.1

Top 10 Fixed Income MBS YTD

ProgramFund Size ($m)Nov 2016. Return (%)YTD Return (%)
Pacificor RMBS Carve Out2.70.122.1
Dwight Securities Fund A59.50.813.2
Nykredit Alpha Mira125.70.711.3
Sterling Mortgage Income Fund Class A63.30.911.1
CCP Total Return Fund9.01.511.0
Nykredit Alpha KOBRA103.50.410.9
Lynx Plus Fund224.00.910.8
IAM Structured Credit Strat Composite93.0-4.010.0
MBS Agency Fund597.01.59.7
Midway Market Neutral Fund530.00.59.5
PTAM Enhanced Structured Credit LP49.10.98.5
Voya Mortgage Investment1244.8-0.58.0
MBS Mantra SMA2.20.07.5
IAM Credit Opportunities Master Fund39.1-3.96.6

Top 10 Fixed Income High Yield Funds November

ProgramFund Size ($m)Nov 2016. Return (%)YTD Return (%)
Pictet EUR High Yield I JPY1182.63.8-2.7
Pacificor LLC Public HY Opportunities2.41.31.4
Aristeia International Ltd B995.20.913.1
FTM Limited C2.20.89.4
Canepa Short-Term High Yield Offshore71.90.813.6
Concise Capital Composite Fund73.10.813.6
Horizon Fund95.90.54.0
Capital Four Credit Opportunities Fund132.30.36.7
Venator Income Fund F56.70.212.4
WB Opportunities Fund Ltd106.60.16.5
Muzinich Credithedge Master Fund2023.00.02.7
Pictet US High Yield I USD698.00.07.7
Pictet EUR Short Term Hi Yield HI USD4481.9-0.15.2

Top 10 Fixed Income High Yield Funds YTD

ProgramFund Size ($m)Nov 2016. Return (%)YTD Return (%)
Canepa Short-Term High Yield Onshore1.20.813.9
Concise Capital Composite Fund73.10.813.6
Aristeia International Ltd B995.20.913.1
FTM Limited B1.10.413.0
Venator Income Fund F56.70.212.4
Post Credit Opportunities Master Fund14.2-0.29.2
PENN Core HY Bond Fund LP358.3-0.48.5
Pictet US High Yield I USD698.00.07.7
Candriam Bonds Gl High Yield (I)564.5-1.17.6
Horizon Credit Opp LP7.3-0.36.9
Capital Four Credit Opportunities Fund132.30.36.7
WB Opportunities Fund Ltd106.60.16.5