Sun, Mar 29, 2015
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. Other Voices: Does the hedge fund industry benefit society?[more]

    This article was authored by Don Steinbrugge, Chairman of Agecroft Partners, a US-based global consulting and third party marketing firm for hedge funds. It is no secret that the hedge fund industry is viewed negatively by a la

  2. Private credit comes into focus for investors[more]

    Bailey McCann, Opalesque New York: As investors look for a way out of the low yield/no yield environment, private credit is becoming an increasingly attractive asset class, according to a white paper from Bayshore Capital Advisors. Private credit has grown steadily since the financial crisis as

  3. M&A - Hedge funds no longer attractive targets for banks, reinsurers, Blackstone buys stake in Christopher Pucillo’s Solus event-driven hedge fund[more]

    Hedge funds no longer attractive targets for banks, reinsurers From Institutionalinvestor.com: Swiss RE, the world’s second-largest reinsurer, is looking to sell its 15 percent stake in Jersey, Channel Islands–based hedge fund firm Brevan Howard Asset Management. Morgan Stanley reported

  4. Opalesque Radio: Threadneedle expects continuing equity volatility this year[more]

    Benedicte Gravrand, Opalesque Geneva: Investors should expect more volatility, which is signaling a "slow moving" top to the market, KKM Financial’s founder and CEO Jeff Kilburg told CNBC on Monday. And this volatility is going

  5. Hedge funds show strong performance of 2.52% so far in 2015[more]

    Komfie Manalo, Opalesque Asia: The hedge fund industry got off to a strong start in 2015 "completely unmindful" of the poor performance last year, according to data provider Preqin. According to Preqin, following a year which saw the average he

 

banner