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
Tabula Liquid Credit Income UCITS Fund Dec 2021 Global £153m 0.95% 0% No 1,000 Daily 1.9 4.2 21.0 -0.1 1.9 4.1 14.5 24.3 IE00BN92ZH94 Daily Ireland Tabula Capital Danny White No No Article 6 No N/A N/A
BlueBay Emerging Market Unconstrained Bond Fund Jul 2010 Emerging Markets £374m 0.50% 10% Yes 500,000 Daily 2.2 3.5 15.6 0.8 2.6 3.5 13.4 18.1 6.1 -0.1 LU1167329637 Daily Luxembourg BlueBay Asset Management LLP Polina Kurdyavko, Anthony K... Article 8 13 11 13 10 4
Palladium FCP - RAM Mediobanca Strata UCITS Credit Fund May 2019 Global £216m 0.75% 0% 100,000 Daily 1.3 3.6 11.3 0.1 1.2 3.6 10.5 16.9 10.1 9.3 LU1808849126 Daily Luxembourg Cairn Capital Fabio Vanerio 32 49 6 19 25
Boussard & Gavaudan Convertible Apr 2015 Europe £39m 0.80% 100,000 Daily 2.0 2.6 12.6 0.5 1.9 2.3 10.1 12.7 1.5 0.5 LU1209144648 Daily Luxembourg Boussard & Gavaudan 25 28 2 4 10
CIFC Global Floating Rate Credit Fund Jan 2019 Global £65m 0.70% 0% No 1,000,000 Weekly 1.4 4.4 20.0 0.5 1.5 4.7 9.9 22.2 IE0009SO3I10 Weekly Ireland CIFC Jay Huang Yes Yes Article 6 Yes N/A N/A 51 84 24 44 44
HSBC GIF GEM Debt Total Return Jun 2007 Emerging Markets £67m 0.50% 20% 1,000,000 Daily 1.4 1.6 11.6 0.3 1.8 1.7 9.4 10.4 7.7 -7.8 LU0283739885 Daily Luxembourg Halbis Capital Management Guillermo Osses Article 6 18 10 5 10 7
Legal & General Strategic Bond Apr 2007 Global £519m 0.60% 0% 100,000 Daily 2.1 3.0 6.1 0.4 1.9 3.0 9.2 11.0 11.0 5.6 GB00B1TWMW95 Daily UK Legal & General Investment ... Richard Hodges 37 42 17 32 32
Algebris Global Credit Opportunities Fund Jul 2016 Global £814m 0.90% 15% 500,000 Daily 1.2 3.4 11.8 0.3 1.2 3.7 9.1 17.5 15.9 9.1 IE00BYT35D51 Daily Ireland Algebris (UK) Limited Gabriele Foà, Samuel Sibony Yes Article 8 23 51 15 23 39
Federated Hermes Unconstrained Credit Fund Oct 2018 Global £982m 0.65% 100,000 Daily 1.2 1.1 9.3 0.2 1.1 1.4 8.7 9.6 2.2 -1.3 IE00BFZMZF58 Daily Ireland Federated Hermes Fraser Lundie, Andrew Jacks... Article 8 2 7 0 11 8
Schroder GAIA Oaktree Credit May 2021 Global £58m 0.75% 10,000 Daily 1.3 2.5 15.1 0.3 1.2 2.5 8.6 15.0 12.9 LU2252519835 Daily Luxembourg Oaktree Capital Management Bruce Karsh, David Rosenberg Article 6
Alma Platinum IV Prudence Asia Credit Aug 2023 Asia £50m 1.25% 15% Yes 100,000 Daily 0.9 4.6 0.4 1.0 4.6 8.4 LU2502329852 Daily Luxembourg Prudence Yes Yes Article 8 Yes N/A N/A
FTGF Legg Mason Brandywine Global Income Optimiser Fund Jun 2013 Global £936m 0.55% 15,000,000 Daily 0.4 0.2 7.2 -0.3 0.8 -0.3 7.8 5.7 -2.4 -7.6 IE00BBT3JP45 Daily Ireland Brandywine Article 8 4 12 12 13 16
Federated Hermes Multi-Strategy Credit Fund May 2014 Global £174m 0.65% 100,000 Daily 1.1 1.3 8.8 0.2 1.0 1.6 7.8 9.9 4.2 0.3 IE00BKRCNH63 Daily Ireland Federated Hermes Fraser Lundie, Andrey Kuzne... Article 8 10 13 2 15 13
Muzinich European Credit Alpha Oct 2017 Europe £284m 0.65% 20% Yes 5,000,000 Daily 0.5 1.6 10.7 -0.1 0.3 1.6 7.5 11.7 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
Amundi Chenavari Credit Fund Jun 2015 Europe £481m 1.40% 20% 100,000 Daily 0.7 1.5 7.7 0.0 0.7 1.7 7.4 10.0 10.0 10.6 IE00BWBXTM69 Daily Ireland Chenavari Investment Managers Demian Brasil Article 6 85 62 47 56 90
GAM Star Cat Bond Oct 2011 Global £2.2b 1.10% 10% No 20,000,000 Biweekly 0.7 3.5 15.5 0.3 0.9 3.8 7.4 15.6 15.4 20.6 IE00B5BJCL51 Biweekly Ireland GAM Investments Fermat Capital Management LLC No No Article 6 No N/A N/A 75 79 34 51 68
FTGF Legg Mason Brandywine Global Fixed Income Absolute Return Apr 2012 Global £152m 0.90% 0% No 15,000,000 Daily 0.7 -1.3 3.0 0.5 1.2 -1.9 7.4 1.3 0.2 -1.6 IE00B5M0G930 Daily Ireland Brandywine David F Hoffman, Jack McInt... Yes Yes Article 6 No N/A N/A 11 22 22 18 29
Lazard Emerging Markets Total Return Debt Nov 2010 Emerging Markets £26m 0.75% 20% 250,000 Daily 0.6 -0.8 7.4 0.3 0.7 -0.1 7.4 4.2 -1.7 -10.5 IE00B4PRR915 Daily Ireland Lazard Asset Management Denise Simon, Arif Joshi Article 8 10 9 3 7 6
Bramshill UCITS Income Performance Fund Mar 2018 US £168m 0.65% 0% No 100,000 Daily 0.8 1.3 6.9 0.5 1.0 1.6 7.2 8.8 5.0 2.1 IE00BYVLFB58 Daily Ireland Bramshill Investments LLC Art DeGaetano Yes Yes Article 6 Yes N/A N/A 18 26 20 27 49
Securis Catastrophe Bond Fund Mar 2016 Global £190m 0.65% 0% No 100,000 Biweekly 0.7 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
MontLake Advent Global Partners UCITS Jul 2016 Global £60m 1.00% 20% No 5,000,000 Daily 1.2 1.4 7.2 0.3 1.3 2.0 6.9 8.0 6.1 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
ASI Absolute Return Global Bond Strategies Mar 2011 Global £490m 0.60% 0% No 1,000,000 Daily 1.9 1.8 6.6 0.8 1.9 2.0 6.9 9.3 6.2 -1.2 LU0548158830 Daily Luxembourg Standard Life Investments Katy Forbes, Thomas Maxwell... Yes Yes Article 6 Yes N/A N/A 21 18 91 63 48
Franklin K2 Ellington Structured Credit UCITS Fund Sep 2019 Global £61m 1.00% 0% No 5,000,000 Daily 1.0 3.4 12.8 0.2 1.0 3.5 6.8 13.7 15.1 17.2 LU2164518305 Daily Luxembourg Ellington Global Asset Mana... Mark Tecotzky, Gregory Valli No No Article 6 No N/A N/A 89 68 57 70 90
Schroder ISF EURO Credit Absolute Return Aug 2016 Global £133m 0.60% 5,000,000 Daily 1.2 2.1 8.8 0.4 1.0 1.9 6.7 10.4 2.6 -2.8 LU1476606857 Daily Luxembourg Schroders Patrick Vogel Article 8 6 16 5 20 20
AXA IM Wave Cat Bond Fund Jan 2017 Global £147m 1.00% 0% No 1,000,000 Weekly 0.9 3.2 16.0 0.3 1.2 3.4 6.7 15.6 17.2 22.1 IE00BJXFRC58 Weekly Ireland AXA Investment Managers Yes Yes Article 6 Yes N/A N/A 78 62 40 53 75
Schroder GAIA Cat Bond Oct 2013 Global £2.2b 1.10% 1,000,000 Biweekly 0.8 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
Vontobel Absolute Return Bond Jul 2005 Global £29m 0.43% 10% Daily 0.1 0.9 8.8 0.2 0.9 6.6 9.4 -1.9 -8.0 LU0278087514 Daily Luxembourg Vontobel Asset Management Paul Nicholson Article 8 5 10 0 11 8
Amundi Absolute Return Credit Oct 2019 Global £52m 0.40% 15% 5,000,000 Daily 1.3 1.7 4.8 0.6 1.3 1.5 6.6 9.2 10.8 5.1 LU2052288615 Daily Luxembourg Amundi Asset Management Gregoire Pesques, Raphael M... Article 8 36 27 86 47 51
Polar Capital Global Absolute Return Dec 2018 Global £79m 1.00% 15% 0 Daily 1.7 2.2 4.2 0.5 1.8 2.2 6.4 6.8 6.1 8.5 IE00BDTYJB74 Daily Ireland Polar Capital David Keetley, Stephen McCo... Article 8 74 56 30 38 79
LGT (Lux) I – Cat Bond Fund Nov 2010 Global £396m 1.50% 100,000 Biweekly 0.3 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
Concise Short Term High Yield UCITS Fund Nov 2016 US £86m 1.00% 0% No 1,000,000 Daily 1.3 2.7 8.7 0.4 1.5 3.3 6.2 10.9 9.5 17.2 IE00BD046N77 Daily Ireland Concise Capital Management Tom Krasner No Yes Article 6 Yes N/A N/A 93 84 32 50 92
BNY Mellon Absolute Return Bond Mar 2012 Global £253m 0.65% 500,000 Daily 0.6 2.7 8.2 0.1 0.5 2.8 6.2 11.6 13.0 13.3 IE00B8G10T17 Daily Ireland BNY Mellon Asset Management Peter Bentley, Andrew Wickham Article 6 86 66 69 68 96
Twelve Cat Bond Fund Feb 2018 Global £2.3b 0.90% 0% No 1,000,000 Weekly 0.6 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
TCW Unconstrained Bond Fund Sep 2014 Global £458m 0.70% 0% No 1,000,000 Daily 0.9 0.5 8.1 0.3 1.2 0.4 6.0 6.3 4.3 1.3 LU1109965431 Daily Luxembourg TCW Stephen M Kane; Laird Landm... Yes Yes Article 8 Yes N/A N/A 32 30 14 28 47
Franklin K2 Cat Bond UCITS Fund Jun 2021 Global £105m 0.75% 5,000,000 Daily 0.9 3.6 13.3 0.2 1.1 3.6 5.9 13.9 15.0 LU2303826973 Daily Luxembourg K2 Advisors Michael Rich Article 8
Butler Credit Opportunities UCITS Fund May 2017 Europe £788m 1.10% 20% 100,000 Daily 0.4 1.8 9.6 -0.1 0.3 1.9 5.8 9.5 8.3 9.4 IE00BMVX1H59 Daily Ireland ML Capital Asset Management Laurent Kenigswald 62 59 8 39 74
PIMCO GIS Mortgage Opportunities Jan 2017 US £727m 0.69% Daily 1.1 1.5 7.0 0.3 1.4 1.4 5.7 7.1 2.5 1.2 IE00BD38JM62 Daily Ireland PIMCO Asset Management Joshua Anderson Article 6 29 28 9 33 46
Aviva Investors Global Convertibles Absolute Return Dec 2009 Global £516m 0.75% 10% 500,000 Daily 1.0 2.4 5.2 0.1 1.6 2.4 5.7 5.7 -0.7 -4.9 LU0459997697 Daily Luxembourg Westwood Group David Clott, Shawn Mato Article 8 22 14 20 27 21
Tyrus Capital Global Convertible Strategy Feb 2016 Global £164m 0.75% 15% No 1,000,000 Daily 1.6 2.3 2.7 0.7 1.7 2.4 5.6 5.0 -2.9 -8.1 LU1357022695 Daily Luxembourg Tyrus Capital Damien Regnier Yes Yes Article 8 Yes N/A N/A 7 10 10 14 22
Selwood ESG Credit Aug 2023 Europe £18m 1.00% 10% Yes 1,000,000 Daily 1.7 0.5 1.0 1.6 1.1 5.6 IE000NWFI5E1 Daily Ireland Selwood Asset Management Mathieu Labelle and Thibaul... Yes Yes Article 8 Yes N/A Yes
U ACCESS (IRL) Brigade Credit Long/Short UCITS Sep 2022 Global £59m 0.75% 12.5% No 5,000,000 Weekly 0.3 1.7 9.1 1.1 2.1 5.5 10.9 IE000IH81WY2 Weekly Ireland Brigade Capital Management LP No No Article 6 No N/A N/A
FTGF Legg Mason Brandywine Global Credit Opportunities Jun 2014 Global £16m 1.15% 0% No 15,000,000 Daily 1.5 3.1 -1.1 0.2 1.7 3.2 5.5 4.0 4.2 4.0 IE00BMMV5W18 Daily Ireland Brandywine Brian Kloss, Tracy Chen Yes Yes Article 6 No N/A N/A 16 37 80 86 78
Morgan Stanley Sustainable Fixed Income Opportunities Fund Dec 2020 Global £29m 0.45% Daily 1.0 0.7 6.5 0.4 0.9 0.7 5.5 5.8 2.2 -0.7 GB00BNKVP424 Daily UK Morgan Stanley IM Leon Grenyer 18 20 11 31 44
Hermes Absolute Return Credit Fund May 2015 Global £236m 0.70% 100,000 Daily 0.8 1.3 4.9 0.1 0.7 1.5 5.1 6.3 3.5 1.0 IE00BWFRCV46 Daily Ireland Hermes Investment Management Fraser Lundie Article 8 22 27 1 33 46
Cheyne Global Credit Fund Apr 2012 Global £95m 1.00% 10% 1,000,000 Weekly 0.8 1.9 10.5 0.2 0.8 1.8 5.0 11.2 10.6 8.1 IE00B76XH336 Weekly Ireland Cheyne Capital Sean Boland 27 49 7 27 44
Alma Platinum IV Selwood Market Neutral Credit Mar 2016 Global £46m 1.39% 20% No 10,000 Weekly 0.3 0.7 16.3 0.1 0.4 0.8 4.9 13.1 11.9 10.5 LU1769346898 Weekly Luxembourg Selwood Asset Management Sofiane Gharred No No Article 6 No N/A N/A 45 59 11 4 10
Macquarie Global Income Opportunities Nov 2013 Global £16m 0.50% 1,000,000 Daily 0.7 1.0 5.6 0.1 0.8 1.1 4.9 3.8 3.8 0.8 LU0947832670 Daily Luxembourg Macquarie Investment Manage... Brett Lewthwaite, David Hanna Article 6 28 26 19 34 57
BNY Mellon Absolute Return Global Convertible Fund May 2019 Global £59m 0.75% 15% 15,000,000 Daily 1.0 2.4 -0.4 0.4 1.2 2.6 4.9 3.7 -1.4 -2.2 IE00BJQR5F71 Daily Ireland Insight, a BNY Mellon Company Frank Campana, James Doolin Article 6 18 19 50 50 52
Fidelity Absolute Return Global Fixed Income Sep 2020 Global £22m 0.70% 10,000,000 Daily 0.7 2.0 6.8 0.4 0.8 1.9 4.5 6.9 8.3 9.7 LU2207569984 Daily Luxembourg Fidelity International Claudio Ferrarese, Tim Foster Article 6 66 48 49 59 94
Janus Henderson Horizon Total Return Bond Fund Mar 2012 Global £311m 0.75% 0% No 1,000,000 Daily 1.2 -0.7 3.5 0.5 1.0 -0.8 4.5 0.4 -7.1 -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.