Q2 Performance Summary
Credit Interval Funds: +2.1%
The SKRADD-IFC index rose 2.1% during the second quarter, marking its eighth consecutive quarter of positive returns.
Investment-Grade Bonds: +0.3%
Bond markets were volatile during Q2 as investors speculated on the Fed's next move, but its June decision to hold rates steady led to a subdued quarterly return of 0.3%.
Leveraged Loans: +2.1%
Leveraged loans returned 2.1% in Q2, driven by elevated base rates. While market values dipped, strong interest returns kept overall performance positive.
Altidar High Return - Cliffwater Enhanced Lending Fund: +4.6%
The fund delivered monthly returns of 1.9%, 1.4%, and 1.3% for April, May, and June, respectively, resulting in a 4.6% Q2 return. No commentary has been published regarding the specific drivers of its Q2 results.
Altidar Low Return - Variant Alternative Income Fund: -1.6%
Year-to-date, Variant Alternative Income Fund achieved modest (<1%) positive monthly returns, except for May,which saw a -3.2% return. The fund's fiscal year ends on 4/30, but the subsequent events section of its annual report allows for the attribution of this loss to the full write-off of its positions in Montreux. In late May, it was revealed that the manager of Montreux was pursuing a "scorched earth policy", prompting senior lenders to expedite a Pre-Pack Administration. Although management deemed the write-off inappropriate as of April 30, 2024, it would have impacted returns by -4.0% had it been included in the financial statements for the fiscal year.
Download Q2 Report
For a more in-depth analysis, download the index update below. This report offers a historical perspective on the index's returns, credit benchmark comparisons, and recent performance data for the credit-focused interval funds featured on the Altidar platform.