The Fund's objective is growth of capital through all market environments, while emphasising the preservation of capital. The fund invests in U.S. and non U.S. high yield, distressed and investment grade corporate debt related instruments or U.S. and non-U.S. government debt related instruments.
Latest Meeting Note
Meeting 18 Oct 2023
Brigade Capital Management is a well-established, employee-owned asset manager specializing in credit-focused strategies, with extensive leveraged finance experience. The firm was founded in 2006 and is headquartered in New York with a g... Read more
Brigade Capital Management is a well-established, employee-owned asset manager specializing in credit-focused strategies, with extensive leveraged finance experience. The firm was founded in 2006 and is headquartered in New York with a global team of 130 employees (and an office in London), and currently manages over $26bn across multiple credit strategies (alternative credit, long-only credit, structured credit, CLOs, private credit, closed-end dislocation fund). The UCITS fund launched in September 2022 on the UBP platform, and employs a liquid iteration of the firm's flagship multi-strategy credit strategy. The fund combines fundamental credit selection (long/short) with derivative structures (long/short structured corporate credit), with a core on sub-investment grade credit. The fundamental long/short credit sleeve (60-80% of risk) employs a bottom-up approach to security selection, with an emphasis on credit cycle analysis, and is directional in nature. The structured corporate credit long/short sleeve (20-50% of risk) trades liquid index products in the US & Europe, tranches and single names CDS to exploit market mispricings. In addition the team run a macro hedging overly to reduce the overall beta of the portfolio. The final portfolio is typically diversified, with 75-150 positions at any one time. The fund’s net exposure can vary significantly depending on the opportunity set, ranging from 25% to 75% net long (beta-adjusted exposure is significantly lower).