Serone Mentioned in July 2015 Edition of Eurohedge magazine

Credit Funds Labour to Generate Gains in Tricky Environment

Gains proved fairly minimal for credit hedge funds in June, with just two funds managing to return more than 1% on the month as losses crept up on the back of market volatility.

Danske Invest Hedge Mortgage Arbitrage was up 1.01%, while Omni Secured Lending Fund II’s sterling class gained just over 1.03%. Around a dozen more funds posted positive returns of up to 1%, but strong gains have been hard to come by in an increasingly tricky environment.

CapeView Recovery was up 0.64%, while BlueCrest Mercantile gained 0.63%. Cheyne Real Estate Credit Holdings, which was up 3.14% in May, returned about 0.5%.

The stand-out loss of the month was suffered by the Crystal Fund, slipping 12.48% in June. Year-to-date, the fund is down 13.48%, by some way the worst performer in this sector in 2015.

Crystal Fund II Offshore was down 4.58% in June, Rhodium Capital Credit slipped 3.57% and Lucidus Leveraged Credit lost 3.06%, while C-QUADRAT High Yield, WyeTree European Recovery and Cheyne Total Return Credit all dropped by over 2%. Over the first six months, Crystal Fund II has fallen by just over 5% year-to-date.

On the plus side, Dublin-based BK Advisory’s BK Opportunities, a US corporate-focused strategy investing in CLO positions, is up 7.81% since the start of the year, having gained 0.15% for the month of June. The euro B class of Cheyne Real Estate Credit Holdings is up 7.73% year-to-date, while Serone Key Opportunities Fund is showing a half-year return of 6.92%.

LNG Europa Credit fell 0.36% in June, but is up 6.53% through the end of June. Omni Secured Lending has returned more than 5% YTD, while Cheyne Total Return Credit is showing a 4.85% gain, despite its June fall. Clareant Structured Credit Opportunity Fund II is up 4.73% on a six-month basis, with BlueCrest Multi Strategy Credit gaining 3.90% over the first half.

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Serone Mentioned in July 2015 Edition of Eurohedge magazine

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