Kredit对冲基金由前瑞士信贷明星交易员Lemssouguer增长32% - 彭博报道

Star trader Hamza Lemssouguer, once in the employ of Credit Suisse, achieved double-digit gains with his credit hedge fund last year, solidifying his reputation as one of the most successful private credit fund managers. This is despite reports that he held a position in the insolvent real estate group Signa in his portfolio.

According to a person familiar with the numbers, his Arini Credit Master Fund, with assets under management of $2.7 billion, delivered a 32% return in 2023. The new $544 million Arini Structured Credit Equity Fund, launched by Lemssouguer in May, gained 27%, said the person who prefers not to be named.

Hamza Lemssouguer.Photo: Chris J. Ratcliffe/BloombergBy comparison, the credit hedge funds tracked by Bloomberg delivered an average return of about 8% last year. Arini, based in London, declined to comment on the numbers.

Arini’s gains were largely based on bets that borrowers who had taken on debt in the low-interest-rate era would struggle with repayment as interest rates rose. Worldwide, between 2024 and 2026, around $710 billion of junk bonds will mature, providing ample opportunities for risk-taking hedge funds.

However, Arini also faced setbacks. In November, the fund wrote off two distressed positions almost to zero and incurred a 3.2% loss for the month, but it recovered in December, according to the investor letter.

基金据悉持有由Rene Benko的破产房地产开发商Signa Development Selection发行的大量债券，彭博社在11月份报道。Arini属于一个持有约1.5亿欧元债券的团体。随着12月底的破产申请，这些债券的价值很可能大部分丧失。彭博社收集的价格数据显示，每欧元的价格约为6分。

更多相关内容： Signa将Lemssouguers Arini对债券持有人

“即将到来的到期潮和基本挑战可能会继续为我们的多头和空头投资提供机会”，Lemssouguer在12月写给投资者的一封信中写道。他认为有趣的行业包括消费、医疗保健、化工和旅游。

2023年欧洲高收益债券市场带来了丰厚的利润，尤其是在年底出现了一轮上涨行情，因为人们对短期降息预期增加。

33岁的Lemssouguer在瑞士信贷银行凭借对高收益债券和信用违约掉期的大规模、高风险投注取得了出色的业绩。他于2022年创立了Arini Capital，管理着大约10亿美元的资产，目前已经增长到37亿美元。

Arini现在计划进入所谓的修订和延长业务，借此借款人可以根据需要调整条件并延长期限。在不久的将来，这方面可能会有一些需求。

Arini – der Name kommt von einer Papageienart, die Lemssouguer züchtet – baut seit Neuestem auch ein Geschäft mit sogenannten Collateralized Loan Obligations (CLO) auf. Für diese Instrumente werden Leveraged Loans — also Kredite an hochverschuldete Unternehmen — in Bonds gebündelt und verpackt.

Überschrift des Artikels im Original:前瑞士信贷明星交易员Lemssouguer的对冲基金飙升32%