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Giving Credit Where It's June 2017 Issue 190 globalglobal credit credit trading trading & & investing investing ManagerAwards2017 Giving credit where it’s due London, 3 May 2017 Sixteen firms triumphed at the credit market’s most prestigious night of the year t is now 10 years since Creditflux launched its first manager awards Idinner. And although categories have come and gone as the market has changed, the awards remain unique in their focus on quantifi- able and relevant measures of per- formance and in their importance to the industry. This year saw record attendance, with more managers, investors and other market participants than ever before packed into the Land- mark Hotel in London on 3 May to learn the names of the winning Gil Tollinchi from Golub Capital with Wynne Comer (Bank of America Merrill Lynch) deals and firms. As ever, the event Best US CLO redeemed in 2016 had a strongly transatlantic flavour, with US and European managers in equally strong attendance. Golub Capital Mgt 2007-1, Golub Capital This year, for the first time, there Finalists Manager Methodology were performance-based awards Madison Park Funding II Credit Suisse Asset Management final IRR from around 60 CLOs Sands Point Funding Guggenheim Investments that owned primarily US collateral categories for the best US and Euro- Symphony CLO IV Symphony AM and that repaid all their debt in pean CLO managers, as well as for 2016 individual deals. These two catego- ries were based on returns across based Spire Partners, which won was awarded best new US CLO. all of a manager’s eligible CLOs, best new European CLO. It also Meanwhile, Millstreet Capital therefore rewarding consistency of came top in a new category for the Management was another new performance. best boutique CLO manager, which name. Its flagship fund won the Similarly, the manager of the year includes US and European firms. award for best long-short credit award is given to the credit man- New York-based DFG was fund. The boutique US manager sent ager that achieves the best perfor- among the first time winners of a a London-based friend of the firm to mance across all categories in which CLO award. Its Vibrant CLO I V collect the award on its behalf. it is present, including both CLOs and credit funds. Creditflux manager of the year This year’s manager of the year, PGIM, also came first in the overall European CLO manager category, PGIM and had the best performing indi- Finalists Universe Methodology vidual European CLO. Credit Suisse Asset Management, All credit managers active across Highest average ranking across all The only other firm to take home Sound Point Capital Management, multiple credit strategies Creditflux award categories where THL Credit Advisors the manager is present more than one award was London- Creditflux June 2017 Reprinted with permission ANALYSIS awards Best credit multi strategy fund Best European direct lending fund Best boutique CLO manager Hellebore Credit Patrimonium Spire Arbitrage, Middle Market Partners Hellebore Credit Debt Fund, Methodology: mean blended Management Patrimonium outperformance across all manager’s deals Nick Shiren Methodology: volatility- Andreas Schulze, Diala Methodology: leverage- Universe: 27 managers (Cadwalader) announces adjusted weighted Minott (Paul Hastings), adjusted IRR Oliver Drummond- Eligibility: US and European the best credit multi performance Daniel Heine, Christophe Universe: around 30 funds Smith, Adnan Zuberi managers with three or fewer strategy fund Universe: 17 hedge funds Morize Eligibility: private equity- (BNP Paribas) CLOs currently outstanding, Eligibility: funds that have format funds launched within reinvestment and the ability to invest opportunistically in credit across a between January 2013 and 30 July 2015 that invest listed in CLO-i variety of strategies and asset types and that are present predominantly in non-syndicated debt from European CQS Management in Creditflux’s monthly performance listing companies with ebitda below €50 million Monroe Capital Brigade Credit Fund II, Brigade Capital Management; Ares Capital Europe II, Ares Management; Wellfleet Credit Partners Owl Creek Credit Opportunities Fund, Owl Creek Asset Clareant European Direct Lending Fund II, Alcentra; Management; Zais Atlas Fund, Zais Group Kartesia Credit Opportunities III, Kartesia Best new US CLO Best new European CLO Best closed-end CLO fund Vibrant CLO IV, Aurium CLO II, CIFC CLO Co- DFG Investment Spire Partners Investment Fund, Advisers Methodology: blended CIFC Asset outperformance Methodology: blended Management outperformance Universe: 41 CLOs Methodology: IRR Universe: 142 CLOs Eligibility: CLOs with mainly Roberta Goss, Wynne Phil Bennett Britton, European collateral that went Stephen Vaccaro, Universe: around 10 funds Eligibility: CLOs with mainly Comer (Bank of America Florent Chagnard (Credit effective in 2016 and are Sameer Maru (Goldman Eligibility: funds that invest US collateral that went Merrill Lynch) Suisse) listed in CLO-i Sachs) predominantly in CLOs effective in 2016 and are and that have no periodic listed in CLO-i BlackRock European CLO I, redemption requirements Sound Point CLO X, Sound BlackRock; Eagle Point Credit Company, Eagle Point Credit Point Capital Mgt; Cadogan Square CLO VII, Management; Fair Oaks Income Fund, Fair Oaks THL Credit Wind River Credit Suisse Asset Mgt; Capital; Oxford Bridge Oxford Bridge Management 2016-1, THL Credit Harvest CLO XIV, Investcorp Advisors; Credit Management Zais CLO 4, Zais Group Best corporate long-short fund Best structured finance fund Best US CLO Millstreet Credit Cheyne Total THL Credit Wind Fund, Return Credit River CLO 2015-1, Millstreet Capital Fund (Dec 2017), THL Credit Management Cheyne Capital Advisors Methodology: volatility- Methodology: volatility- Methodology: blended adjusted weighted adjusted weighted outperformance Elizabeth Burlon, Declan performance Stuart Fiertz, Tom performance Jim Fellows, David Ryan Universe: around 550 CLOs Turner (BNY Mellon) Universe: 20 hedge funds Davidson (Creditflux) Universe: 21 hedge funds (Deutsche Bank) Eligibility: CLOs with mainly Eligibility: funds that invest Eligibility: funds that invest US collateral that are within in corporate credit on a fundamental/name-specific basis primarily in bonds issued as part of a securitisation but reinvestment and listed in taking either long or short positions, and that are present do not invest mainly in CLOs, and that are present in CLO-i in Creditflux’s monthly performance listing Creditflux’s monthly performance listing Octagon XXIII, Octagon Credit Investors; Madison Park Brigade Leveraged Capital Structures Fund, Brigade Altum Credit European Master Fund, Altum Capital Funding XVII, Credit Suisse Asset Management; Sound Capital Management; Latigo Ultra Fund, Latigo Management; Inari Fund, Zais Group; Serone Key Point CLO IX, Sound Point Capital Management Partners; Selwood Liquid Credit Strategies, Selwood Opportunities Fund, Serone Capital Management Asset Management Reprinted with permission June 2017 Creditflux ANALYSIS awards ManagerAwards2017 London, 3 May 2017 Best US high-yield fund Best US CLO redeemed in 2016 Best Ucits credit fund Guggenheim High Golub Capital Xaia Credit Debt Yield Fund, Management Capital, Xaia Guggenheim 2007-1, Golub Investment Investments Capital Methodology: volatility- adjusted weighted Methodology: volatility- Methodology: final IRR performance adjusted weighted Gil Tollinchi, Wynne Universe: around 60 CLOs German Bernhart, Universe: 32 funds Jason Powers (Wells performance Comer (Bank of America Eligibility: CLOs that owned Christopher Vogt, Tom Eligibility: Funds that Fargo), Adrian Duffy Universe: 13 hedge funds Merrill Lynch) primarily US collateral and Davidson (Creditflux) comply with Ucits III and Eligibility: funds that invest that repaid all their debt in later directives that invest primarily in loans or bonds issued by US high yield 2016 predominantly in corporate credit and are present in borrowers on a primarily long basis, and that are present Madison Park Funding II, Credit Suisse Asset Creditflux’s monthly performance listing in Creditflux’s monthly performance listing Management; Sands Point Funding, Guggenheim Angel Oak Multi-Strategy Income Ucits Fund, Angel Highland Loan Fund, Highland Capital Mgt; Marathon Investments; Symphony CLO IV, Symphony AM Oak Capital Advisors; Beach Point Diversified Credit Loan Opps Fund, Marathon Asset Mgt; Wasserstein Fund, Beach Point Capital Mgt; Loomis Sayles Debt Opps Fund, Wasserstein Debt Opps Mgt Strategic Alpha Bond Fund, Loomis Sayles Best European CLO Best European high yield fund Best US CLO manager Dryden 35 Euro, ICG Total Credit Sound Point PGIM Fund, Capital Methodology: blended Intermediate Management outperformance Capital Group Methodology: mean blended Universe: around 100 CLOs Methodology: volatility- outperformance across all Eligibility: CLOs with mainly Jill Zelter (Fitch manager’s deals Jonathan Butler, Laura European collateral that are Ratings), Harry adjusted weighted Universe: 88 managers Coady (Citi), Steven within reinvestment and Sugiarto, Winnie Fong performance Sean Solis (Dechert), Paget listed in CLO-i (Fitch Ratings) Universe: 17 funds Tim Alexander Eligibility: Firms with at Eligibility: funds that invest least three current actively- Aurium CLO I, Spire managed CLOs based on Partners; Babson Euro CLO primarily in loans or bonds issued by European high yield borrowers on a primarily long basis, and that are present predominantly US collateral 2014-II, Barings; Cadogan
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