Avenue Capital Group’s Credit Strategies Fund has more than tripled its assets under management in the last six months to $1.1 billion from $270 million.
Jeffrey Gary, senior portfolio manager, credits the fund's growth to its strategy, which he believes fits in with what investors are looking for.
“The demand and interest from investors for non-traditional and liquid alternative strategies like this is immense as they try to reduce the interest rate sensitive portion of a fixed-income portfolio,” said Gary.
The Credit Strategies Fund is a registered, open‐end alternative investment that focuses on high-yield bonds, senior secured bank loans and global distressed debt instruments.
The fund, which launched in June 2012, was up 10.75 percent in 2013, placing it in the 5th percentile in the high-yield category by Morningstar.