U ACCESS (IRL) Brigade Credit Long/Short UCITS

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).