Sun, Aug 30, 2015
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 funds suddenly find real money is back in Argentina's debt, Elon Musk buys more SolarCity stock following hedge fund manager short, BlackRock plans to get into rental-home financing[more]

    Hedge funds suddenly find real money is back in Argentina's debt From Bloomberg.com: The real money is back in Argentina. Before the country’s default in July 2014 (its second in 13 years), most long-term investors abandoned its bond market. As they rushed out, Argentina became a favorit

  2. Activist News - Carl Icahn has snapped up a huge stake in Freeport-McMoRan, and the stock is ripping, Meet Europe's best activist investor[more]

    Carl Icahn has snapped up a huge stake in Freeport-McMoRan, and the stock is ripping From Businessinsider.com: Carl Icahn has picked his next target: Freeport-McMoRan. Icahn and a group of other investors have snapped up an 8.46% stake in mining company Freeport-McMoRan, according to a j

  3. North America - Hedge fund manager Ray Dalio’s challenge to the Fed[more]

    From Newyorker.com: For some reason, Janet Yellen, the chair of the Federal Reserve, decided to skip this year’s annual Fed conference in Jackson Hole, where monetary policymakers from the United States and abroad get together with some prominent academics to discuss the big issues of the moment. Th

  4. Opalesque Exclusive: Credit-focused hedge fund Numen Capital expects more volatility in Europe in coming months[more]

    Benedicte Gravrand, Opalesque Geneva: A London-based hedge fund, which has just hired two emerging managers, is cautious on Europe. Vassilis Paschopoulos and former Lehman’s colleague Nikos Kargadouris, launched a London-based credit-focused hedge fund called

  5. Performance - Hedge funds bruised by stocks’ meltdown, Capstone’s volatility hedge fund is having a monster month thanks to market mayhem[more]

    Hedge funds bruised by stocks’ meltdown From WSJ.com: Hedge-fund managers like to promise their investors protection from market swings. In the recent stock swoon, many were caught off guard. Billionaire managers such as Leon Cooperman, Raymond Dalio and Daniel Loeb are deeply in the red

 

banner