Date: 7 June 2013
Following the successful launch of the Airlie Select U.S. High Yield Fund on 26th February 2013 on the Independent UCITS Platform, over US$ 80 million has been raised from an initial group of founder investors.
The fund is advised by Airlie Opportunity Capital Management LP, (“Airlie”) who are based in Greenwich, CT USA, and invests primarily in U.S.-listed non-investment grade corporate bonds and floating rate notes issued by small to mid-cap companies. To maximise risk-adjusted returns, the portfolio will be focused on holding a balanced mix of small to mid-cap credits, being overweight defensive sectors and select sound businesses with straight-forward capital structures and focusing on the B and CCC rated credits typically overlooked by larger asset managers while including select BB names. The fund is targeting a distributable yield of greater than 8%.
Dort Cameron, founder of Airlie, was one of the pioneers in establishing the high yield bond market in the U.S. and the current team has managed high yield assets together since 2003.
Spring Capital Partners Limited (“Spring Capital”) are the distributor of the Airlie Select U.S. High Yield Fund. Richard Thompson, Director of Spring Capital, said, “Both Airlie and Spring Capital have been delighted with the excellent reception to this strategy. The founder investors have recognised that this fund offers them a unique opportunity to benefit from the specialist investment expertise of Airlie in this niche asset class.”
Wes Seifer, Portfolio Manager at Airlie, said, “The growth in the size of the fund in the first three months is a function of a solid and knowledgeable group of investors understanding the asset class.
Launching a UCITS fund has allowed Airlie to reach out to extend its investor base throughout Europe.
For an independent U.S.-based manager, using a platform approach has made this opportunity not only possible, but also very straightforward.”