CIFC Long/Short Credit Fund

Investment Objective

The Fund’s investment objective is to generate attractive risk-adjusted returns through all credit, economic and market environments. The Investment Manager’s credit process is based on a fundamentals-focused model combined with relative-value evaluation and capital markets risk management techniques.

Latest Meeting Note

Meeting 26 Jan 2021

The strategy has been managed by Jason Horowitz and his team for over 10 years, previously at Millennium and more recently at CIFC from January 2020, with the UCITS launching in August 2020. Jason was joined at CIFC by two core members o... Read more

The strategy has been managed by Jason Horowitz and his team for over 10 years, previously at Millennium and more recently at CIFC from January 2020, with the UCITS launching in August 2020. Jason was joined at CIFC by two core members of his Millennium team, Brandon Hole and Eric Seiden, who play a key role in the research process, aiding as sector specialists as well as helping to develop macro views. The strategy targets a high single digit return while protecting capital in down markets. The strategy invests in four sub-strategies and implements macro/portfolio hedges when appropriate. The fundamental credit bucket represents the top long and short idiosyncratic ideas and is a diversified mix including high conviction ideas. The technical trend bucket looks to take advantage of the inefficiencies found within the US HY market with ideas generated by a dedicated team’s ability to identify momentum in specific segments of the market. The credit arbitrage sub-strategy seeks to identify two or more securities that, when put together, have a favourable risk/reward profile. The investment team runs a scenario analysis to forecast how securities are expected to react relative to each other in different scenarios. Finally, through their low volatility credit strategy the investment team seeks to capture carry by buying bonds with a very low expected volatility. Positions for the high yield strategy are intended to be diversified with most positions between 0.5%-2.0%. The fund is mandated to run with a gross up to 200% and a net between -20% and up to 80% (excluding the low volatility strategy).

Performance

JAN FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC YTD
2020 0.5 0.1 0.7 0.3 0.4 0.2 0.2 1.0 0.8 1.0 0.4 0.8 0.9
2019 0.0 0.8 0.5 0.5 0.8 0.7 1.0 0.2 0.7 0.3 0.2 0.8 0.4

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