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| # | Fund | Strategy | Style | Geography | AUM | Latest Letter |
|---|---|---|---|---|---|---|
As of Oct 28, 2026
During the third quarter of 2026, the Fairtree Global Flexible Income Plus Fund generated a net return of -0.59%, bringing its net performance year-to-date to +2.63%. By comparison, its benchmark, the iTraxx Crossover Total Return Index, posted a return of -0.18% for the quarter and +3.53% year-to-date, while investment-grade credit returned +0.34% and cash generated +0.65%. The fund's floating-rate structure, short duration profile, and structural low beta cushioned performance against a severe 55 basis-point widening in credit spreads, with credit-linked notes contributing +16 basis points while structured notes detracted -29 basis points. The quarter was defined by a deepening global sovereign bond rout catalyzed by hawkish central bank policy and persistent inflation fueled by Middle Eastern geopolitical conflict and oil prices exceeding $100 per barrel. Both the European Central Bank and the Federal Reserve implemented 25 basis-point interest rate hikes in September. Heavy government debt issuance exerted severe crowding-out pressures, driving the 10-year US Treasury yield to 5.29% and 10-year Bund yields to 17-year highs, which ultimately spilled over into wider corporate credit risk premia. Rather than engaging in single-name credit selection, the fund maintained broad structural resilience across 46 instruments referencing 365 diversified obligors without single-name default exposure. Portfolio managers actively recycled capital from tighter issues into higher-yielding assets, replacing a floating-rate note paying EURIBOR + 390 basis points with paper offering EURIBOR + 629 basis points. This repositioning lifted the portfolio's weighted average spread to 348 basis points over 3-month EURIBOR, establishing a pro-forma gross yield of approximately 6.24% in euros and positioning the strategy to close its remaining underweight beta as wider spreads offer attractive compensation.
Harvest a highly diversified, floating-rate credit risk premium across hundreds of obligors while maintaining low duration and lower beta to insulate capital from rate shocks and capture widening yield spreads.
Management anticipates persistent upward pressure on sovereign yields from fiscal deficits and tight monetary policy, viewing spread widening as an opportunity to close the fund's underweight beta and secure durable income streams.
Neutral / Balanced
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