Investing in credit hedge funds hardcover restaurant
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End investors invest in hedge funds not markets. The managers of those funds typically invest in a series of investment strategies across spectrums of risk and liquidity, as their experience allows. This book puts across a vision of the hedge fund universe in fixed income occupied by funds in dedicated silos.
And that is a large misconception in this book. The sleeve of the hardback says that the book gives practical advice to construct a profitable credit portfolio while mitigating risks. The credit markets are looked at in isolation. In reality institutional investors often take exposure to the strategies covered here and other strategies via multi-strategy relative value or arbitrage hedge funds. Those funds might invest in distressed assets and merger arbitrage.
A lot of being a successful investor in hedge funds is about strategy allocation. This book majors on looking inside the box of how a credit hedge fund might operate, but not how to put the boxes together. The second major omission is the absence of examples of risk reports or portfolio analysis of credit hedge funds. There is a chapter on risk management, but it does not contain any risk reports of an actual hedge fund portfolio or even a hypothetical one. That could be addressed by access to a webpage on the website of the publisher or author — some samples on pdfs or spreadsheets would be much appreciated.
The consequence is the book covers investing in some types of securities, in some investment strategies, but does not cover portfolio management at the fund level or fund of funds level. It is a curious read — effectively giving by inference more appreciation for the analyst at a credit hedge fund than the portfolio manager. Despite the caveats this book is a useful addition to a library of books on hedge funds. Typical characteristics of Bank Loans: Floating rate instrument; typically, quarterly interest payments are based on a spread to a reference rate e.
When a company is financing its overall operations or seeking growth opportunities, it will use a variety of methods to raise capital. All securities in the investable credit marketplace are depicted, according to their risk and return profile, within the capital structure of the borrowing companies. In addition to making a choice on where in the capital structure to invest, credit investors also have options regarding the credit rating of the borrowing company.
The credit rating of the borrower has a large impact on the type of financing they can receive and how much they must pay their lenders in return. Smaller companies that are unable to issue investment grade corporate bonds are often also unable to secure inexpensive loans from major banks. Due to the premium coupons they pay investors in return for the increased risk of default, high yield bonds play a major role in the alternative credit space The Credit Marketplace is More Than Corporates and Treasuries The credit marketplace is made up of a large variety of investment choices, differentiated by their issuers, structures, and underlying assets.
Credit investing can also be further divided by marketplace. In addition to the more commonly known traded instruments shown below, there is an entire private side to credit investing outside of public companies and public markets. It is theoretically considered to be risk-free Risks As with any investment, there are certain risks associated with credit investing.
Credit risk is the risk of nonpayment of scheduled interest or principal payments on a debt investment. Because credit investing can be debt investments in non-investment grade borrowers, the risk of default may be greater. Should a borrower fail to make a payment, or default, this may affect the overall return to the lender. Interest rate risk is another common risk associated with credit investing. Interest rate changes will affect the amount of interest paid by a borrower in a floating rate loan, meaning they move in-step with broader interest rate fluctuations.
However, this typically has little to no impact on the underlying value of floating rate debt.
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