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Radcliffe raises USD75m in short duration yield strategy

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Radcliffe Capital Management has raised USD75m from two investors to deploy in its short duration yield strategy, offered to institutional investors through managed accounts.

The strategy seeks to offer a solution for investors looking for attractive short-term yields without taking unnecessary risk and while retaining substantial liquidity.

Market and regulatory factors create the opportunity whereby many short-term bonds are sold by holders as yields drop below typical return thresholds. Radcliffe believes there are fundamental reasons why these factors have existed and why they will persist for many years.

Through credit analysis focused on cash and cash flow, Radcliffe seeks the subset of bonds where the issuers generally have cash on the balance sheet that exceeds the put/maturity obligation and have both positive cash flows and strong business fundamentals.

Radcliffe is headed by Steve Katznelson who has managed credit-related portfolios since 1988, and the short duration yield strategy is being managed by Christopher Hinkel, partner and director of research.

The firm is currently in talks with a number of institutional investors and expects to raise additional assets in the coming months.

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