Kredit對沖基金由前瑞士信貸明星交易員Lemssouguer增長32% - 彭博報道

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.

基金據悉持有由Rene Benko的破產房地產開發商Signa Development Selection發行的大量債券，彭博社在11月份報道。Arini屬於一個持有約1.5億歐元債券的團體。隨着12月底的破產申請，這些債券的價值很可能大部分喪失。彭博社收集的價格數據顯示，每歐元的價格約為6分。

更多相關內容： Signa將Lemssouguers Arini對債券持有人

“即將到來的到期潮和基本挑戰可能會繼續為我們的多頭和空頭投資提供機會”，Lemssouguer在12月寫給投資者的一封信中寫道。他認為有趣的行業包括消費、醫療保健、化工和旅遊。

2023年歐洲高收益債券市場帶來了豐厚的利潤，尤其是在年底出現了一輪上漲行情，因為人們對短期降息預期增加。

33歲的Lemssouguer在瑞士信貸銀行憑藉對高收益債券和信用違約掉期的大規模、高風險投注取得了出色的業績。他於2022年創立了Arini Capital，管理着大約10億美元的資產，目前已經增長到37億美元。

Arini現在計劃進入所謂的修訂和延長業務，藉此借款人可以根據需要調整條件並延長期限。在不久的將來，這方面可能會有一些需求。

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:前瑞士信貸明星交易員Lemssouguer的對沖基金飆升32%