Aperture Credit Opportunities

  • Key Features
  • Long/Short Credit strategy with the objective of generating a return on SOFR +2% p.a. while maintaining low correlation with the credit market.
  • The strategy is implemented through cash bonds, CDS, indices and other credit derivatives.
  • Average portfolio rating around BB, average duration between 3 and 5 years. Net exposure (risk adjusted) between -33% and 50%.
  • Global approach, with exposure to US and Europe at around 80%.
  • Simon Thorp, co-portfolio manager, has 16+ year track record running similar strategies through numerous credit cycles. Former portfolio manager of Avoca Capital and former head of L/S Credit strategies at KKR.
  • Following the Aperture Investors philosophy, the fees structure aligns the interests of portfolio managers with those of investors.
  • Performance of the sub-fund
As of 30 June, 2020
MTD
YTD
1y
3ys
5ys
SI (5 Aug., 2019)
Sub-fund (USD I Acc.)
1,52%
2,70%
n/a
n/a
n/a
5,45%
Benchmark
0,18%
1,32%
2,92%

Performance data shown represents past performance and is no guarantee of, and not necessarily indicative of, future results. No express or implied liability or guarantee is assumed that the future performance will correspond to the performance described above. The value of and income from fund units or sub-fund units (“Units”) may fluctuate, rise or fall, so you may have a gain or a loss when the Units are sold. The performance of and income from the Units have to be reduced by costs and taxes. Current performance may be higher or lower than the quoted and no guarantee can be assumed that the investment objectives of the fund/sub-fund will be achieved.

Simon Thorp is the Chief Investment Officer, UK, based in Aperture’s London office. Simon is a career credit investor, with over 30 years experience in fixed income markets as well as an investing track record spanning over 15 years, most recently serving as the director of KKR Credit. His experience spans broking, investment banking and fund management.Simon received his B.Sc in economics and politics from the University of Keele. He has received and been nominated for numerous honors throughout his career, including Hedge Fund of the Year in 2009, the 2005 Eurohedge runner-up for Credit Fund of the Year, and nominations for Credit Fund of the Year in both 2008 and 2009.
Fund Facts
Management Company and Investments Manager
The management company is Generali Investments Luxembourg S.A. who appointed Aperture Investors as investment manager.
Structure
UCITS
Domicile
Luxembourg
AuM
$548 M (as of end of June)
Inception date
August 5th, 2019
Liquidity
Daily
Fund Currency
USD
ISIN (I USD Acc.)
LU1958553072
ISIN (I Eur Hedged Acc.)
LU1958553239
Benchmark
Secured Overnight Financing Rate (SOFR) +2%
Management fees
0.39%
Performance fees
30% > benchmark
  • Documentation
  • Insights

Monthly Factsheet

as of end of June

Q&A with the Fund Manager

Aperture is part of Generali Investments’ multi-boutique platform.

Aperture Investors, based in New York, is a global asset manager founded in 2018 by a partnership between Generali Group and Mr Peter Kraus, former Chairman and CEO of AllianceBernstein. Aperture operates with an unconstrained investment approach and a unique fee model that aligns the company’s profitability with that of its clients. The company charges low, ETF-like fees when performance is at or below stated benchmarks. When and only when returns are generated in excess of a strategy’s benchmark, Aperture Investors charges a performance-linked fee, and as such, investment teams are compensated primarily on outperformance.