Pacific Asset Management and Coolabah Capital have partnered to introduce the Global Active Credit fund, which will focus on long-only credit opportunities.
The fund will be managed by Pacific Asset Management and sub advised by Coolabah as an Irish UCITS fund, available in GBP, USD, EUR, CHF, AUD, NZD and JPY.
The team will aim to outperform the global corporate bond market benchmark by at least 150 basis points, with the investment philosophy of “generating alpha from inefficiencies in liquid high-grade bonds; minimising idiosyncratic credit risk; and maintaining a focus on quantitative & technical dislocations,” according to the fund’s release.
Christopher Joye, CIO and portfolio manager at Coolabah, said: “We are really excited to bring this new fund to a wider investor audience. Our philosophy is that proprietary quantitative research fused with very active trading in liquid, high grade credit can consistently find and exploit bond mispricings to generate alpha through capital gains that materially enhance the organic yield that you earn on these securities.”
Coolabah, which was founded by Joye in 2011, holds over $5bn (£) in funds under management and works with a team of 12 portfolio managers across London, Sydney and Melbourne. Before Coolabah, Joye worked for Goldman Sachs and the Reserve Bank of Australia, as well as founding research and investment group Rismark International.
Matthew Lamb, CEO of Pacific Asset Management, said: “PAM has always looked for fund managers who can bring a true craft investment approach to our investors.
“I am delighted that Chris and I were able to structure a partnership earlier this year that has enabled the launch of this truly differentiated investment grade credit fund. Coolabah’s investment approach is unlike any other I have seen and lets us bring to investors a real alternative to the more commoditised, traditional fixed income funds. I look forward to working with Chris and the rest of the Coolabah team.”
London-based Pacific Asset Management holds over £4.2bn in assets, established in 2016.
