Algebris Global Credit Opportunities Fund

Investment Objective

The Fund adopts a flexible investment approach via directional, relative value and hedging positioning, with a focus on global credit markets (from sovereign to corporate debt, investment grade and sub-investment grade, bank debt and convertibles in developed and emerging markets). Top-down macro views and bottom-up credit analysis are synthesized in overall portfolio construction. Exposures are tactically managed and globally unconstrained, with the aim to generate attractive risk-adjusted returns regardless of the direction of credit markets, hedging macro risks and optimizing diversification and liquidity.



Latest Meeting Note

Meeting 15 Sep 2020

The Algebris Global Credit Opportunities fund is a multi-sector, macro orientated credit strategy that combines top-down macro asset allocation with bottom-up micro research to construct a portfolio of high conviction investments, with t...

The Algebris Global Credit Opportunities fund is a multi-sector, macro orientated credit strategy that combines top-down macro asset allocation with bottom-up micro research to construct a portfolio of high conviction investments, with the aim of generating mid to high single digit returns over the cycle whilst seeking to control volatility (5-6% p.a.). While the strategy has the ability to invest across different asset classes (including FX, Commodity and Equity) the portfolio is built around a core ‘high value’ credit book that offer opportunities for capital appreciation. Within this bucket, the PM has the flexibility to compare investment opportunities across the entire capital structure globally: sovereign debt in hard and local currency, private sector corporates and financials. The mandate is unconstrained, with the fund’s rates/spread duration budget ranging from -/+8 years. The remainder of the portfolio includes a macro book, which trades RV rates, credit and FX. There is also a tail hedging overlay which is largely implemented via derivatives.

Performance

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

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