After a generally flat month in April, the majority of credit specialists found conditions hard in May – and most funds lost money on the month as a result.
A minority of managers succeeded in gaining ground, though — most notably Eclectica Credit, which was a prominent outlier at the positive end of the spectrum again with a monthly gain of 9.35%.
But most credit funds struggled in volatile and unpredictable market conditions. Cheyne Total Return Credit ended the month down 6.92%, while Cheyne Long Short Credit lost 2.87%. Eiffel Credit Opportunities was down 3.52%, LNG Europa Credit