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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......................

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