Mon, Oct 23, 2017
A A A
Welcome Guest
Free Trial RSS
Get FREE trial access to our award winning publications
Alternative Market Briefing

Phoenix Investment Adviser gets European seeder for JLP Institutional Credit Fund

Wednesday, July 25, 2012

Bailey McCann, Opalesque, New York:

Phoenix Investment Adviser is opening up its employee-funded JLP Institutional Credit Fund and has announced an initial seed investment of $40m from a large European bank. The fund was launched January 1, 2011 using $3.5m of Phoenix employee capital- the new investment will bring fund assets under management up to $55m.

  Phoenix is known for its flagship JLP Credit Opportunity Fund which invests in deeply discounted, stressed high yield bonds. The firm itself has approximately $500m assets under management. The JLP Institutional Credit Fund also invests in high yield bonds, but takes a more hedged approach that offers lower volatility to the flagship fund. The fund invests in more senior, higher rated bonds than the flagship fund and maintains a net adjusted beta exposure of 20-40%.

  "We developed the fund after speaking with potential investors that liked what the flagship fund was doing, but wanted lower volatility," says Mike Donoghue, President, Phoenix Investment Adviser in an interview with Opalesque. "We started the fund a year ago with employee capital in order to incubate it and build a track record, once we had that established we spoke with potential seeders and were able to establish this investment."

  The fund manages a significant short book as part of its hedging strategy, the fund is short high yield bonds that it feels are over-valued by 20-25% and also has a tail risk strategy that inclu......................

To view our full article Click here

Today's Exclusives Today's Other Voices More Exclusives
Previous Opalesque Exclusives                                  
More Other Voices
Previous Other Voices                                               
Access Alternative Market Briefing

 



  • Top Forwarded
  • Top Tracked
  • Top Searched
  1. Regulatory - David Stockman: Trump tax reform overhaul is a pipe dream, stocks are heading for 40-70% plunge, Carried interest tax: How much does it matter?, Odey sees 'terrifying' mix in MiFID, tapering, asset values, Hedge funds come together to share cost of MiFID and research, SEC turns up the heat on U.S. investment advisers, India's Sebi asks hedge funds to report investments in commodity derivatives[more]

    David Stockman: Trump tax reform overhaul is a pipe dream, stocks are heading for 40-70% plunge From CNBC.com: David Stockman is warning about the Trump administration's tax overhaul plan, Federal Reserve policy, saying they could play into a severe stock market sell-off. Stockman, the R

  2. North America - Puerto Rico rejects loan offers, accusing hedge funds of trying to profit off hurricanes[more]

    From TheIintercept.com: Puerto Rico has rejected a bondholder group's offer to issue the territory additional debt as a response to the devastation of Hurricane Maria. Officials with Puerto Rico's Fiscal Agency and Financial Advisory Authority said the offer was "not viable" and would harm the islan

  3. Investing - WPP targeted by short-selling American hedge fund, Sun co-founder sells secretive hedge fund on big chip trade[more]

    WPP targeted by short-selling American hedge fund From Cityam.com: An American hedge fund has mounted a bet against WPP, the world's largest advertising group, with a trade worth almost £90m. Lone Pine Capital has built a short position worth 0.51 per cent of the FTSE 100 company,

  4. Hedge funds up as industry adjusts to rising rates[more]

    Komfie Manalo, Opalesque Asia: Hedge funds have reshuffled their portfolio after nearly four weeks of rising rates as the Lyxor Hedge Fund Index was up +0.2% from 19 September to 26 (+1.1% YTD), fuelled by strong results of global macro funds, Lyxor Ass

  5. Manager Profile - How the world's hedge fund king used 'idea meritocracy' to become a billionaire[more]

    From Forbes.com: In 1982, Ray Dalio made what he calls the biggest mistake of his life. He made a bet that there would be an economic collapse stemming from a debt crisis. And he was wrong. He lost money. He lost his client's money. He had to let people go from his firm and borrow money from his dad