Alternative credit specialist CIFC has launched a long/short high yield Ucits fund to be managed by industry veteran Jason Horowitz.
Horowitz joined the New York-based manager in January as head of US high yield bond investments. He has been managing a non-Ucits version of the strategy for CIFC since February 1, delivering a 12.69% net gain to the end of July.
This compares with a 0.18% loss for the wider US high yield market. The strategy made positive returns during March at the height of market anxiety around Covid-19.
The new Ucits fund, which mirrors the existing strategy, is designed to seek high single-digit returns while protecting capital in down markets. The strategy is offered as a new sub-fund of the CIFC Credit Fund ICAV, a Ucits structure domiciled in Dublin.
CIFC London managing director Josh Hughes said: “CIFC believes that this is the right time for a strategy like this, which has shown over the long-term that it can deliver attractive returns in all weathers.
“Jason has 25 years of investment experience and is supported by CIFC’s strong credit research team. By launching the strategy within a Ucits fund structure we can open it up to a wider audience, including wealth managers and private banks, as well as European-based pension funds, family offices and other investors.”
CIFC, which opened its London office in 2018, currently has over $26 billion (€22 billion) of assets under management and specialises in corporate and structured credit strategies.
