Credit funds at a glance (May 2023)
A round-up of people moves and fund raising

March madness sees most funds give up gains made in Q1
After a positive start to the year, credit funds ended the quarter with a step backwards; just under 30% of those listed reached positive returns for the month.

CLO funds make best of a bad situation
It can’t get any worse can it? Well, it did in 2022, when credit spreads kept moving wider. Still, CLO funds were able to withstand the pressure, and they outperformed other credit strategies

Fund performance: European CLO funds lead the way
February was a positive month for many funds, as only one quarter failed to reach the black. This builds off a stellar start to the year: 96% of funds reached a positive return in January

Credit hedge fund returns (April 2023)
Credit hedge fund returns

Fundraising specialist joins Moelis in New York
Moelis has announced the hire of an experienced fund placement and fundraising specialist as managing director and senior member of its private funds advisory unit.

Credit Rendezvous: Make yourself comfortable, there’s a storm coming
In our Q1 outlook, we speak to Edwin Wilches, PGIM (US CLOs), Mikkel Sckerl and Flemming Dose, Capital Four (European CLOs),  Jim Fitzpatrick, CQS (US loans), Loic Prevot, Polus (European loans), Madelaine Jones, Oaktree (global high yield), Art Penn, Pennant Park (US direct lending), Mattis Poetter, Arcmont (European direct lending), Keerthi Raghavan, Waterfall (structured credit), Ray Costa, Benefit Street (distressed), Grant Webster, Ninety One (Emerging markets), Oumar Diallo, Aeon (real assets) for their views for the upcoming quarter. 

Fund performance: Credit funds end difficult 2022 on a positive note
In December 66% of credit funds reached a positive return, following an even better November where 81% of all funds pushed into the black

Credit hedge fund returns (February 2023)
Credit hedge fund returns

Credit funds at a glance (February 2023)
A round up of people moves and fundraising

"Dispersion should manifest in potential fallen angel credits that are likely to proliferate"
IG and crossover names present a compelling alternative to shorting HY credit  

"All that remains is to thank all of you who have kept faith with my monthly confessions of insanity"
With the economic outlook now beyond a joke, Welshcake signs off amid denials he is actually a Welsh footballer  

European and Asian surge extends as inflation and gas improvements fuel rally
US credit remains the laggard as spreads elsewhere extend their strong start to the year, taking European and Asian indices back to the recent tight levels

Brighter start for credit in 2023 as investors return with bid for risk
Credit markets have opened the year on a positive footing, with Europe particularly buoyant as investors lift CDS hedges they placed at the end of 2022 and some bonds receive enthusiastic bids in the secondary market

Largarde snowballs puncture complacent calm and shocks spreads wider
Credit markets are ending the week on a big push wider, after European Central Bank chief Christine Lagarde delivered the surprise that had been missing from other central bank messaging

Credit belatedly gives up gains after flurry of central bank hikes
Credit markets barely flickered on Wednesday’s US Federal Reserve announcements, but successive central bank rate hikes on Thursday have caused spreads to widen as traders prepare for the festive season slowdown

CDS volume jumps by 50% as investors seek new ways to do business
Credit derivatives traders are wrapping up a bumper year, in which there was a big increase in volume and a growing number of use cases for the product

Credit hedge fund returns (December 2023)
Credit hedge fund returns

Credit funds at a glance (December 2023)
A round up of fundraising and people moves in credit

“Pension fund managers should look to take advantage of a rare opportunity in corporate CDS”
The October sell-off in gilts highlights a glaring lack of exposure to CDS

"This ‘higher rates for longer’ saga is more like the 1920-21 depression than the 1970s high inflation era"
Sometimes you have to swallow your medicine and take a step back to go forwards

Early Christmas for credit longs as US inflation delivers huge rally
Credit markets have rallied sharply after the latest US reading of inflation came in lower than had been largely anticipated

Major fund withdrawals undermine credit momentum
Credit funds are extending their run of inflows into the end of the year, but investment grade momentum took a dent last week due to investors in one big fund pulling their money

Buy-out rumours send US high yield company back to January spread levels
Not many single name credits are ending 2022 at the same spread levels they entered the year, but one US high yield company has that profile after its rally of the past three weeks picked up speed following buy-out rumours

Capex and real yields will split winners from losers in '23: BofA
Companies able to undertake capital expenditure will be the winners in 2023, while those historically most sensitive to rising real yields should inspire caution, say Bank of America strategists