Tue, May 3, 2016
A A A
Welcome Guest
Free Trial RSS
Get FREE trial access to our award winning publications
Alternative Market Briefing

As spreads tighten, hedge funds see opportunity

Friday, July 25, 2014

Bailey McCann, Opalesque New York:

Another wave of mid-year investor letters and performance updates have made their way to investors, and Opalesque inboxes. One theme has emerged within the credit managers space, which we have reported on steadily this week - as spreads tighten the opportunity set for these managers still seems ripe.

"Spread tightening has been consistent over the year," said Chris Acito, Gapstow Capital Partners CEO/CIO in a call for media today. "This has been especially true for longer durations."

Chenavari Investment Managers, Chenavari Toro fund is also continuing its steady climb posting a gain of slightly over 2% in June and over 18% year to date, according to an investor letter. In the letter, Chenavari echoed the thought that spreads have tightened, which makes economic recovery stories like the one in the UK more compelling.

Both men note that despite a common refrain about inflation and interest rate concerns, neither seem to be on the rise any time soon. "If you were long credit at the beginning of this year, things have been good," Acito said.

"We are relatively sanguine about the markets over the next six to twelve months. We expect to continue our interest in new issuance CLOs through the remainder of the year and into 2014. We also see a strong bid for legacy structured credit, CLOS and Trust preferred CDOs."

Chenavari noted that new mortgage und......................

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. Hedge funds see $14.3bn outflows in Q1, CTAs and multi-strategy lead net inflows[more]

    Komfie Manalo, Opalesque Asia: The hedge fund industry saw net outflows of investor capital in the first quarter of the year, totaling $14.3bn, data from Preqin showed. This continues from the $8.9bn overall net outflows that funds recorded in Q4

  2. Third Point calls Q1 "catastrophic" for hedge funds[more]

    Bailey McCann, Opalesque New York: The first quarter of this year was rocky for hedge funds based on aggregate performance from the industry, but now we are beginning to hear what the managers thought of it as quarterly letters make their way to investors. Dan Loeb, CEO of New York-based $17 bill

  3. Asia - Stabilization of China's capital outflows may hinge on Janet Yellen, Fink says China to do well this year as bubble threat postponed, Chinese hedge fund to invest in India’s infrastructure[more]

    Stabilization of China's capital outflows may hinge on Janet Yellen From Bloomberg.com: Whether China’s recent stabilization of its currency and capital outflows continues -- or downside pressure reignites -- may hinge in large part on Janet Yellen. If the Federal Reserve chair sticks to

  4. …And Finally - After all, judges are human too[more]

    From Newsoftheweird.com: In March, one District of Columbia government administrative law judge was charged with misdemeanor assault on another. Judge Sharon Goodie said she wanted to give Judge Joan Davenport some files, but Davenport, in her office, would not answer the door. Goodie said once the

  5. Comment - Unmasking the men behind Zero Hedge, Wall Street's renegade blog[more]

    From Bloomberg.com: Colin Lokey, also known as "Tyler Durden," is breaking the first rule of Fight Club: You do not talk about Fight Club. He’s also breaking the second rule of Fight Club. (See the first rule.) After more than a year writing for the financial website Zero Hedge under the n