New York-headquartered alternative investment specialist CIFC Asset Management has launched a “best ideas” multi-strategy fund that will give non-US investors exposure to the sub-investment-grade credit sector.
Jason Horowitz, who is head of US high yield bond investments at the firm, is lead portfolio manager of the fund. Horowitz already manages the CIFC Long-Short Credit Fund.
Domiciled in Dublin, this is CIFC’s third fund within a liquid Ucits structure.
“Many believe rates have peaked, so investors are becoming more interested in fixed-rate credit to lock in the current high rates,” said Horowitz.
“At the same time the threat of recession is strong, and we believe markets are likely to see wide dispersions of returns.
“This is a liquid portfolio designed to fit within a Ucits structure, with an emphasis on sub-investment grade fixed income combined with our best ideas in areas such a structured credit, senior secured loans and liquid credit opportunities identified by the distressed team.”
The fund has its own asset allocation committee, including Steve Vaccaro, CIO and CEO; Steven Gendal, head of opportunistic credit; Jay Huang, head of structured credit investments; Stan Sokolowski, deputy chief investment officer; and Rinse Terpstra, senior investment analyst, Europe.
The new fund is valued daily and has daily trading on subscriptions. The fund is US$-denominated, with hedged currency share classes in sterling, euros and Swiss francs.