Palmer Square Capital Management’s first mutual fund, the Palmer Square Absolute Return Fund, has passed its third anniversary.
The Palmer Square Absolute Return Fund provides access to fund managers and strategies, including opportunistic credit strategies run by Palmer Square.
The fund seeks to achieve absolute returns over a market cycle with low beta and correlation to the traditional equity and fixed income markets.
Since its inception, the fund has grown to USD295 million in assets (as of 16 May 2014).
Christopher D Long, president and co-portfolio manager of Palmer Square, says: "We are thrilled with the positioning of this fund and its go-forward opportunity. As the fund's assets have grown significantly over the last three years, we believe we have been able to deliver on the fund's core objectives. Clients have utilised our multi-strategy credit fund as a fixed income option or as a core credit alternative allocation. In today's market environment where achieving income, downside protection, and diversification are extremely challenging within the fixed income and alternative space, we believe the fund provides investors with a viable opportunity."
Palmer Square has launched three other mutual funds over the past three years. The firm's most recent launch includes the Palmer Square Income Plus Fund, a USD266 million fund focused on income and primarily investing in investment grade and high yield floating rate securities.
Palmer Square's other two mutual funds include the Palmer Square SSI Alternative Income Fund and the Fountain Short Duration High Income Fund. The firm also manages an opportunistic credit platform, a CLO management platform, and multi-strategy limited partnerships.
Palmer Square is part of Montage Investments, a group of institutional investment managers that together manage more than USD22 billion for a wide range of investors.