Wed, Jun 20, 2018
A A A
Welcome Guest
Free Trial RSS
Get FREE trial access to our award winning publications
Alternative Market Briefing

Millstreet sees continued opportunity in High Yield

Friday, April 25, 2014

Bailey McCann, Opalesque New York:

Despite the narrative that fixed income may be in for a rough ride as rates rise, Millstreet Credit Fund LP has posted a positive return for the first quarter of this year according to a recent investor letter obtained by Opalesque. Over the last twelve months, the fund’s net return has been 15.36%.

Millstreet is a Boston-based credit fund with a long/short high-yield portfolio with a large event-driven component. They concentrate mainly on small and mid-cap High Yield and focus on fundamental value. Millstreet is managed by Craig M. Kelleher, CFA, and Brian D. Connolly both previously held positions at Regiment Capital Advisors a Harvard Management Company High Yield spinoff.

In the letter the firm notes that the High Yield market was resilient through the first quarter of 2014 despite the tensions in the Ukraine and concerns regarding growth in China. Retail investments and failing treasury yields have also bolstered the market. As Opalesque previously reported, eVestment data shows that investors continue to support the credit story which has been a key narrative for a number of years now, although there is a more pronounced shift into equities in recent months.

Letter authors note that the slow growth environment is actually a boon for High Yield investments. During Q1, the High Yield asset class was up +2.98% p......................

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. Lyxor recommends stockpicking strategies, L/S equity hedge funds well equipped for turbulent markets[more]

    Matthias Knab, Opalesque: Market developments in May saw some trend reversals across the fixed income and commodity space. On the one hand, the unfolding of the Italian political crisis coincided with a rebound of U.S. Treasuries during the second half of May. On the other hand, the rising likeli

  2. North America - George Soros: 'Everything that could go wrong has gone wrong'[more]

    From Marketwatch.com: George Soros, tell us how you really feel. 'Everything that could go wrong has gone wrong. [Trump] is willing to destroy the world.' The 87-year-old billionaire clearly isn't shy about expressing his generally liberal views and distaste for Trump's "America First" platform,

  3. Paper: The performance of stocks actively pitched by hedge funds[more]

    Using a novel dataset drawn from investment conferences from 2008 to 2013, I show that hedge funds take advantage of the publicity of these conferences to strategically release their book information to drive market demand. Specifically, hedge funds sell pitched stocks after the conferences to ta

  4. North America - US fundraising for special purpose acquisition vehicles hits record this year[more]

    From AFR.com: Special purpose acquisition vehicles (spacs) are hitting the US market at the fastest rate on record, attracting the likes of Goldman Sachs and hedge fund investor Daniel Loeb for the two largest such deals in 2018. Spacs have raised $US4.5bn so far in 2018, the largest amount fo

  5. Investing - Man Group and AQR try to take aim at private equity industry, Hedge funds poised to be winners in AT&T-Time Warner deal[more]

    Man Group and AQR try to take aim at private equity industry From FT.com: The popularity of private equity investments has prompted asset managers such as Man Group and AQR to devise strategies that aim to replicate PE returns but at a much lower cost to investors. Both companies a