Top performers for 2016 keep up the pace in January

Dr Renyuan Gao’s $167m Westfield Fund continued its stellar performance from 2016 into this year with a 9.4% gain in January. Gao, who is interviewed in this month’s magazine has focused much of his unconstrained strategy on a number of single name distressed bonds and has benefitted from a bounce back in energy and natural resource-related debt as well as decent performance from a commodity trading company, a consumer brand and an electronic company.

The $80m Phoenix Fund also rose high at the start of the year, with 5.7% returns continuing an impressive 2016 which saw returns of nearly 20% for the year. Other top performers from 2016 kept up their pace in January, including the $207m Armory Credit Opportunity Fund and the $36m JLP Partners Fund.

Minnesota-based Whitebox’s credit funds also had a good 2016 and its Whitebox Relative Value Partners and Whitebox Credit Partners are both also in our top 20 for the start of the year.

MKP’s $672m credit fund was down 6% in 2016 but had a decent start to the year with 3.7% growth, while WyeTree’s European Recovery Fund was up 3.2% in January after a tough 2016 which saw it decline 6.1%. The $1.8bn KLS Diversified Master

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

Top Performers in January

 NameFund size ($m)Total return JanTotal return 2016
Top l/s credit fundIncome Ptnrs All Seasons Asian Credit153.0M5.025.0
Top Convertilbe arb fundWhitebox Relative Value Partners LP414.0M4.126.9
Top fixed income arb fundWhitebox Credit Partners LP295.2M3.914.7
Top distressed fundJLP Partners Fund LP36.0M4.132.8
Top credit FoHFSandalwood Debt Fund A LP55.0M1.84.5
Top fixed income MBSRRETRO Fund Ltd0.1M4.02.0
Top fixed income high yieldPacificor LLC Public HY Opportunities2.5M4.13.8
Top alt credit UcitsRenminbi Bond Fund GBP Inst22.9M4.11.6
Top '40 Act fundLegg Mason BW Alternative Credit IS3322.35.9

Top 20 Overall YTD (January)

ProgramFund Size ($m)Jan 2017 Return (%)2016 Return (%)
Wesfield fund$167m9.450.7
Phoenix Fund NV80.1M5.719.8
Armory Credit Opportunity Fund LP207.0M5.556.5
Income Ptnrs All Seasons Asian Credit153.0M5.025.0
Hain Capital Investors LLC20.2M4.310.8
Whitebox Relative Value Partners LP414.0M4.126.9
JLP Partners Fund LP36.0M4.132.8
Pacificor LLC Public HY Opportunities2.5M4.13.8
RRETRO Fund Ltd0.1M4.02.0
Whitebox Credit Partners LP295.2M3.914.7
JLP Credit Opportunity Fund LP1200.0M3.756.4
MKP Credit Fund Ltd672.0M3.7-6.0
Barnegat Fund Ltd (B)627.4M3.43.5
WyeTree European Recovery Fund0.1M3.2-6.1
Teak Hill Fund105.5M3.2-2.9
MP Securitized Credit Partners949.0M3.1-5.8
PENN Distressed Fund LP7.0M2.921.1
PSAM Rebound Fund Ltd38.0M2.816.1
KLS Diversified Master Fund LP1838.0M2.69.7
Providence MBS Fund Ltd780.6M2.6-1.7
Marble Ridge LP108.3M2.627.0

Top 50 Credit L/S January

ProgramFund Size ($m)Jan 2017 Return (%)2016 Return (%)
Wesfield fund$167m9.450.7
Income Ptnrs All Seasons Asian Credit153.0M5.025.0
Teak Hill Fund105.5M3.2-2.9
KLS Diversified Master Fund LP1838.0M2.69.7
CVC Global Credit Opportunities Fund432.4M2.310.8
Silverdale Fund SP-1AN/A2.217.8
JLP Institutional Credit Fund264.0M2.121.7
Sandler Total Return Opportunities17.0M1.8N/A
III Relative Value Crdt Strat Ltd (4)159.0M1.76.8
Rimrock High Income PLUS Ltd2465.7M1.74.7
Rimrock Structured Product Fund339.4M1.58.3
Danske Invest Hedge FI Rel Value427.2M1.58.5
GAM Global Rates (US) USD96.7M1.5-5.0
Rimrock Low Volatility QP Master366.1M1.44.9
Eiffel Credit Opportunities43.0M1.44.7
Serone Key Opportunities Fund USD155.4M1.418.0
Good Hill Muni Bond Opportunity Fund17.0M1.413.3
Serengeti Lycaon Fund286.5M1.410.1
Napier Park European Credit Opp Fund636.1M1.412.5
BlueBay Event Driven Credit Fund130.4M1.33.5
III Select Credit Fund LP (A)217.0M1.37.6
Candlewood Structured Credit Hrvst Ltd327.0M1.2-0.1
Cheyne Total Return Credit Dec 2019229.0M1.225.8
SGAS Pearl Vega Limited23.7M1.03.7
Coherence Capital Spectrum LP A106.4M1.06.6
NZC Guggenheim Fund LLC508.1M1.015.7
Franklin Fixed Income Opps Composite70.2M1.016.5
Northlight European Fundamental Credit229.9M0.96.0
PIMCO Tactical Opportunities Fund1115.0M0.99.3
Fifth Street Opportunities Fund LP62.0M0.87.1
SIDUS IV Credit Opportunity Fund, LP37.0M0.733.6
Orchard SquarePartners Credit Fund Ltd178.5M0.74.0
BlueBay Credit Alpha L/S Fund193.8M0.62.2
Kingdon Credit Master Fund LP346.0M0.610.7
Old Orchard Credit Master Fund LP257.0M0.69.7
Aesir Credit Master Fund Ltd Founder B61.8M0.63.8
LFIS VISION Credit Opportunities I USD230.5M0.53.8
KLS Macro Rates Master Fund LP108.0M0.55.5
One Oak Capital Mgt Alpha Opp Fund15.0M0.57.8
Cardinal Point Master Fund I LtdN/A0.48.3
Gabelli Intermediate Credit LPN/A0.48.5
CKC Credit Opportunity Fund166.0M0.34.1
Schroder GAIA BSP Credit USD I Acc34.8M0.31.0
AAG Aviation Fund110.6M0.24.0
Loomis Sayles Credit L/S Ltd579.1M0.13.3
PIMCO Glbl Credit Opportunity Strategy3566.0M0.18.9
P Gracie SMA280.5M0.16.4
Gracie Credit Opportunities LP63.8M0.010.9
LNG Europa Credit Fund85.0M0.0-3.7
Samuel Municipal Total Return Fund LP44.9M-0.13.2
Rhodium Captl Credit Master Fund Ltd7.8M-0.16.4
RV Corporate Bonds Fund A21.6M-0.2N/A
Sancus Capital Select Master Fund Ltd36.6M-0.351.1
Prologue Ltd Class A Shares Series SGD769.0M-0.9-1.6
Rivoli Long Short Bond Fund18.1M-2.64.6

Top 50 Credit L/S YTD

ProgramFund Size ($m)Jan 2017 Return (%)2016 Return (%)
Wesfield fund$167m9.450.7
Sancus Capital Select Master Fund Ltd36.6M-0.351.1
SIDUS IV Credit Opportunity Fund, LP37.0M0.733.6
Cheyne Total Return Credit Dec 2019229.0M1.225.8
Income Ptnrs All Seasons Asian Credit153.0M5.025.0
JLP Institutional Credit Fund264.0M2.121.7
Serone Key Opportunities Fund USD155.4M1.418.0
Silverdale Fund SP-1AN/A2.217.8
NZC Guggenheim Fund Ltd281.8M0.617.8
Franklin Fixed Income Opps Composite70.2M1.016.5
Good Hill Muni Bond Opportunity Fund17.0M1.413.3
Napier Park European Credit Opp Fund636.1M1.412.5
Gracie Credit Opportunities LP63.8M0.010.9
CVC Global Credit Opportunities Fund432.4M2.310.8
Kingdon Credit Master Fund LP346.0M0.610.7
Serengeti Lycaon Fund286.5M1.410.1
Old Orchard Credit Master Fund LP257.0M0.69.7
KLS Diversified Master Fund LP1838.0M2.69.7
PIMCO Tactical Opportunities Fund1115.0M0.99.3
PIMCO Glbl Credit Opportunity Strategy3566.0M0.18.9
Danske Invest Hedge FI Rel Value427.2M1.58.5
III Select Credit Fund LP (C)215.0M0.98.4
Cardinal Point Master Fund I LtdN/A0.48.3
Gabelli Intermediate Credit LtdN/A0.48.3
Rimrock Structured Product Fund339.4M1.58.3
One Oak Capital Mgt Alpha Opp Fund15.0M0.57.8
III Relative Value Crdt Strat Ltd (5)159.0M1.47.6
Fifth Street Opportunities Fund LP62.0M0.87.1
Coherence Capital Spectrum LP A106.4M1.06.6
P Gracie SMA280.5M0.16.4
Rhodium Captl Credit Master Fund Ltd7.8M-0.16.4
Northlight European Fundamental Credit229.9M0.96.0
KLS Macro Rates Master Fund LP108.0M0.55.5
Rimrock Low Volatility QP Master366.1M1.44.9
Eiffel Credit Opportunities43.0M1.44.7
Rimrock High Income PLUS Ltd2465.7M1.74.7
Rivoli Long Short Bond Fund18.1M-2.64.6
CKC Credit Opportunity Fund166.0M0.34.1
Orchard SquarePartners Credit Fund Ltd178.5M0.74.0
AAG Aviation Fund110.6M0.24.0
LFIS VISION Credit Opportunities I USD230.5M0.53.8
Aesir Credit Master Fund Ltd Founder B61.8M0.63.8
SGAS Pearl Vega Limited23.7M1.03.7
BlueBay Event Driven Credit Fund130.4M1.33.5
Loomis Sayles Credit L/S Ltd579.1M0.13.3
Samuel Municipal Total Return Fund LP44.9M-0.13.2
BlueBay Credit Alpha L/S Fund193.8M0.62.2
Schroder GAIA BSP Credit USD I Acc34.8M0.31.0
Candlewood Structured Credit Hrvst Ltd327.0M1.2-0.1
Prologue Ltd Class A Shares Series SGD769.0M-0.9-1.6
Teak Hill Fund105.5M3.2-2.9
LNG Europa Credit Fund85.0M0.0-3.7
GAM Global Rates (US) USD96.7M1.5-5.0

Top 10 Convertible Arb January

ProgramFund Size ($m)Jan 2017. Return (%)2016 YTD Return (%)
Whitebox Relative Value Partners LP414.0M4.126.9
Context Partners Fund LP72.1M2.110.8
Palisade Strat. Master (Cayman) Ltd155.1M1.37.2
Polygon Convertible Opport Fund - A488.7M1.012.1
Lazard Rathmore Fund Ltd1.5M0.95.3
Advent Global Partners223.2M0.64.3
Basso Investors Ltd467.2M0.66.7
GLG Gl Convertible A USD148.0M0.51.7
Symphony Rhapsody Fund LP38.7M0.53.0
Castle Creek Arb LLC690.0M0.43.3
Steelhead Pathfinder Fund695.0M0.48.7
Quest Global Convertible Fund Ltd57.0M0.30.4
Mohican VCA Fund LP18.0M0.110.4

Top 10 Convertible Arb YTD

ProgramFund Size ($m)Jan 2017. Return (%)2016 YTD Return (%)
Whitebox Relative Value Partners LP414.0M4.126.9
Polygon Convertible Opport Fund - A488.7M1.012.1
Context Partners Fund LP72.1M2.110.8
Mohican VCA Fund LP18.0M0.110.4
Steelhead Pathfinder Fund695.0M0.48.7
Palisade Strat. Master (Cayman) Ltd155.1M1.37.2
Basso Investors Ltd467.2M0.66.7
Lazard Rathmore Fund Ltd1.5M0.95.3
Advent Global Partners223.2M0.64.3
Castle Creek Arb LLC690.0M0.43.3
Symphony Rhapsody Fund LP38.7M0.53.0
GLG Gl Convertible A USD148.0M0.51.7
Quest Global Convertible Fund Ltd57.0M0.30.4

Top 10 Fixed Income Arb January

ProgramFund Size ($m)Jan 2017. Return (%)2016 YTD Return (%)
Whitebox Credit Partners LP295.2M3.914.7
Barnegat Fund Ltd (B)627.4M3.43.5
Coast Value Fund I Ltd23.1M2.31.2
Sanctum Fixed Income Fund USD218.6M2.03.5
Axonic Systematic Arbitrage Fund LP218.1M1.820.9
Blue Mountain Credit Alternatives Ltd5829.1M1.56.0
Danske Invest Hedge FI Strategy1161.2M1.513.4
Asgard Fixed Income Fund I Ltd EUR607.2M1.218.1
NGA Capital Ltd (A)88.5M1.25.9
III Fund Ltd224.0M1.05.8
Lawrence Park Credit Strategies Fund291.6M1.09.0

Top 10 Fixed Income Arb YTD

ProgramFund Size ($m)Jan 2017. Return (%)2016 YTD Return (%)
Axonic Systematic Arbitrage Fund LP218.1M1.820.9
Asgard Fixed Income Fund I Ltd EUR607.2M1.218.1
Whitebox Credit Partners LP295.2M3.914.7
Hellebore Credit Arbitrage194.3M0.714.4
Danske Invest Hedge FI Strategy1161.2M1.513.4
Serenitas Credit Gamma Master Fund LP41.0M0.410.7
Lawrence Park Credit Strategies Fund291.6M1.09.0
Capula Global RV Fund Ltd F USD9385.2M0.38.9
III Convex Strategies Fund Ltd110.0M0.07.4
Blue Mountain Credit Alternatives Ltd5829.1M1.56.0
NGA Capital Ltd (A)88.5M1.25.9
III Fund Ltd224.0M1.05.8

Top 10 Distressed Securities January

ProgramFund Size ($m)Jan 2017. Return (%)2016 YTD Return (%)
Phoenix Fund NV80.1M5.719.8
Armory Credit Opportunity Fund LP207.0M5.556.5
Hain Capital Investors LLC20.2M4.310.8
JLP Partners Fund LP36.0M4.132.8
JLP Credit Opportunity Fund LP1200.0M3.756.4
MKP Credit Fund Ltd672.0M3.7-6.0
PENN Distressed Fund LP7.0M2.921.1
PSAM Rebound Fund Ltd38.0M2.816.1
Marble Ridge LP108.3M2.627.0
X2 Opportunistic Debt Fund LLC5.8M2.3N/A
Marathon Special Opportunity Fund1292.0M2.115.4
Armory Offshore Fund Ltd0.9M2.03.9
Armory Fund LP39.9M1.96.2
OCP Debt Opp Intl Ltd312.0M1.917.1
Venor Capital Offshore Ltd406.3M1.811.7
Ironshield Special Situations L1 Fund187.9M1.78.6
Corrib Master Fund228.9M1.69.3

Top 10 Distressed Securities YTD

ProgramFund Size ($m)Jan 2017. Return (%)2016 YTD Return (%)
Armory Credit Opportunity Fund LP207.0M5.556.5
JLP Credit Opportunity Fund LP1200.0M3.756.4
Wexford Credit Opps LP Class A106.6M1.141.2
JLP Partners Fund LP36.0M4.132.8
Marble Ridge LP108.3M2.627.0
PENN Distressed Fund LP7.0M2.921.1
Phoenix Fund NV80.1M5.719.8
OCP Debt Opp Intl Ltd312.0M1.917.1
PSAM Rebound Fund Ltd38.0M2.816.1
Marathon Special Opportunity Fund1292.0M2.115.4
Scoggin Worldwide Distressed Fund Ltd94.0M-1.014.8
Trilogy Financial Ptnrs Intl Ltd90.0M0.614.8
Polygon Distressed Opp Fund A118.5M0.414.3
Venor Capital Partners LP194.6M1.811.8
Libero Development Fund A11.3M1.010.8
Hain Capital Investors LLC20.2M4.310.8

Top 40 40 Act Funds January

Legg Mason’s $330m alt credit fund had a decent start to the year following an upwards trajectory that started in November. Tracy Chen, Gerhardt Herbert, Brian Kloss and Regina Borromeo are listed as managers of the fund with Morningstar. Around a third (28%) of the portfolio is consumer cyclical, followed by financial services (16%) and real estate (15%). Nearly two thirds of the portfolio is US (65%), followed by the Netherlands (13%), the Cayman Islands (7%) and Bermuda (5%).

NameFund size ($m)Total return JanTotal return 2016
Legg Mason BW Alternative Credit IS3322.35.9
AB Unconstrained Bond A2772.14.3
Putnam Mortgage Opportunities I101.84.6
Robinson Tax Advantaged Income Instl1371.80.1
Transamerica Unconstrained Bond I2211.87.5
Hatteras Long / Short Debt Institutional211.8-2.6
Putnam Absolute Return 300 Y5031.72.2
Putnam Diversified Income A3,2421.65.1
James Alpha Hedged High Income I151.59.9
Legg Mason BW Absolute Return Opp I1,4061.54.5
Spectrum Low Volatility Investor481.516.5
PIMCO Unconstrained Tax Managed Bd Instl1091.54.5
Prudential Global Absolute Return Bond Q261.54.9
Neuberger Berman Unconstrained Bd R6571.41.9
Cedar Ridge Unconstrained Credit Instl851.44.3
MFS Absolute Return I2031.43.4
Toews Unconstrained Income1111.47.9
Western Asset Macro Opportunities IS9281.36.6
Salient Tactical Muni & Credit Instl771.21.5
Touchstone Credit Opportunities Instl561.211.7
WSTCM Credit Select Risk Managed Instl761.112.1
Redwood Managed Volatility Y3101.113.4
Prudential Unconstrained Bond Z291.110.8
GMO Opportunistic Income VI1,4671.15.1
PIMCO Unconstrained Bond Inst3,5661.05.8
Counterpoint Tactical Income I2551.015.9
Virtus Strategic Income I311.07.0
Lazard Enhanced Opportunities Instl141.04.5
Franklin K2 Long Short Credit R771.07.8
Pioneer Dynamic Credit Y2711.011.3
Iron Strategic Income Institutional1361.05.6
American Beacon Flexible Bond Instl1240.93.8
Guggenheim Macro Opportunities Instl4,3060.910.7
PIMCO Low Duration Income Instl3790.911.3
Columbia Strategic Income A3,2550.97.8
Putnam Absolute Return 100 Y2020.92.4
BlackRock Global Long/Short Credit Instl4,0170.93.6
Hartford Unconstrained Bond A850.93.8
Wells Fargo Strategic Income A270.95.6
MainStay Unconstrained Bond A1,3900.98.0

Top 40 40 Act Funds YTD

This small fund run by Munish Sood, the founder, chief executive and CIO of Princeton Advisory Group, was a standout performer throughout most of 2016. The fund is currently nearly 60% invested in corporate bonds, 34% in cash of equivalents and 3% in government bonds. Around 60% of the portfolio is US, followed by Canada with 18%, Malta with 7% and Panama with 7%. Nearly a third of the portfolio (29%) is AAA with 16% BBB, 14% BB and 12% B.

NameFund size ($m)Total return JanTotal return 2016
Catalyst/Princeton Uncons Hedged Inc I2-0.920.0
Navigator Tactical Fixed Income I6170.817.7
Spectrum Low Volatility Investor481.516.5
Counterpoint Tactical Income I2551.015.9
BTS Tactical Fixed Income A6180.813.8
Redwood Managed Volatility Y3101.113.4
WSTCM Credit Select Risk Managed Instl761.112.1
Shelton Tactical Credit I350.012.1
Touchstone Credit Opportunities Instl561.211.7
PIMCO Low Duration Income Instl3790.911.3
Pioneer Dynamic Credit Y2711.011.3
Arrow Alternative Solutions A1700.110.9
Prudential Unconstrained Bond Z291.110.8
Guggenheim Macro Opportunities Instl4,3060.910.7
Altrius Enhanced Income I430.710.4
James Alpha Hedged High Income I151.59.9
JPMorgan Strategic Income Opps R512,1440.89.4
Stone Harbor Strategic Income Instl380.68.9
PIMCO Credit Absolute Return Instl3940.78.1
MainStay Unconstrained Bond A1,3900.98.0
Toews Unconstrained Income1111.47.9
Franklin K2 Long Short Credit R771.07.8
Columbia Strategic Income A3,2550.97.8
Transamerica Unconstrained Bond I2211.87.5
North Star Bond I180.67.5
Virtus Strategic Income I311.07.0
Loomis Sayles Strategic Alpha Y1,1810.26.9
Collins Long/Short Credit Institutional720.36.8
Calvert Unconstrained Bond I910.56.7
Columbia Mortgage Opportunities I2570.56.7
Western Asset Macro Opportunities IS9281.36.6
AB Credit Long/Short Advisor210.36.4
Sierra Strategic Income Y6290.56.2
CMG Tactical Bond I200.86.1
Legg Mason BW Alternative Credit IS3322.35.9
Eaton Vance Glbl Macro Abs Ret Advtg I1,8500.45.9
Scout Unconstrained Bond Instl1,5650.35.8
PIMCO Unconstrained Bond Inst3,5661.05.8
Driehaus Active Income2,241-0.35.6
Iron Strategic Income Institutional1361.05.6

Top 10 FOHF January

ProgramFund Size ($m)Jan 2017. Return (%)2016 YTD Return (%)
Sandalwood Debt Fund A LP55.0M1.84.5
Sandalwood Debt Fund B LP199.0M1.85.4
Corbin Opportunity Fund763.3M1.510.6
Lighthouse Credit Opp. LP (B)54.0M1.52.7
Stenham Credit Opportunities USD56.3M1.17.0
GPIncome LP68.1M0.6N/A
BCA Alternative Income Fund49.3M0.57.6
TAS Fixed Income Arbitrage H USD34.5M0.44.5
BCM Credit Opportunities Fund LP150.0M0.34.0
Narrapuno SPC - Convergence A USD31.0M0.33.3
Burkian Fund Strategy19.0M0.22.1
Prestige Select Finance Ltd USDN/A0.2-1.3
Morrocroft Special Opportunity II LP35.0M0.16.6
EnTrustPermal FI Holdings NV USD A1577.5M-0.43.5

Top 10 FOHF YTD

ProgramFund Size ($m)Jan 2017. Return (%)2016 YTD Return (%)
Corbin Opportunity Fund763.3M1.510.6
BCA Alternative Income Fund49.3M0.57.6
Stenham Credit Opportunities USD56.3M1.17.0
Morrocroft Special Opportunity II LP35.0M0.16.6
Sandalwood Debt Fund B LP199.0M1.85.4
TAS Fixed Income Arbitrage H USD34.5M0.44.5
Sandalwood Debt Fund A LP55.0M1.84.5
BCM Credit Opportunities Fund LP150.0M0.34.0
EnTrustPermal FI Holdings NV USD A1577.5M-0.43.5
Narrapuno SPC - Convergence A USD31.0M0.33.3
Lighthouse Credit Opp. LP (B)54.0M1.52.7
Burkian Fund Strategy19.0M0.22.1
Prestige Select Finance Ltd USDN/A0.2-1.3

Top 40 Alt Credit UCITS January

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)Jan 2017 Return (%)2016 Return (%)
Renminbi Bond Fund GBP Inst22.9M4.11.6
New Capital WNBF USD/CNY Hedge Ord Inc888.1M2.74.5
GAM Star Alt. FI Inst'nl GBP Income133.7M2.511.8
Algebris Macro Credit (UCITS) B EUR357.3M2.4N/A
DWS Euro High Yield Bond Master AUD1332.7M2.16.5
Polar Cap Gl Convert Fund I USD494.2M2.0-0.3
Man GLG Strategic Bond Fund Prof Inc G366.2M1.93.5
GAM Star Global Rates - USD (Acc)404.0M1.7-5.4
GAM Star Credit Opp - USD Instl1080.1M1.68.9
GAM Star (Lux) Convertible Alpha D USD112.4M1.65.9
RWC Asia Convertibles Fund B USD49.0M1.41.1
Oyster Global High Yield I USD262.6M1.217.0
Man GLG ABS Fund Corp Acc100.4M1.25.3
Ignis Abs Return Government Bond GBP312.6M1.20.7
GAM Star AR Bond Plus USD Instl A905.4M1.16.5
Duemme Sicav - Gl Conv Plus I37.8M1.10.0
Lyxor / Chenavari Credit Fund I USD17.2M1.01.2
Oyster Global Convertibles C USD HP668.5M1.00.2
RWC Global Convertibles Fund B USD1299.2M1.00.9
Deutsche Inv I Convertibles USD FCH105.8M0.9-0.5
Oyster Flexible Credit R EUR PR65.2M0.93.8
Man GLG Gl Convertibles IM USD176.6M0.92.8
Breisgau-Rent75.6M0.92.4
GAM Star MBS Total Return - USD Inst121.2M0.84.2
Deutsche Inv I Euro HY Corp USD FCH2.3M0.813.8
Duemme SICAV Euro Investments Plus171.6M0.83.7
Rubrics Global Credit UCITS USD A344.0M0.86.3
GAM Star AR Bond GBP Instl Acc914.6M0.83.3
Oyster Multi Asset Inf Shield R USD35.7M0.73.5
BSF Euro Credit Strategies H2 CHF365.9M0.7-9.8
PTR Kosmos I GBP633.0M0.618.3
Convertible & Credit A USD112.2M0.63.9
Cheyne Convertibles Absolute Return42.1M0.61.7
Man GLG Corp Bond Fund Prof Inc GBP125.3M0.64.3
Rubrics Global FI UCITS (A-USD)311.0M0.64.1
Alegra High Grade ABS Fund UCITS110.9M0.64.4
Concise Short Term High Yield Fund51.2M0.5N/A
Oyster USD Bonds C USD182.3M0.53.7
Candriam Bonds Credit Op I-EUR2070.0M0.54.0
BGF FI Global Op A1 USD7888.7M0.52.2
DB Fixed Income Opp DPM USD112.2M0.54.2
DB Fixed Income Opp ADV USD61.6M0.43.6
GAM Star AR Bond Def USD Instl Acc67.7M0.43.1
Pictet Abs Ret FI I USD1558.0M0.42.8
BlackRock FI Strategies A2 EUR6700.1M0.3-1.0
Byron Fixed Income Alpha Sub-Fund10.6M0.30.2
RAM (Lux) Tactical Gl Bnd Tot Re E EUR139.2M0.33.0
BSF Global Absolute Return Bond A644.7M0.22.4
Cheyne Global Credit UCITS IV I1 EUR105.0M0.25.4
Bethmann Vermoegensverwaltung Ertrag209.9M0.11.6
Deutsche Inv I Liquidity USD LCH18.7M0.11.1
RWC Core Plus Fund B EUR26.3M0.10.8
DB Platinum MidOcean AR Credit R1C U143.6M0.13.5
Candriam L/S Credit C EUR1407.4M0.10.6
Deutsche Inv I Short Dur Credit FC103.6M0.12.5
Altana Corporate Bond Fund UCITS30.1M0.05.6
DB Platinum IV Inst FI I1D1273.4M0.04.5
Oyster European Corp Bonds C EUR313.3M-0.13.4
Deutsche Inv I Euro Bonds (Short) FC1519.3M-0.11.4
Quaesta Capital Bond Gl Select Fund1.0M-0.1-5.7
db PrivatMandat Comfort Einkommen U717.0M-0.20.7
RAM (Lux) Tactical Conv. Europe EUR I110.1M-0.22.4
DWS Covered Bond Fund FD153.5M-0.32.2
DB Platinum IV Sovereign Optima I1D-S111.2M-0.59.5
Deutsche Inv I Euro Corp Bonds IC652.9M-0.55.8
DWS Euro-Bonds (Medium)212.3M-0.65.7
Deutsche Inv I Euro Bonds (Prem) FC35.8M-0.72.0
Oyster European FI C EUR225.9M-0.94.2
PVE Credit Value Fund A41.1M-1.1-1.4
DWS Eurorenta616.3M-1.83.7
DWS Euro-Bonds (Long)65.5M-2.00.5
Deutsche Inv I Euro-Gov Bonds FC735.3M-2.03.3
DB Platinum IV Sovereign Plus R1C91.9M-2.23.9
Rubrics International Bond A - USD1.1M-2.80.8

Top 40 Alt Credit UCITS YTD

The $1.3bn DWS Euro High Yield Bond Master Fund continued 2017 in positive fashion after a stellar 2016 which saw 40.9% growth for the year helped by double digit returns in December seeing it top the monthly and YTD Ucits charts. The fund seeks to achieve strong growth in returns and a growth in assets in the medium to long-term with a focus on high-yield corporate bonds denominated in Euro.  Just over three quarters of its portfolio (76%) is in corporate bonds, with 9% in financial bonds and 4% in emerging market corporates.

ProgramFund Size ($m)Jan 2017 Return (%)2016 Return (%)
DWS Euro High Yield Bond Master BRL1332.7M1.940.9
DB Platinum IV Inst FI I6D1273.4M-13.226.9
Man GLG Corporate Bond Fund Prof Acc125.3M-0.623.5
Polar Cap Gl Convert Fund I GBP494.2M0.219.1
PTR Kosmos I GBP633.0M0.618.3
Oyster Global High Yield I USD262.6M1.217.0
Deutsche Inv I Euro HY Corp USD FCH2.3M0.813.8
GAM Star Alt. FI Inst'nl GBP Income133.7M2.511.8
GAM Star Credit Opp - GBP Inst'l (Acc)328.2M1.310.4
DB Platinum IV Sovereign Optima I1D-S111.2M-0.59.5
New Capital WNBF USD/INR Hedge Inst888.1M1.68.9
GAM Star AR Bond Plus USD Instl A905.4M1.16.5
Rubrics Global Credit UCITS USD A344.0M0.86.3
GAM Star (Lux) Convertible Alpha D USD112.4M1.65.9
Deutsche Inv I Euro Corp Bonds IC652.9M-0.55.8
DWS Euro-Bonds (Medium)212.3M-0.65.7
Altana Corporate Bond Fund UCITS30.1M0.05.6
Cheyne Global Credit UCITS IV I1 EUR105.0M0.25.4
Man GLG ABS Fund Corp Acc100.4M1.25.3
Alegra High Grade ABS Fund UCITS110.9M0.64.4
GAM Star MBS Total Return - USD Inst121.2M0.84.2
DB Fixed Income Opp DPM USD112.2M0.54.2
Oyster European FI C EUR225.9M-0.94.2
Rubrics Global FI UCITS (A-USD)311.0M0.64.1
Candriam Bonds Credit Op I-EUR2070.0M0.54.0
Convertible & Credit A USD112.2M0.63.9
Oyster Flexible Credit R EUR PR65.2M0.93.8
Duemme SICAV Euro Investments Plus171.6M0.83.7
DWS Eurorenta616.3M-1.83.7
Oyster USD Bonds C USD182.3M0.53.7
DB Platinum MidOcean AR Credit R0C G143.6M0.03.6
Man GLG Strategic Bond Fund Prof Inc G366.2M1.93.5
Oyster Multi Asset Inf Shield R USD35.7M0.73.5
Oyster European Corp Bonds C EUR313.3M-0.13.4
Deutsche Inv I Euro-Gov Bonds FC735.3M-2.03.3
GAM Star AR Bond GBP Instl Acc914.6M0.83.3
GAM Star AR Bond Def USD Instl Acc67.7M0.43.1
RAM (Lux) Tactical Gl Bnd Tot Re E EUR139.2M0.33.0
Man GLG Gl Convertibles IM USD176.6M0.92.8
Deutsche Inv I Short Dur Credit FC103.6M0.12.5
BSF Global Absolute Return Bond A644.7M0.22.4
RAM (Lux) Tactical Conv. Europe EUR I110.1M-0.22.4
Breisgau-Rent75.6M0.92.4
Pictet Abs Ret FI P USD1558.0M0.32.4
BGF FI Global Op A1 USD7888.7M0.52.2
DWS Covered Bond Fund FD153.5M-0.32.2
Deutsche Inv I Euro Bonds (Prem) FC35.8M-0.72.0
Cheyne Convertibles Absolute Return42.1M0.61.7
Bethmann Vermoegensverwaltung Ertrag209.9M0.11.6
Renminbi Bond Fund GBP Inst22.9M4.11.6
Deutsche Inv I Euro Bonds (Short) FC1519.3M-0.11.4
Lyxor / Chenavari Credit Fund I USD17.2M1.01.2
Deutsche Inv I Liquidity USD LCH18.7M0.11.1
RWC Asia Convertibles Fund B USD49.0M1.41.1
Ignis Abs Return Government Bond USD306.9M-1.10.9
RWC Global Convertibles Fund B USD1299.2M1.00.9
Rubrics International Bond A - USD1.1M-2.80.8
RWC Core Plus Fund B EUR26.3M0.10.8
db PrivatMandat Comfort Einkommen U717.0M-0.20.7
Candriam L/S Credit C EUR1407.4M0.10.6
DWS Euro-Bonds (Long)65.5M-2.00.5
Oyster Global Convertibles C USD HP668.5M1.00.2
Byron Fixed Income Alpha Sub-Fund10.6M0.30.2
Duemme Sicav - Gl Conv Plus I37.8M1.10.0
Deutsche Inv I Convertibles USD FCH105.8M0.9-0.5
BlackRock FI Strategies A2 EUR6700.1M0.3-1.0
PVE Credit Value Fund A41.1M-1.1-1.4
Man GLG Cred-Eq Alternative IN H USD48.4M0.4-1.8
GAM Star Global Rates - USD (Acc)404.0M1.7-5.4
Quaesta Capital Bond Gl Select Fund1.0M-0.1-5.7
BSF Euro Credit Strategies H2 CHF365.9M0.7-9.8

Top 10 Fixed Income MBS January

ProgramFund Size ($m)Jan 2017. Return (%)2016 YTD Return (%)
RRETRO Fund Ltd0.1M4.02.0
WyeTree European Recovery Fund0.1M3.2-6.1
MP Securitized Credit Partners949.0M3.1-5.8
Providence MBS Fund Ltd780.6M2.6-1.7
WyeTree Yield Distribution Fund0.1M2.57.1
Bluebird Funds LP61.1M2.4-6.3
Pacificor RMBS Carve Out2.0M2.023.3
Tradex RV Fund - Founders Class5.6M1.97.4
Seer Capital Partners Master Fund LP1041.0M1.7-2.6
LibreMax Offshore Fund Ltd1078.0M1.73.8
Nykredit Alpha KOBRA107.8M1.711.3
MBS Mantra SMA2.2M1.67.7
Relative Value Fund (The)5.6M1.65.7
Semper MIDAS Fund LP43.8M1.52.1

Top 10 Fixed Income MBS YTD

ProgramFund Size ($m)Jan 2017. Return (%)2016 YTD Return (%)
Pacificor RMBS Carve Out2.0M2.023.3
Nykredit Alpha Mira142.0M1.015.8
Dwight Securities Fund A62.7M0.812.4
Sterling Mortgage Income Fund Class A79.3M0.812.2
CCP Total Return Fund9.0M0.711.6
Lynx Plus Fund232.0M0.711.4
Nykredit Alpha KOBRA107.8M1.711.3
MBS Agency Fund713.0M0.810.3
PTAM Enhanced Structured Credit LP48.6M1.49.8
Midway Market Neutral Fund537.0M0.79.0
Regan Credit Opportunities Fund LP167.7M1.48.3
IAM Structured Credit Strat Composite93.1M0.87.7
MBS Mantra SMA2.2M1.67.7
Spectrum Master Fund Ltd88.2M1.47.6

Top 10 Fixed Income High Yield Funds January

ProgramFund Size ($m)Jan 2017. Return (%)2016 YTD Return (%)
Pacificor LLC Public HY Opportunities2.5M4.13.8
Capital Four Credit Opportunities Fund149.5M2.47.6
Brandywine Global Alternative Credit511.6M2.25.7
Aristeia International Ltd A925.1M2.213.9
Canepa Short-Term High Yield Onshore1.3M1.916.4
PENN Core HY Bond Fund LP363.4M1.210.7
Concise Capital Composite Fund75.9M1.216.1
Pictet US High Yield I USD793.0M1.29.7
Horizon Credit Opp LP7.5M1.27.7
Venator Income Fund F59.3M1.013.7
MidOcean Credit Opp Fund779.5M0.97.2
Post Credit Opportunities Master Fund14.6M0.910.8
Candriam Bonds Gl High Yield (I)705.1M0.99.3
FTM Limited C2.2M0.810.2

Top 10 Fixed Income High Yield Funds YTD

ProgramFund Size ($m)Jan 2017. Return (%)2016 YTD Return (%)
Canepa Short-Term High Yield Onshore1.3M1.916.4
Concise Capital Composite Fund75.9M1.216.1
Aristeia International Ltd A925.1M2.213.9
FTM Limited B1.2M0.613.8
Venator Income Fund F59.3M1.013.7
Post Credit Opportunities Master Fund14.6M0.910.8
PENN Core HY Bond Fund LP363.4M1.210.7
Pictet US High Yield I USD793.0M1.29.7
Candriam Bonds Gl High Yield (I)705.1M0.99.3
Pictet EUR Hi Yield HI USD1225.0M0.78.9
WB Opportunities Fund Ltd104.0M0.18.3
Horizon Credit Opp LP7.5M1.27.7
Capital Four Credit Opportunities Fund149.5M2.47.6