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Alternative Market Briefing

LNG's credit fund up 32.4% YTD, managers believe high yield bonds will continue to be attractive asset class over medium and long-run

Wednesday, July 29, 2009

From the Opalesque Team:

London-based LNG Capital reported that the LNG Zenith High Yield Bond fund had returned 2.36% (€A) and 1.33% (€B) in June and 32.4% (€A) YTD (34.90% since LNG began managing the fund in November-08). On a risk-adjusted basis, the fund continues to produce equity-like capital returns with less downside risk than equity or the benchmark while generating generous current income.

The Zenith Fund is specialized in the high yield debt markets for corporate loans, bonds and credit default swaps. The fund invests in a well diversified bond and loan portfolio and aims to provide attractive investor returns through a low volatility strategy.

Alex Vaskevitch, Portfolio Manager/Partner at LNG Capital said in the fund's latest report that he had reduced the level of systematic risk in the book by restructuring the portfolio: "The end result was an increase in average ratings quality from B to BB and a slight decrease in the average maturity profile. We also increased our market hedge on the portfolio leaving us with a slightly net long position."

"We believe that this portfolio will allow us to extract attractive risk adjusted returns over the next couple months as the market trades sideways to down and traders anticipate a "W-shaped" recovery," he continued. "Don't misunderstand; while we have a negative short-term view, we believe high yield bonds will continue to be an attractive asset class over the m......................

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