CIFC launches l/s bond UCITS fund

The $26 billion alternative credit specialist CIFC announced the launch of a long/short high yield UCITS fund managed by Jason Horowitz, who joined the firm’s New York headquarters in January from Millennium Management. Prior to Millennium, he spent 13 years at Muzinich & Co., overseeing an award-winning long/short corporate credit hedge fund. He was joined at CIFC by Brandon Hole and Eric Seiden, who worked with him at Millennium Management as well. As CIFC’s Head of U.S. High Yield Bond Investments, Horowitz has already delivered a net gain of 12.69% in the new strategy from February 1 through the end of July, compared with a 0.18% loss for the wider U.S. high yield market. “I believe that the high yield market is well-suited for a long/short strategy because there are lots of market inefficiencies that create opportunities in either direction for those with the research capacity and technical expertise,” said Horowitz. CIFC has a 47-strong investment team with 20 analysts who will bring ideas to the new strategy. The new UCITS fund mirrors Horowitz’s existing strategy and is designed to seek high single-digit returns while protecting capital in down markets. The fund, CIFC Credit Fund ICAV, is a UCITS structure domiciled in Dublin. “CIFC believes that this is the right time for a strategy like this, which has shown over the long-term that it can deliver attractive returns in all weathers,” said CIFC London Managing Director Josh Hughes. The UCITS structure allows CIFC to open the strategy to a wider audience, including wealth managers and private banks in addition to European pension funds, family offices and other investors, he added. Horowitz stressed that the new fund maintains a diversified portfolio by credit and sector and the team will closely monitor liquidity risk to the individual positions and portfolio overall. “We focus on beta-adjusted portfolio level net exposure, average rating, duration and yield as opposed to using a black box approach that may break down during periods of heightened volatility,” he added.

CIFC launches l/s bond UCITS fund

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