Wed, Apr 26, 2017
A A A
Welcome Guest
Free Trial RSS
Get FREE trial access to our award winning publications
Alternative Market Briefing

Credit hedge funds continue rally - Millstreet up 3.99%

Tuesday, July 22, 2014

Bailey McCann, Opalesque New York:

Millstreet Capital Management has posted a positive quarterly return for its credit fund - Millstreet Credit Fund. The fund generated a net return of 3.99% for the quarter, and monthly returns of +1.34% net in April, +1.08% net in May, and +1.52% net in June. Year-to-date, the fund earned a net return of +8.58% according to an investor letter obtained by Opalesque.

Over the past twelve months, the fund is up +17.28%. Since inception, the fund’s returns have been +44.66% with a Sharpe ratio of 1.5.

The fund outperformed a handful of credit indices including the Citigroup High Yield Market Index, Credit Suisse Leveraged Loan Index, and HFRI RV: Fixed Income-Corporate Index, which averaged a return of 2.17% for the quarter.

On an exposure basis within the credit universe, fixed income saw broad based highs with emerging market bonds, investment grade bonds, and 10-year treasuries all posting returns above 2.5%. High Yield was also positive despite trailing fixed income investments.

The High Yield market is showing some resiliency, however, the market benefitted from the rally in 10-yrs. Stronger new homes and jobs data also bolstered returns even though GDP estimates were revised downwards. Yet, as spreads continue to widen, the letter notes that Millstreet is positioning itself away from the High Yield market. They have also steadily increased their hedges since the beginning of the year.

The firm sees greater oppor......................

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. Investing - Hedge fund Ecofin says EDP bid for renewable energy unit 'egregiously low', Asia CIOs say "non" to Europe, Billionaire Mike Novogratz says he has 10% of his money in Bitcoin and Ether[more]

    Hedge fund Ecofin says EDP bid for renewable energy unit 'egregiously low' From Reuters.com: London hedge fund firm Ecofin said an offer from Portugal's largest company EDP to buy 22.47 percent of subsidiary EDP Renovaveis "significantly undervalues" the company, in a letter to EDPR's bo

  2. Alternative asset firm YieldStreet surpasses $100m of loans funded in less than 8 quarters[more]

    Komfie Manalo, Opalesque Asia: Alternative asset investment platform YieldStreet reported that it has surpassed $100m in loans funded in less than eight quarters from accredited investors and single family offices. YieldStreet was founded by Milind Mehere and Michael Weisz. In a

  3. Investing - Investor appetite for high-growth IPOs to be tested, Apollo boosts fund's stock allowance for 'diamonds in the rough', Hedge funds uncertain over outlook for Hargreaves Lansdown[more]

    Investor appetite for high-growth IPOs to be tested From FT.com: The US listings market is poised for a busy week with deals that will test investors' appetite for high-growth - but lossmaking - companies. Eight new listings are scheduled for this week, the most since October of 2016,

  4. Hedge funds holding Puerto Rico bonds are looking at a long battle[more]

    Komfie Manalo, Opalesque Asia: Hedge funds which bought Puerto Rico's distressed debt bonds are facing the prospect of a long road ahead to recover their investments as the Caribbean island is attempting to use a U.S. Congress-approved rule that allows it to exploit a bankruptcy-like proceedings

  5. Aris Wealth' quant indices fare well[more]

    Benedicte Gravrand, Opalesque Geneva: Last year, Geneva-based Aris Wealth Management launched indices sponsored by Societe Generale Corporate & Investment Banking. These indices replic