Tribeca Vanda Asia Credit Fund
Tribeca Vanda Asia Credit Fund is a Cayman incorporated Asia focused long short credit hedge fund investing in corporate credit instruments. It employs both fundamental as also event-based analysis leveraging the investment team's experiences in South East Asian credit, natural resources and industrial sectors. Focus is on higher yielding credits (5-15% YTM) with overlaid short positions to hedge risks. It seeks to generate attractive risk-adjusted returns, targeting 8-10% per annum. Positions are concentrated (total 20-30 with single position limits of 15%) with Exposure ranges of Long: 50% - 150% / Short: 25% - 75% / Net: -20% - 125%. Why this Fund ?
- 1. Specialist hedge fund employing a concentrated long/ short approach with net exposure at ~62%
- 2. PM John previously spent 12yrs at Farallon in Singapore with experience in SE Asia & Australia
- 3.Strong benchmark outperformance of 8.5%+ YTD21 with current YTM of 8.4% and duration < 3 years
Carlyle Tactical Private Credit
Carlyle Tactical Private Credit Fund provides access to private credit markets using Carlyle’s significant infrastructure & experience to originate and structure these opportunities. It is a Delaware incorporated statutory trust, registered as a continuously-offered closed-end interval fund. The fund makes quarterly distributions and offers quarterly liquidity upto 5% of the portfolio. The fund has 238 investments which are primarily floating rate instruments and well diversified across industries. The fund employs low leverage and shifts its portfolio strategically based on where it finds the best risk-adjusted returns across the credit spectrum in liquid credit, direct lending, opportunistic credit, structured credit, distressed credit and real asset credit. ~⅔ rds of the portfolio is expected to be directly originated. The Fund sources opportunities through Carlyle’s extensive global relationships and proprietary network and through the deep infrastructure Carlyle has developed in each of the Fund’s credit strategies. Deals are originated by the Global Credit Platform, which includes 160+ investment professionals and total assets of $59B. It makes investments in <5% of originated deals. Why this Fund ?
- 1. Access to a difficult to access asset class
- 2. Leverages Carlyle’s extensive network & experience in origination
- 3. High fixed income returns with low duration as well as liquidity (though restricted)
UBAM Global Convertible Bond A (USDHDG) ACC
UBAM Global Convertible Bond is one of the largest funds providing exposure to the Global Convertible Bonds. The dual nature of convertible bonds – a bond instrument with an embedded conversion option – gives it the defensive qualities of fixed income securities with the upside potential of equities. The fund has an average equity sensitivity ranging from 10% to 70%. It incorporates a cautious approach to credit risk for capital preservation and a bias towards companies with superior-growth prospects, exposed to attractive secular trends (in sectors such as IT, healthcare etc.). The fund incorporates Bottom-up portfolio construction. The benchmark used is Refinitiv Global Convertibles Hedged EUR. Current portfolio (Jun21) is well-diversified with 101 holdings. Around 85% of total assets invested in America & EMEA. The average duration of the fund is 3.88 year and its interest rate sensitivity is 1.61. The portfolio is inclined toward communications and technology.
AB US High Yield Portfolio - A2(USD) ACC
US High Yield fund invests primarily in US corporate and government bonds, intending to gain high risk-adjusted returns. The fund invests at least 2/3 of total assets in US corporate issuers and at least two-thirds of investments in high yield debt and related derivatives. The fund has limited exposure to non-USD denomination and uses advanced quantitative techniques to achieve high returns in the bullish market and protect value in the bearish market.
PIMCO Capital Securities E (USD) ACC
The PIMCO GIS Capital Securities Fund provide diversified exposure to high yield capital securities issued by banks, insurance companies and other financial companies. The fund is an actively managed portfolio that invests primarily in Tier 1, Tier 2 and other “CoCo” bonds. It incorporates fundamental approach along with macroeconomics and bottom-up selection process. The fund is diversified broadly across industries, issuers, and regions.
UBAM Hybrid Bond A (USD) ACC A
UBAM Hybrid Bond is an actively managed portfolio investing in subordinated debt issued by financial and non-financial issuers. The key focus is on additional Tier 1 debt (AT1 – “CoCo” bonds) issued by systemic European banks with a Minimum rating of B-. The fund may be 100% allocated to AT1, though current allocation is below 85%. The depth of the investment universe allows for active management of the allocation across regions, sectors, issuers and tranches of the capital structure. The portfolio is well diversified across 118 holdings with an average rating of BB+. The modified duration of the overall portfolio is 2 years and is actively hedged month-on-month, based on the global interest rate outlook. The non-USD currency exposure is fully hedged. The weighted credit spread duration is around 4.3 years and yield to call is 3%. Given the complex nature of hybrid instruments such as AT1/ CoCo instruments the fund is for moderate risk appetite investors with a medium term horizon.
Helicap Fund I Pte Ltd is a Singapore incorporated company structured as a 13R Fund specialising in the alternative lending space in Asia. The Fund focuses on private debt investments and aims to deliver 9%-12% net return per annum to investors. Helicap's Value Proposition:
- 1. Access to a best in class alternative lending portfolio leveraging Helicap’s deep expertise in the sector, unique origination flow and data driven scorecard model
- 2. Attractive returns with recurring cash flows built on a pool of diversified and structured loans offering a low correlation to other traditional asset classes
- 3. Opportunity to promote financial inclusion and social impact within communities in Asia
Silverdale Bond Fund (Accumulating)
Silverdale Bond Fund is a long only leveraged Fixed Income fund incorporated as a Singapore VCC sub fund. It is actively managed and invests primarily into emerging markets investment grade fixed income securities with Asia tilt (min 75%) US Dollar bonds. The portfolio is well diversified (max exposure <5%) and short duration (<2yrs). It uses leverage (upto 2X) to enhance IRR to 8-10% p.a. and offers weekly liquidity though they have the right to restrict redemptions in adverse circumstances. It has a 10yr track record.
Fidelity China RMB Bond -A(USD) ACC
The Fidelity China Rmb Bond primarily invests in Chinese Renminbi (RMB) denominated bonds, money market securities, cash and/or cash equivalents. The fund invests at least 70% of assets in investment grade bonds in RMB denomination or issued by entities operating in the Asia Pacific region. It is an actively managed portfolio without reference to any index. With 230+ holdings from 154 issuers, the fund has a diverse portfolio with only ard. 18% of its assets come from the top 10 holdings, and nearly half of its assets are of grade "A" (Sep 2021). The fund has a 3-year volatility of 6.49%, an average credit rating of A-, and an effective duration of 3.8, with investment grade (ex-treasury) making upto 60% of the portfolio and high yield accounting for just ard. 10% (Sep 2021).The fund may invest in hybrid securities, CoCos, as well as other subordinate loans and preference shares.
USD Leveraged Bond Kristal
USD Leveraged Bond is an actively managed long only leveraged fixed income strategy structured as a Kristal Fund. The portfolio invests in USD denominated medium tenor (5-7 years) corporate bonds & ETFs. The strategy uses limited leverage (100-150%) to enhance returns. Instruments are selected based on relative value and diversified across sectors, industries & ratings (> BB+/Ba1/BB+). This will suit investors looking for stable returns (4-5%) and a medium-term investment horizon
Pimco Global High Yield Bond E ACC Fund
The Global High Yield Bond Fund is an actively managed portfolio that invests primarily in developed markets upper tier high yield corporate bonds, with a maximum of 20% of its assets in securities rated lower than B. The fund is diversified broadly across industries, issuers, and regions based on PIMCO’s top-down and bottom-up processes. This fund offers compelling diversification benefits and the opportunity to gain exposure to different sectors of the economy.
Pimco Income Class E (USD)
The primary investment objective of the Fund is to seek high current income, consistent with prudent investment management. Long-term capital appreciation is a secondary objective. This fund is designed for investors who seek steady income: it takes a broad-based approach to investing in income-generating bonds. The fund taps into multiple areas of the global bond market, and employs PIMCO’s vast analytical capabilities and sector expertise to help temper the risks of high income investing. This approach seeks to provide consistent income over the long term.
AB Emerging Market Debt Portfolio - A2 ACC
Emerging Markets Debt portfolio invests in fixed income securities from issuers in emerging and developing countries. While two-thirds of assets are invested in quasi-sovereign and sovereign debt, a significant portion of these may be below investment grade and in non-USD currencies. The fund has a low correlation with other asset classes and may experience high risk & volatility due to currency fluctuation, political and economic instability.
Pimco Global Real Return-E ACC
The Pimco Global Real Return Fund is an actively managed portfolio, invests in inflation-linked bonds, nominal bonds and other debt securities of varying maturities issued by governments, agencies, corporations and banks worldwide. The fund measures its performance against Bloomberg Barclays World Government Inflation-Linked Bond SEK Hedged Index. The fund seeks to provide a hedge against inflation, consistent real returns, low volatility, portfolio diversification, and a broad range of opportunities. It incorporates the proven investment process of PIMCO with the industry-renowned global inflation-linked bond experts. The fund has an average credit rating of AA, an effective duration of 11.88 and top ten holding forms ard. 27% of the portfolio (Sep 2021).The fund largely invests in developed markets such as USA & UK.
Pimco Emerging Markets Bond E ACC Fund
The Emerging Markets Bond Fund is an actively managed portfolio consisting primarily of fixed income securities from issuers in, or economically tied to, emerging, or developing countries. The fund may make tactical investments in non-benchmark local currencies and instruments besides US Dollars. It offers efficient exposure to emerging markets, potential for attractive risk-adjusted returns and low correlations to other asset classes. And at the same time, has higher risks & volatility including currency fluctuations and political or economic developments than higher rated securities from developed markets.