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Alternative Market Briefing

The Corona Fighters Report 33: Asset managers who delivered in the downturn

Tuesday, May 26, 2020

amb
Bailey McCann, Opalesque New York:

Amid the current market turmoil, this is our regular report on hedge funds and alternative asset managers who are bucking the trend.


Managing credit volatility

Managing credit volatility has paid off for Orchard Global Asset Management. The Orchard Liquid Credit Fund was up 10.65% at the end of the first quarter and is up 14.20% year to date after continued positive performance in April. The strategy has an annualized return of 10.68%.

The Orchard Liquid Credit Fund invests in structured credit. The strategy seeks to capture the discrepancy between market spreads and realized defaults in investment grade credit. The fund invests in investment grade credits in North America and Europe.

A flurry of corporate bankruptcies in April is making things interesting for credit investors, according to a performance update to investors from Orchard reviewed by Opalesque. "As we continue to think broadly about the financial markets from here on, the big question is whether the current crisis is one of liquidity or solvency. Although central bank actions have been helpful in unlocking credit markets, it is unlikely we will be able to resolve a credit cycle by issuing ever more credit. Additionally, we do not believe systemic risk has been eliminated. We are likely to see bouts of volatility where the focus will alternate between systemic and dispersion driven volatility," the note said.

A multi-manager fund outperforms

A multi-strategy fund focused on finding unique strategies is outperforming this year. The Boothbay Diversified Alpha Master Fund from Boothbay Fund Management is a multi-strategy multi-manager fund that aims to combine non-correlated positive expectancy strategies into a cohesive portfolio. The strategy is up 10.09% year to date and produces an annualized return of 18.83%, according to performance information reviewed by Opalesque. Boothbay was previously featured in Opalesque New Managers. The firm is led by Ari Glass, founder and managing member, who previously served as COO at Intrepid Capital Management, a $2.5bn "Tiger Cub" hedge fund seeded by Soros Fund Management.

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Last issue of The Corona Fighters Report: Report 32.

Opalesque's Corona Fighters reports are open articles. To see all past reports, type Corona Fighters in our search engine: www.opalesque.com/index.php

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Disclaimer: This is not investment advice. Opalesque has not verified this information and gives no warranty of accuracy or completeness. Past performance is not indicative of future results. See our Terms & Conditions for more information.

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WEBINARS:

Meet 10 fund managers and learn how and why their strategies delivered positive returns and/or protected capital during the Corona led market meltdown! Each webinar lasts one hour and features five managers.

"A well-chosen topic of discussion and a great set of speakers to hear and learn from."
"I enjoyed the webinar and found the introduction to the strategies to be diverse and insightful.
"Very resourceful and insightful."


VIDEO REPLAY of CORONA FIGHTERS - Episode 1 webinar:
www.opalesque.com/webinar/#pw4

VIDEO REPLAY of CORONA FIGHTERS - Episode 2 webinar:
www.opalesque.com/webinar/#pw5


Video replays of Opalesque's past webinars can be found here: www.opalesque.com/webinar/#pastwebinar


Don't miss our new webinars!


How quants achieve material improvements in ESG investment performance

Time: Thursday, June 18th, 10:00 am EST
Details and registration: www.opalesque.com/webinar/ESG/


Corona Fighters Episode 3

Meet more asset managers who delivered during the melt down

Time: Tuesday, June 23rd, 10:00 am EST
Details and registration: www.opalesque.com/webinar/



Opalesque's upcoming webinars: www.opalesque.com/webinar/


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