Alternative credit specialist CIFC Asset Management has launched a multi-strategy “best ideas” fund that gives non-US investors access to long-only exposure to selected sub-investment-grade.
The lead portfolio manager of the fund – CIFC Multi-Strategy Credit Fund is a UCITS fund – is Jason Horowitz, CIFC’s Head of US High Yield Bond Investments.
Domiciled in Dublin, this is CIFC’s third fund within a liquid Ucits structure. The CIFC Long-Short Credit Fund and the CIFC Multi-Strategy Credit Fund are not available to US investors.
Like the others, the new fund is valued daily and has daily trading on subscriptions. The fund is US$-denominated, with hedged currency share classes in sterling, euros and Swiss francs.
Horowitz said: With the perception that rates have reached their zenith, investors are increasingly drawn to fixed-rate credit to secure prevailing high rates. Simultaneously, the looming threat of a recession adds to the likelihood of significant variations in market returns.
“Fundamental credit selection will matter more now than at almost any time in the past 15 years. This is a liquid portfolio designed to fit within a Ucits structure, with an emphasis on sub-investment grade fixed income combined with our best ideas in areas such as structured credit, senior secured loans and liquid credit opportunities identified by the distressed team,” said Horowitz.
Josh Hughes, CIFC’s global co-head of business development, said: “This fund aims to provide long-only exposure to a diversified portfolio of sub-investment-grade credit that is well researched. Through a combination of agile top-down asset allocation and strong bottom-up credit selection, we aim to deliver an attractive level of income and opportunity for capital growth.”
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