AH Credit UCITS Index

The Alternative UCITS Credit sector is one of the more difficult areas to develop a consistent analytical framework for, given the multiple dimensions across which credit funds can operate. Examples include the instruments they trade (sovereigns, corporate cash, etc), their sensitivity to factors such as duration, credit spreads, etc, and their targetted outcomes. With the express aim of capturing the wide breadth of sectors which are at the disposal of credit managers, we have developed a classification approach which clusters funds into five main sub-categories: 

1) Corporate Long/Short: this cohort of managers attempt to generate alpha predominantly from fundamental long and short positions in corporate credit. Despite the diversity of investment styles (Directional, Market Neutral) the majority of funds in this sub-category uses cash bonds, CDS, and derivatives on credit indices, and seek to generate alpha from these positions. 

2) Multi-Sector Credit: a Multi-Sector, and often Multi-Strategy, approach to global credit investing. Although fundamental analysis remains important, asset allocation remains a core driver of returns for these funds, with managers dynamically allocating capital to the most attractive risk-adjusted opportunities, depending on the prevailing macro environment.

3) Alternative Credit: this is, by far, the most diverse set of funds and includes those trading specialist sub-categories of the credit universe, typically from the long side. Examples include Structured Credit (ABS, CLOs, etc), Insurance Linked Securities (ILS) and Emerging Market Debt (EMD).

4) Fixed Income Arbitrage: this relatively small cohort of funds includes specialist managers who run pure RV fixed income strategies, where performance is predominately driven by the manager’s ability to exploit pricing relationships, e.g. curves’ trades, correlation trades and capital structure trades, etc.

5) Convertible Bonds: managers attempt to generate absolute returns using a variety of different strategies exploiting the asymmetry that comes with convertible bonds as well as the potential for various arbitrages to be exploited. Incremental gains can be generated through 'gamma trading' which monetises volatility by actively trading the underlying hedges. 


Strategy AUM
31 December 2023
£30.9b
-12.6% YoY

Performance

Monthly Returns

JAN FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC YTD
2024 0.4 0.4 0.8
2023 1.6 -0.3 -0.1 0.4 0.1 0.4 0.9 0.1 0.0 -0.3 1.9 1.8 6.6
2022 -0.6 -0.9 0.0 -1.1 -0.5 -2.3 1.0 0.1 -1.8 0.1 1.4 0.5 -4.2
2021 0.3 0.4 -0.1 0.4 0.1 0.2 -0.1 0.2 0.0 -0.2 -0.5 0.3 1.0
2020 0.3 -0.1 -5.3 1.9 1.5 1.5 1.3 0.8 -0.1 0.1 2.1 0.9 4.8
2019 1.2 0.4 0.2 0.5 -0.3 1.0 0.3 -0.3 0.3 0.4 0.0 0.7 4.5
2018 0.6 -0.3 -0.5 0.0 -0.7 -0.2 0.3 -0.3 0.1 -0.6 -0.7 -0.4 -2.7
2017 0.4 0.3 0.0 0.2 0.1 0.1 0.3 0.0 -0.1 0.3 -0.1 0.0 1.5
2016 -0.7 -0.3 0.7 0.8 0.1 0.1 0.8 0.5 0.1 0.5 -0.5 0.6 2.6
2015 0.3 0.6 0.1 0.4 0.1 -0.6 -0.2 -0.5 -0.7 0.3 -0.3 -0.8 -1.2
2014 0.3 0.7 0.2 0.3 0.3 0.2 -0.2 0.0 -0.3 -0.3 0.0 -0.6 0.6
2013 0.7 0.2 0.0 0.6 0.3 -0.8 0.6 0.1 0.5 0.8 0.1 0.3 3.4
2012 1.2 1.1 0.1 -0.2 -0.1 0.5 0.6 0.5 0.5 0.6 0.4 0.6 6.0
2011 0.4 0.5 0.4 0.2 0.2 -0.3 0.0 -1.3 -1.4 1.1 -0.6 0.3 -0.5
2010 0.7 0.4 1.9 0.6 -1.5 -0.1 1.3 0.4 0.7 0.4 -0.3 0.4 4.8
Show all
  • Region Global
  • Currency Local Currency
  • Frequency Monthly Rebalancing
  • Methodology Equally Weighted
  • Download Index Return Series

Index Constituents

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Name Inception Date Sub-Strategy Geography AUM AMC Perf. Fee Hurdle Min Inv. Liquidity MTD YTD 2023 1W 1M 3M 6M 1Y 2Y 3Y ISIN Liquidity Domicile Inv. Adviser Portfolio Manager UN PRI Signatory Companywide ESG Policy SFDR ESG Data Integration Active Ownership ESG Exclusion List Return Consistency
Percentile Rank
Performance
Percentile Rank
Diversifier
Percentile Rank
Downside Protection
Percentile Rank
Low Risk
Percentile Rank
XAIA Credit Debt Capital Sep 2011 Global £219m 0.50% 20% 500,000 Daily 1.5 5.2 0.0 0.5 1.5 2.9 5.5 7.6 7.7 LU0644384843 Daily Luxembourg XAIA Investment XAIA Investment Article 6 80 29 77 70 70
XAIA Credit Basis II Jan 2010 Global £416m 0.80% 15% 1,000,000 Daily 1.7 4.9 0.0 0.4 1.8 3.0 6.2 7.3 8.5 LU0462885301 Daily Luxembourg XAIA Investment XAIA Investment Article 6 91 31 75 71 71
XAIA Credit Basis Apr 2009 Global £177m 0.60% 1,000,000 Daily 1.9 4.7 0.0 0.5 2.0 3.3 6.1 7.3 8.5 LU0418282934 Daily Luxembourg XAIA Investment XAIA Investment Article 6 84 30 73 69 70
Wellington Global Total Return Fund (UCITS) May 2011 Global £61m 0.20% 20% 1,000,000 Daily 1.0 1.2 0.0 -0.1 1.0 0.8 2.3 3.8 4.8 LU0832407331 Daily Luxembourg Wellington Management Global Bond team Article 8 95 43 94 77 100
Vontobel Absolute Return Bond Jul 2005 Global £29m 0.43% 10% Daily 0.9 8.8 0.2 0.9 6.8 9.5 -1.9 -8.0 LU0278087514 Daily Luxembourg Vontobel Asset Management Paul Nicholson Article 8 5 10 0 11 8
Variety CKC Credit Opportunity Fund Nov 2021 US £104m 1.20% 15% No 1,000,000 Daily 1.3 5.0 0.1 0.5 1.3 3.2 5.4 7.1 IE000L7H9JC0 Daily Ireland CKC Capital LLC Christopher Yanney, Christo... No No Article 6 No N/A N/A
U Access (IRL) GCA Credit Long Short Feb 2019 Global £256m 1.30% 15% Weekly 1.0 4.7 0.1 0.2 0.9 2.8 4.4 3.7 4.7 IE00BH47R594 Weekly Ireland Global Credit Advisers Steven Hornstein Article 6 77 43 13 53 86
U ACCESS (IRL) Brigade Credit Long/Short UCITS Sep 2022 Global £59m 0.75% 12.5% No 5,000,000 Weekly 2.1 9.1 0.4 0.8 2.0 5.9 11.3 IE000IH81WY2 Weekly Ireland Brigade Capital Management LP No No Article 6 No N/A N/A
Tyrus Capital Global Convertible Strategy Feb 2016 Global £164m 0.75% 15% No 1,000,000 Daily 2.6 2.7 0.4 1.9 2.5 5.8 5.2 -2.4 -7.9 LU1357022695 Daily Luxembourg Tyrus Capital Damien Regnier Yes Yes Article 8 Yes N/A N/A 7 10 10 14 22
Twelve Cat Bond Fund Feb 2018 Global £2.3b 0.90% 0% No 1,000,000 Weekly 3.2 11.8 0.1 0.9 3.3 6.1 13.1 9.7 11.4 IE00BD2B9M61 Weekly Ireland Twelve Capital Florian Steiger, Etienne Sc... Yes Yes Article 8 Yes N/A N/A 84 81 46 63 92
Threadneedle (LUX) Global Investment Grade Credit Opportunities Mar 2018 Global £6m 0.25% 10,000,000 Daily 1.7 1.6 0.3 1.2 1.7 3.6 5.5 0.0 -2.1 LU1746309928 Daily Luxembourg Columbia Threadneedle Inves... Alasdair Ross, Ryan Staszewski Article 6 13 19 38 51 47
Threadneedle (LUX) Credit Opportunities Aug 2015 Europe £153m 0.50% Daily 1.4 2.5 0.0 0.2 1.8 3.4 5.0 0.9 -0.9 LU1849560120 Daily Luxembourg Columbia Threadneedle Inves... Alasdair Ross, Roman Gaiser Article 6 12 24 32 44 54
Tenax ILS UCITS Fund Jun 2017 Global £85m 0.70% 20% Yes 1,000,000 Biweekly 0.0 IE00BDVK6P68 Biweekly Ireland Tenax Capital Ltd Marco della Giacoma No No Article 6 No N/A N/A 69 77 35 43 61
TCW Unconstrained Bond Fund Sep 2014 Global £458m 0.70% 0% No 1,000,000 Daily 0.7 8.1 0.4 1.1 0.7 5.9 6.6 4.5 1.4 LU1109965431 Daily Luxembourg TCW Stephen M Kane; Laird Landm... Yes Yes Article 8 Yes N/A N/A 32 30 14 28 47
Tabula Liquid Credit Income UCITS Fund Dec 2021 Global £153m 0.95% 0% No 1,000 Daily 4.6 21.0 -0.2 2.6 4.6 14.4 25.0 IE00BN92ZH94 Daily Ireland Tabula Capital Danny White No No Article 6 No N/A N/A
Selwood ESG Credit Aug 2023 Europe £18m 1.00% 10% Yes 1,000,000 Daily 0.0 -0.1 1.1 -0.4 4.9 IE000NWFI5E1 Daily Ireland Selwood Asset Management Mathieu Labelle and Thibaul... Yes Yes Article 8 Yes N/A Yes
Securis Catastrophe Bond Fund Mar 2016 Global £190m 0.65% 0% No 100,000 Biweekly 3.2 16.7 1.3 3.7 7.0 16.3 17.6 21.9 IE00BYYCCZ85 Biweekly Ireland Securis Investment Partners... Yes Yes Article 6 No N/A N/A 78 82 33 53 74
Schroder ISF EURO Credit Absolute Return Aug 2016 Global £133m 0.60% 5,000,000 Daily 2.1 8.8 0.2 1.1 2.0 7.2 9.7 2.6 -2.8 LU1476606857 Daily Luxembourg Schroders Patrick Vogel Article 8 6 16 5 20 20
Schroder GAIA Oaktree Credit May 2021 Global £58m 0.75% 10,000 Daily 2.6 15.1 0.1 1.2 2.6 8.9 15.1 13.0 LU2252519835 Daily Luxembourg Oaktree Capital Management Bruce Karsh, David Rosenberg Article 6
Schroder GAIA Cat Bond Oct 2013 Global £2.2b 1.10% 1,000,000 Biweekly 3.1 16.5 0.2 0.7 3.2 6.7 15.6 16.9 19.1 LU0951570687 Biweekly Luxembourg Secquaero Advisors Daniel Ineichen Article 8 72 81 36 42 52
Rubrics Global Fixed Income Oct 2006 Global £144m 0.70% 100,000 Daily -0.9 2.7 0.5 0.7 -1.0 3.9 0.9 -1.9 -5.0 IE00B1FQCG91 Daily Ireland Rubrics Asset Management Steven O'Hanlon 7 15 23 33 43
Royal London Absolute Return Government Bond Fund Nov 2014 Global £1.3b 0.50% 1,000,000 Daily 1.5 6.1 0.1 0.5 1.6 4.0 6.6 10.9 10.6 IE00BP3QZQ03 Daily Ireland Royal London Asset Management Darren Bustin & Paul Rayner 92 57 64 69 100
Robeco QI Long/Short Dynamic Duration Oct 2003 Global £41m 0.30% Daily 1.5 7.2 -0.4 -0.1 1.4 2.5 8.3 7.5 5.7 LU0230242686 Daily Luxembourg Robeco Luxembourg Olaf Penninga Article 8 35 46 97 79 92
Redhedge Relative Value UCITS Fund Mar 2021 Europe £128m 1.00% 20% No 100,000 Daily 0.6 1.2 0.1 0.3 0.6 0.5 1.5 4.0 3.5 IE00BKPKGX98 Daily Ireland Redhedge Asset Management Andrea Seminara No Yes Article 8 No N/A N/A
Quadriga Investors European Credit Opportunities Feb 2024 Europe 0.40% 0% No 10,000,000 Daily 0.0 LU2577365393 Daily Luxembourg Quadriga Asset Managers Jose Mosquera No No Article 6 No N/A N/A
Polar Capital Global Absolute Return Dec 2018 Global £79m 1.00% 15% 0 Daily 2.2 4.2 0.3 1.9 1.9 6.7 6.6 6.3 8.5 IE00BDTYJB74 Daily Ireland Polar Capital David Keetley, Stephen McCo... Article 8 74 56 30 38 79
PIMCO GIS Mortgage Opportunities Jan 2017 US £727m 0.69% Daily 1.5 7.0 0.3 1.2 1.5 5.4 7.2 2.2 1.2 IE00BD38JM62 Daily Ireland PIMCO Asset Management Joshua Anderson Article 6 29 28 9 33 46
Pictet TR Sirius Aug 2019 Emerging Markets £43m 1.10% 20% Yes 1,000,000 Weekly 1.4 4.0 0.2 2.1 1.6 3.9 5.2 4.5 9.3 LU1799935975 Weekly Luxembourg Pictet Funds (Europe) S.A. Ketan Gada, Rav Singh, Thib... Yes Yes Article 6 Yes Yes Yes 96 51 78 69 97
Pareturn Gladwyne Absolute Credit Feb 2015 Europe £29m 1.50% 20% 1,000,000 Weekly 3.0 7.1 -0.2 1.7 3.0 3.5 6.2 16.9 28.8 LU1107506922 Weekly Luxembourg Gladwyne Investments Barend Pennings 98 93 54 70 86
Palladium FCP - RAM Mediobanca Strata UCITS Credit Fund May 2019 Global £216m 0.75% 0% 100,000 Daily 3.6 11.3 0.0 1.2 3.6 10.8 16.6 10.1 9.3 LU1808849126 Daily Luxembourg Cairn Capital Fabio Vanerio 32 49 6 19 25
Muzinich Long Short Credit Yield Jun 2012 Global £278m 1.00% 10% 100,000 Weekly 0.6 5.3 0.5 2.8 6.2 2.8 2.3 IE00B85RQB47 Weekly Ireland Muzinich & Co. Inc Brian Lieberman, Greg Temo Article 8 47 35 15 44 64
Muzinich European Credit Alpha Oct 2017 Europe £284m 0.65% 20% Yes 5,000,000 Daily 1.6 10.7 -0.1 0.4 1.6 7.7 11.8 8.3 6.2 IE00BF4K8391 Daily Ireland Muzinich & Co. Inc Thomas Samson, Hugo Squire Yes Yes Article 8 Yes N/A Yes 33 47 4 21 31
Morgan Stanley Sustainable Fixed Income Opportunities Fund Dec 2020 Global £29m 0.45% Daily 0.7 6.5 0.0 0.9 0.5 5.8 5.9 2.4 -0.7 GB00BNKVP424 Daily UK Morgan Stanley IM Leon Grenyer 18 20 11 31 44
MontLake Ironshield Credit Fund Mar 2020 Global £109m 1.50% 15% 100,000 Weekly -4.1 7.7 0.1 0.6 -4.0 -0.3 6.3 -8.8 0.6 IE00BJBY6V60 Weekly Ireland Ironshield Capital Management David Nazar, Luca Moro 44 80 95 60 31
MontLake Advent Global Partners UCITS Jul 2016 Global £60m 1.00% 20% No 5,000,000 Daily 1.5 7.2 0.1 0.9 1.3 6.8 7.7 6.2 6.3 IE00BD3CR131 Daily Ireland Advent Capital Management LLC Odell Lambroza, Tracy V. Ma... Yes Yes Article 8 Yes N/A Yes 23 44 47 37 57
Miralta Sequoia Oct 2017 Global £85m 0.75% Daily 0.0 ES0173368012 Daily Rentamarkets Investment Man... Ignacio Fuertes 37 47 5 30 62
MFM Funds (Lux) - MFM Northlight European Credit Opportunities Apr 2016 Europe £78m 1.00% 10% No 1 Weekly 1.3 5.3 -0.7 -0.3 1.3 3.4 5.9 4.9 10.3 LU1340030060 Weekly Luxembourg Northlight Group LLP Shahar ZER No No Article 6 No N/A N/A 87 72 42 65 88
Man GLG Emerging Markets Corporate Credit Alternative Feb 2023 Emerging Markets 1.00% 20% No 1,000,000 Daily 0.0 IE000WTHI093 Daily Ireland Man Group Plc Yes Yes Article 6 No N/A N/A
Man GLG Convertible Arbitrage Alternative May 2021 US £48m 1.00% 20% No 1,000,000 Daily 1.2 0.0 0.1 0.7 1.2 2.8 1.6 3.9 IE000B6H4RR4 Daily Ireland Man Group Plc Gil Song Yes Yes Article 6 No N/A N/A
Macquarie Global Income Opportunities Nov 2013 Global £16m 0.50% 1,000,000 Daily 1.1 5.6 0.2 0.9 1.0 5.1 4.4 4.1 0.9 LU0947832670 Daily Luxembourg Macquarie Investment Manage... Brett Lewthwaite, David Hanna Article 6 28 26 19 34 57
Lumyna - BlueCove Alternative Credit UCITS Fund Dec 2020 Global £126m 0.95% 12.5% No 1,000,000 Daily 0.7 1.9 0.3 0.2 0.8 1.9 1.7 8.4 6.7 LU2225892079 Daily Luxembourg BlueCove BlueCove Yes Yes Article 8 No N/A N/A 89 41 55 62 82
Longchamp Solferino Credit Fund Jan 2020 Europe £55m 1.00% 10% Yes 100,000 Weekly 0.0 FR0013442597 Weekly France Longchamp Asset Management Jean Fau No No Article 6 No N/A N/A 23 52 29 16 18
Liontrust GF Absolute Return Bond Fund Jun 2018 Global £96m 0.40% 5,000,000 Daily 1.1 7.1 0.1 0.7 1.1 4.4 6.6 6.4 4.3 IE00BD85PP71 Daily Ireland Liontrust Asset Management David Roberts, Phil Milburn... Article 8 31 36 4 39 66
LGT (Lux) I – Cat Bond Fund Nov 2010 Global £396m 1.50% 100,000 Biweekly 2.9 13.3 0.9 3.3 6.4 13.6 13.0 15.4 LU0816332745 Biweekly Luxembourg LGT Capital Partners Christian Bruns, Hilary Pau... 88 67 65 69 93
Legal & General Strategic Bond Apr 2007 Global £519m 0.60% 0% 100,000 Daily 3.2 6.1 0.3 2.2 3.1 9.8 11.5 11.3 5.8 GB00B1TWMW95 Daily UK Legal & General Investment ... Richard Hodges 37 42 17 32 32
Leadenhall UCITS ILS Cat Bond Fund Dec 2015 Global £478m 1.00% 0% No 250,000 Biweekly 0.0 IE00BYTQ6H57 Biweekly Ireland Leadenhall Capital Partners... Ben Adolph, Lionel Daniele,... Yes Yes Article 8 Yes N/A N/A 76 82 64 81 33
Lazard Rathmore Alternative Fund May 2018 Global £1.4b 1.25% 20% 1,000,000 Daily 2.8 6.0 0.1 0.9 3.0 3.0 6.5 3.7 6.1 IE00BG1V1444 Daily Ireland Lazard Asset Management Yes Yes Article 8 Yes Yes Yes 57 52 45 44 60
Lazard Emerging Markets Total Return Debt Nov 2010 Emerging Markets £26m 0.75% 20% 250,000 Daily -0.6 7.4 0.2 0.9 -0.6 7.7 4.4 -1.8 -10.3 IE00B4PRR915 Daily Ireland Lazard Asset Management Denise Simon, Arif Joshi Article 8 10 9 3 7 6
JPM Income Opportunity Jul 2007 Global £877m 0.55% 20% 10,000,000 Daily 1.2 4.1 0.0 0.4 1.3 2.3 4.9 5.3 4.9 LU0323456201 Daily Luxembourg J.P.Morgan Asset Management Bill Eigen, Jeffrey Wheeler Article 6 55 35 68 72 87
Janus Henderson Horizon Total Return Bond Fund Mar 2012 Global £311m 0.75% 0% No 1,000,000 Daily -0.7 3.5 0.3 1.2 -0.9 5.2 1.1 -6.9 -10.7 LU0756065164 Daily Luxembourg Janus Henderson Investors Andrew Mulliner, CFA, Hele... Yes Yes Article 6 Yes N/A N/A 3 8 11 20 23
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Current Site Absolute Hedge is a market leading UCITS research database providing proprietary research on funds, themes and strategies in the UCITS space. Kepler Trust Intelligence is produced by the investment companies team at Kepler Partners and is the UK’s premier source of detailed qualitative research on investment trusts. Kepler Liquid Strategies is a Dublin domiciled UCITS fund platform featuring a number of best-of-breed fund managers. Kepler Partners is a corporate advisory and asset raising boutique specialising in the regulated funds market in Europe and investment trusts in the UK.