New York-headquartered various funding specialist CIFC Asset Administration has launched a “finest concepts” multi-strategy fund that may give non-US traders publicity to the sub-investment-grade credit score sector.
Jason Horowitz, who’s head of US excessive yield bond investments on the agency, is lead portfolio supervisor of the fund. Horowitz already manages the CIFC Lengthy-Quick Credit score Fund.
Domiciled in Dublin, that is CIFC’s third fund inside a liquid Ucits construction.
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“Many imagine charges have peaked, so traders have gotten extra all in favour of fixed-rate credit score to lock within the present excessive charges,” mentioned Horowitz.
“On the identical time the specter of recession is robust, and we imagine markets are prone to see broad dispersions of returns.
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“It is a liquid portfolio designed to suit inside a Ucits construction, with an emphasis on sub-investment grade mounted revenue mixed with our greatest concepts in areas such a structured credit score, senior secured loans and liquid credit score alternatives recognized by the distressed staff.”
The fund has its personal asset allocation committee, together with Steve Vaccaro, CIO and CEO; Steven Gendal, head of opportunistic credit score; Jay Huang, head of structured credit score investments; Stan Sokolowski, deputy chief funding officer; and Rinse Terpstra, senior funding analyst, Europe.
The brand new fund is valued every day and has every day buying and selling on subscriptions. The fund is US$-denominated, with hedged forex share lessons in sterling, euros and Swiss francs.
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