Sona Asset Management, the London-based credit-focused alternative asset manager led by John Aylward, has generated back-to-back double-digit returns over the past two years in its flagship long/short fund, and is now aiming to build on this success with the launch of a new private credit-focused capital solutions strategy.
Sona Asset Management, the London-based credit-focused alternative asset manager led by John Aylward, has generated back-to-back double-digit returns over the past two years in its flagship long/short fund, and is now aiming to build on this success with the launch of a new private credit-focused capital solutions strategy.
Sona’s main all-weather European Long/Short Credit strategy – which trades the full spectrum of credit assets spanning European high yield, European investment grade and financials, US credit and convertibles and equity-linked securities – advanced some 12 per cent annually 2021, which came on the back of an eye-catching 45 per cent gain in 2020.
The strategy – built around a mix of fundamental, event driven and relative value investment approaches – targets equity-like returns over the cycle with low volatility and low correlation to the broader market, while aiming for capital preservation and outperformance during market stress. Since its 2016 inception, the fund is up 104 per cent to the end of December 2021.
The firm, which has offices in London and New York, has now unveiled the second Capital Solutions fund, Capsol II, within its Capital Solutions strategy, which looks to capitalise on the various inefficiencies across capital markets, and create flexible financing solutions for companies in need of support.
Launched in December 2021, CapSol II is targeting USD500 million, and aims to build medium-term risk-adjusted returns in liquidity finance, financing solutions and event driven opportunities.
Specifically, the fund will trade mostly European markets, holding between 20 and 30 core positions across a range of sectors and industries.
Established in 2016 by founder and chief investment officer John Aylward, a former Highbridge Capital Management portfolio manager, Sona today manages some USD1.8 billion in assets for a global investor base including public and corporate pension funds, endowments, foundations, insurance companies and family offices in the US and Europe.
Officials at Sona declined to comment.
