How we define different strategies

Credit funds are listed in nine categories based on which category, in our judgment, its strategy most closely fits. Funds are categorised based not on their current investments but on their investment mandate.

We publish an index for each category which is the median monthly return of funds in that category.

Our strategy categories are

  • Credit multi-strategy funds have the ability to invest opportunistically in credit across a variety of strategies and asset types
  • Corporate long-short funds invest in corporate credit on a fundamentals/name-specific basis taking either long or short positions
  • Structured finance funds invests primarily in bonds issued as part of a securitisation
  • CLO funds are funds that invest mainly in CLOs (collateralised loan obligations). We do not include CLOs themselves in this listing. For more on CLO performance, see CLO-i.
  • US high yield funds invest in US high yield loans or bonds on a primarily long basis
  • European high yield funds invest in European high yield loans or bonds on a primarily long basis
  • Corporate distressed funds invest in stressed or distressed corporate debt.
  • Emerging market funds invest predominantly in credit instruments issued by companies and government bodies in emerging market countries, defined as members of the MSCI emerging markets or frontier markets indices
  • Credit funds of funds invest in either credit hedge funds or separate accounts of multiple external managers

See also fund performance and fund size and redemption terms.

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