Credit Fund

Credit Fund

Credit Funds sind eine Teilklasse des Anlagespektrums der Alternative Investments. Ein Credit Fund setzt sich aus der Absicherung von Kreditrisiken zusammen. Das Kreditrisiko ist die Möglichkeit eines Kreditgebers (Kreditor) aus einem laufenden Kreditvertrag vom Schuldner (Debitor) nicht rechtzeitig Zins- und Tilgungszahlungen zu erhalten. Credit Funds investieren üblicherweise in forderungsbesicherte Wertpapiere wie ABS- und CDO-Tranchen sowie in Credit Default Swaps, welche Kredite oder Kreditrisiken aus unterschiedlichen Kreditarten (z. B. Unternehmenskredit, gewerbliche oder private Hypotheken) und Regionen als Investitionsschwerpunkt haben. Credit Funds gehen in der Regel Long- und Short-Positionen ein, indem z. B. im Rahmen eines Credit Default Swaps eine Kreditabsicherung gekauft oder verkauft wird.

Typische Eigenschaften von Credit Funds sind:

  • Keine Ausschüttungen (thesaurierender Fonds)
  • Renditerealisierung: periodische Cash Flows / Assetverkauf
  • Risiken: Ausfälle in Kreditportfolien
  • Investmenthorizont: mittel- bis langfristig
  • Korrelation mit Aktienmärkten: gering
  • Liquidität: grundsätzlich liquide, gemäß UCITS-3-Regeln

Literatur

  • Rudolph, Bernd; Hofmann, Bernd; Schaber, Albert; Schäfer, Klaus (2007): Kreditrisikotransfer. Moderne Instrumente und Methoden. Berlin, Heidelberg: Springer-Verlag Berlin Heidelberg.
  • Bartel, Niklas (1999): Asset-Backed Securities - Ein Produkt für deutsche Banken. Herausgegeben von Adolf-Friedrich Jacob. In: Trends in Finance and Banking.
  • Bhattacharya, Anand K. (1997): Asset-backed securities. New Hope Pa.: Frank J. Fabozzi Associates.
  • Fabozzi, Frank J. (2002): Handbook of financial instruments. New York: Wiley.
  • Goodman, Laurie (2002): Synthetic CDOs: An Introduction. In: Journal of Derivatives, Jg. 9, H. 3, S. 60–72.
  • Hayre, Lakhbir (2001): Salomon Smith Barney guide to mortgage-backed and asset-backed securities. New York: John Wiley (Wiley finance series).
  • Jobst, Andreas: Collateralized Loan Obligatoins (CLOs) - A Primer, CFS Working Paper No. 2002/13.
  • Kaltenhäuser, Iris (2006): ABS Handbuch Einführung in Asset-Backed Securities. Bayern LB. München.

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