The best in credit

ANALYSIS awards
The best in credit
London, 6 May 2015
From 60 finalists, 16 winners emerge triumphant at the
credit market’s most prestigious night of the year
Creditflux Manager of the Year 2015
Guggenheim
Partners
Methodology: highest average ranking across all
Creditflux award categories where the manager is
present.
Universe: all credit managers active across multiple
credit strategies
Finalists:
Credit Suisse Asset Management
CVC Credit Partners
Symphony Asset Management
Guggenheim’s Gina Hubbell and Chris Keywork collect the Manager of the Year award
Best CLO fund
sponsored by Citi
Best new US CLO
sponsored by Dechert
Acis CLO Value Fund II
Acis Capital Management
Atrium IX
Credit Suisse Asset Management
Winning score: 11.9
Methodology: volatility-adjusted
weighted performance
Universe: 20 hedge funds and
permanent capital vehicles listed in
Creditflux that invest predominantly
in CLOs
Winning score: 5.52
Methodology: liquidation IRR
Universe: 177 US CLOs launched
in 2013
Finalists
Alegra ABS I, Alegra Capital
Eagle Point Credit Company, Eagle Point
Fair Oaks Income Fund, Fair Oaks Capital
Josh Terry: Acis Capital Management
Best multi-strategy credit fund
sponsored by RBS
Finalists:
Acis CLO 2013-1,
Acis Capital Management
Hempstead CLO,
Guggenheim Partners
Voya CLO 2013-2,
Voya Alternative Asset Management
John Timperio (Dechert), Amir Vardi,
Andrew Marshak (both CSAM)
Best long-short credit fund
sponsored by Bank of America Merrill Lynch
Corbin Opportunity Fund
Corbin Capital Partners
CVC Global Credit Opportunities Fund
CVC Credit Partners
Winning score: 43.4
Methodology: volatility-adjusted
weighted performance
Universe: 16 hedge funds listed in
Creditflux that have the ability to invest
opportunistically in credit across a
variety of strategies and asset types
Winning score: 2.24
Methodology: volatility-adjusted
weighted performance – see page 21
Universe: 25 hedge funds listed in
Creditflux that invest in corporate
credit on a fundamentals/namespecific basis taking either long or
short positions
Finalists:
Chenavari – Multi Strategy Share Class,
Chenavari Credit Partners
CreditValue-Partners Credit Opps,
CreditValue-Partners
LFIS VISION Credit Opps, La Française
Creditflux June 2015
Sean Mitchell (Corbin Capital)
Finalists:
Chris Allen (CVC Credit), Wynne Comer
Capital Four Credit Opportunities Fund,
(Bank of America Merrill Lynch)
Capital Four Management
Cheyne Total Return Credit Fund Dec 2019, Cheyne Capital
III Select Fund, III Capital Management
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ANALYSIS awards
Best new European CLO
sponsored by Cadwalader
Best European direct lending fund
sponsored by Ashurst
Grand Harbour
GSO Capital Partners
Alcentra European Direct Lending Fund I
Alcentra
Winning score: 16.0
Methodology: liquidation IRR
Universe: 19 European CLOs
launched in 2013
Winning score: 25.4
Methodology: leverage-adjusted IRR
Universe: around 30 private equitystyle funds launched between
January 2011 and June 2013 that
buy predominantly non-syndicated
loans/bonds to European companies
with ebitda below €50 million
Finalists:
ALME Loan Funding 2013-1,
Apollo Credit Management
Carlyle GMS Euro CLO 2013-1,
Carlyle Group
Jubilee 2013-X,
Alcentra
Nick Shiren (Cadwalader), Tyler Wallace
(Medbank: investor), Alan Kerr (GSO Capital)
Finalists:
ICG Senior Debt Partners, ICG
Patrimonium Middle Market Debt Fund,
Patrimonium
Diala Minott (Ashurst), Pascal Meysson
(Alcentra)
Best structured finance fund
Best high yield fund
Chenavari – Toro Capital IA
Chenavari Credit Partners
CIFC Tactical Income Fund
CIFC
Winning score: 24.6
Methodology: volatility-adjusted
weighted performance
Universe: 20 hedge funds listed in
Creditflux that invest primarily in bonds
issued as part of a securitisation but do
not invest mainly in CLOs
Winning score: 2.70
Methodology: volatility-adjusted
weighted performance
Universe: 27 hedge funds listed in
Creditflux that invest in high yield
loans or bonds (in any or all regions)
on a primarily long basis
Finalists:
AG Real Estate Debt Investment Fund,
Angelo Gordon
Benoit Pellegrini (Chenavari)
Guggenheim Opportunistic Investment
Grade Securities Fund, Guggenheim Partners
Octra, Zencap Asset Management
Serenitas Credit Gamma Master Fund, Serenitas Capital
Finalists:
ECM European Loans, ECM
III Credit Opportunities Fund,
III Capital Management
NZC Guggenheim Master Fund,
Guggenheim Partners
Best US CLO 2.0
Best US CLO redeemed in 2014
Madison Park Funding VII
Credit Suisse Asset Management
Symphony CLO I
Symphony Asset Management
Winning score: 28.9
Methodology: liquidation IRR
Universe: 377 US CLOs launched
since the financial crisis
Winning score: 25.2
Methodology: final IRR
Universe: around 50 US CLOs that
repaid all their debt in 2014
Finalists:
5180 CLO,
Guggenheim Partners
Golub Capital Partners 10,
Golub Capital
Voya CLO 2011-1,
Voya Alternative Asset Management
Finalists:
Apidos CDO I,
CVC Credit Partners
Madison Park Funding I,
Credit Suisse Asset Management
Marathon CLO II,
Marathon Asset Management
Octagon Investment Partners V,
Octagon Credit Investors
20
Chris D’Auria (Deutsche Bank), Andrew
Marshak, Amir Vardi (both CSAM)
Tom Davidson (Creditflux), Stan Sokolowski
(CIFC)
sponsored by Morgan Stanley
Gunther Stein (Symphony), Sajid Zaidi
(Morgan Stanley)
June 2015 Creditflux
ANALYSIS awards
London, 6 May 2015
Best business development company
sponsored by Credit Suisse
Best mid-market CLO
sponsored by Natixis
Golub Capital BDC
Golub Capital
Churchill Financial Cayman
Carlyle Group
Winning score: 13.1
Methodology: annualised two-year
return
Universe: 28 credit-focused business
development companies listed prior
to 2013
Winning score: 24.4
Methodology: liquidation IRR
Universe: around 50 mid-market
CLOs
Finalists:
Monroe Capital Corp,
Monroe Capital
New Mountain Finance,
New Mountain
TCP Capital,
Tennenbaum
Michael Malek (Credit Suisse), Christina
Jamieson (Golub Capital)
Best European CLO redeemed in 2014
sponsored by BNY Mellon
Finalists:
Babson Mid-market 2007-II,
Babson Capital Management
Fortress Credit Funding III,
Fortress Investment Group
Golub Capital Partners CLO 16,
Golub Capital
Best US CLO manager: investors’ choice
Cordatus Recovery Partners I
CVC Credit Partners
Credit Suisse Asset
Management
Winning score: 13.3
Methodology: final IRR
Universe: around half a dozen
European CLOs that repaid all their
debt in 2014
Methodology: investor vote
Universe: 125 currently active US
CLO managers
Finalists:
Jubilee II
Alcentra
St James’s Park
GSO Capital Partners
Hernan Quipildor (Natixis), Colin Atkins
(Carlyle)
sponsored by Goldman Sachs
Finalists:
Carlyle Group
Octagon Credit Investors
Symphony Asset Management
Arlene Allen (BNY Mellon), Jonathan Bowers
(CVC Credit)
Omar Chaudhary (Goldman Sachs), Amir
Vardi and Andrew Marshak (CSAM)
Notes
Volatility-adjusted weighted performance
A measure that combines absolute performance
and volatility relevant to each fund’s redemption
profile. Funds that promise liquidity need to deliver
stable returns; those that lock up investors’ capital
need to achieve greater absolute performance.
Each nomination counted as one vote. Votes for
firms affiliated with the voter’s own firm were
discounted. Investor places were given only to
individuals who are responsible for investment
decisions at firms that are active CLO or credit
fund investors.
Liquidation IRR
Leverage-adjusted IRR
The total return equity investors would have
received if their CLO had been liquidated on
31 December 2014. This takes account of
equity distributions and the net asset value of
the portfolio, and rewards managers that have
delivered the best returns to equity while giving
a cushion to debt investors. Portfolio value is
measured by using an average of all managers’
marks for each asset (with haircuts applied to
narrowly held assets). For mid-market CLOs,
all performing assets are marked at par and all
defaulted assets marked at zero.
Investor vote
Individuals eligible for free investor places at
the Creditflux Symposium 2015 were invited
to name two US and two European managers.
Creditflux June 2015
IRR net of fees to 31 December 2014 assuming
there had been no fund-level leverage, adjusted for
the average debt-to-ebidta leverage at investment
of borrowers in the portfolio.
BDC annualised return
Annualised return on one dollar invested at
prevailing share price in staggered intervals
between January 2013 and December 2014 with
reinvestment of dividends.
Manager of the year award
Based on average ranking for each manager across
all award categories where present. Funds not
submitted for the relevant category are assumed to
have bottom-quartile performance. Managers must
be present in four or more award categories.
Best European CLO manager: investors’ choice
sponsored by Ashurst
Pramerica Investment
Management
Methodology: investor vote
Universe: 43 currently active
European CLO managers
Finalists:
Alcentra
Carlyle Group
Oaktree
Steven Paget, Jonathan Butler (both
Pramerica), Michael Smith (Ashurst)
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