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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Themes | Quick Take |
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"Constructive on European high yield and CLO tranches due to attractive yield cushions, while emphasizing rigorous borrower cash-flow underwriting in private credit."
Alpinum Investment Management evaluates global credit markets with a primary analytical focus on European high-yield breakevens and direct lending valuation dynamics. The letter does not report specific fund-level net performance metrics or exposure shifts, concentrating instead on underlying benchmark valuations, spread movements, and structural carry conditions across public corporate credit, collateralized loan obligations (CLOs), and private debt markets. From a macroeconomic perspective, European high yield presents an asymmetric risk-reward profile, with starting yields offering substantial buffer cushions against potential yield expansion. Across corporate rating tiers, credit spreads for lower-rated issuers have widened disproportionately, while EU corporate spreads have converged with US benchmarks. Within structured credit and loans, CLO debt tranches continue to offer attractive structural yield premiums over conventional corporate credit instruments, even as US corporate leverage remains stable at elevated thresholds. In private debt, the manager examines the divergence between unrealized marks and realized credit losses in direct lending. Markdowns frequently reflect changing market discount rates rather than impaired borrower fundamentals, though reported net asset values can obscure underlying credit stress. Effective risk assessment in alternative credit requires granular scrutiny of borrower operational earnings, underlying cash generation capacity, and recovery dynamics rather than relying solely on reported valuations.
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