HedgeF021 · Vintage 2007Open
Credit Opps Fund 1
xx Capital Management LLP
Event-driven, stressed and distressed European corporate credit. Exploits market mispricing from operational and capital-structure changes, using a probability and scenario-driven approach across bonds, loans and CDS with events typically 3–6 months out.
Event DrivenStressed & Distressed CreditEuropeUKArticle 6
Performance · since fund launch
Cumulative net return
431.1%
since inception
Compare with
| Fund vs indexes | 1Y | 3Y | 5Y | Per year since launch | Yearly volatility | Largest drop |
|---|---|---|---|---|---|---|
| Credit Opps Fund 1 | +12.7% | +22.0% | +58.9% | +9.1% | 11.7% | -14.2% |
| HFRI Fund Weighted Composite(illustrative) | +6.2% fund +6.5pp | +20.3% fund +1.7pp | +29.2% fund +29.7pp | +4.7% fund +4.5pp | 4.4% | -12.8% |
| S&P 500 Total Return | +17.0% fund -4.3pp | +87.5% fund -65.5pp | +92.8% fund -33.9pp | +11.0% fund -1.9pp | 16.7% | -45.8% |
| STOXX Europe 600 | +14.4% fund -1.7pp | +41.9% fund -19.8pp | +40.4% fund +18.5pp | +2.8% fund +6.3pp | 16.1% | -53.3% |
Sources: HFRI FWC — Illustrative mock data · S&P 500 TR — Yahoo Finance (^SP500TR) · STOXX 600 — Yahoo Finance (^STOXX, price index). Index data aligned to the fund's quarter ends.
| Quarter | Quarterly return | Sharpe |
|---|---|---|
| 2024 Q4 | -0.13% | — |
| 2025 Q1 | +2.63% | — |
| 2025 Q2 | -4.88% | — |
| 2025 Q3 | +4.68% | — |
| 2025 Q4 | +1.88% | — |
| 2026 Q1 | +2.53% | — |
| 2026 Q2 | +4.34% | — |
| 2026 Q3 | +3.40% | — |
Terms
Target fund sizeN/A
Current AUM£133m
Min ticket£1m
Largest investment accepted£10m
Target net IRR9–10% p.a.
Minimum time investors must stay in90 days
Management fee2.00%
Carry / performance20%
ESG / SFDRArticle 6
Liquidity
Quarterly liquidity with 90 days' notice.
Investment highlights
- +431% net return since inception (Aug 2007)
- +10.6% YTD 2026; annualised 10.1% (5Y), 9.7% (10Y)
- Sortino ratio 2.2; 46 holdings across 29 issuers
- Master/feeder structure, Cayman domicile; EUR/USD/GBP share classes
Top 5 holdings
Largest positions · % of fund
- SLV Holding19.2%
- Vivion19.1%
- Ritz-Carlton11.4%
- Adler9.9%
- Travelodge9.4%