Aperture Investors SICAV - Credit Opportunities Fund

Investment Objective

The Aperture Credit Opportunities Fund is a portfolio of global, liquid credit instruments reflecting a combination of bottom-up fundamental analysis and quantitative techniques to pursue returns in excess of SOFR +2% with reduced correlation and drawdown risk throughout the market cycle.

Reference Index

SOFR + 2%

Latest Meeting Note

Meeting 09 Jul 2020

The Aperture Credit Opportunities Fund is a portfolio of liquid corporates credit, seeking an annualised return of 6-8% throughout the market cycle with a volatility of 6-8%. The portfolio is managed by Simon Thorp and Shikhar Ranjan who... Read more

The Aperture Credit Opportunities Fund is a portfolio of liquid corporates credit, seeking an annualised return of 6-8% throughout the market cycle with a volatility of 6-8%. The portfolio is managed by Simon Thorp and Shikhar Ranjan who have a 15+ year track record running credit strategies. The strategy takes positions primarily in debt securities such as sovereigns, corporates (IG and HY, with a bias towards the latter) and financials, using a variety of instruments across different regions (predominantly DM, 80% of risk). The investment approach reflects the combination of bottom-up fundamental analysis and ‘quantitamental’ techniques, which are used as primary filtering tool of the c. 1200 liquid credit universe. The portfolio is constructed via five different risk allocations/engines with the aim to offer a profile constructed of diversified return streams. These engines are: Net Carry (25-75% exposure range), Core Long Short (50-100%), Relative Value trading (10-35%), Distressed/Special Situations (0-25%) and Beta directional (10-50%). Carry is the income bucket and aims to generate a yield of about 2.5% per year (at current market prices); the Core Long Short engine is the main alpha bucket where the most compelling long and short idiosyncratic names are selected based on rigorous fundamental research; the Relative Value trading component aims to profit from market mispricings (e.g. basis trades - cash bond vs. CDS; capital structure trades - subsenior vs. secured); the Special Sits allocation is opportunistic in nature and may include selected names (long-only) that often are overlooked by the market or where a catalyst can be identified unlock value (these are usually lowly correlated vs. the rest of the market). Finally, the Beta directional component is used to manage the overall fund's net positioning according to the prevalent market condition. In risk-adjusted terms the fund net exposure can range between -33% to 50% (+25% on average). The fund gross exposure ranges between 100-400% (predominantly driven by relative value book).

Performance

JAN FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC YTD
2023 0.8 0.2 0.5 0.2 1.0 1.0 0.8 0.5 0.9 0.6 0.5 0.1 0.5
2022 0.1 0.2 0.1 0.9 0.6 1.0 0.4 1.0 0.0 0.2 0.3 0.8 0.7

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