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Opalesque has received news that Phoenix Investment Adviser, a $321m hedge fund manager based in New York, has just launched the JLP Institutional Credit Fund. The fund utilizes the firm’s core strategy of uncovering and investing in value opportunities within stressed U.S. corporate credit. Phoenix says it is designed for pension managers seeking access to superior high yield corporate credit returns, without the volatility often associated with the asset class (6% target vol.).
Phoenix’ strategy is to use a deep value, bottoms up investment approach in the bond market, according to the firm’s website. It utilizes extensive industry contacts to source corporate bonds trading at deep discounts due to a perceived restructuring or ratings agency downgrade. Bonds trading at deep discounts offer two very attractive qualities: High current income and a historical margin of safety in bankruptcy (recovery value). Phoenix then begins its fundamental analysis hoping to identify companies that have enough liquidity, cash flow and covenant run way to meet interest payments and address upcoming maturity issues.
For the three year period ending on December 31, 2010, the SEC registered investment advisor’s flagship fund, called the JLP Credit Opportunity Fund, was ranked the top strategy in distressed securities space, by...................... To view our full article Click here
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