Q3 Performance Summary
Credit Interval Funds: +2.9%
The SKRADD-IFC rose by 2.9% in Q3, with all constituents generating positive returns. Performance dispersion among individual constituents was significant, with returns ranging from 0.2% to 7.0%.
Investment-Grade Bonds: +4.8%
Bonds returned 4.8% in Q3 as rate cuts during the quarter, along with optimistic expectations for future cuts, boosted fixed income markets.
Leveraged Loans: +1.9%
Leveraged loans remained in positive territory with a 1.9% return in Q3. However, returns were milder compared to other fixed income markets, as rate cuts reduced the income advantage of floating-rate instruments.
Altidar High Return - PIMCO Flexible Credit Income Fund: +7.0%
PFLEX delivered a standout Q3 return of 7.0%, driven by tightened spreads across its RMBS, CMBS, high-yield and bank loan credit exposure. The fund’s special situations investments and specialty finance allocation also contributed to performance, with no significant detractors during the quarter.
Altidar Low Return - Alternative Credit Income Fund: +0.9%
ACIF posted a modest 0.9% return in Q3. The fund has not yet published its annual report or year-end commentary for its fiscal year ending September 30, 2024.
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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.