Active Credit Managers – Long/Short Credit Funds have Leptokurtic Return Distribution

From the paper by Diogo Palhares & Scott Richardson: “Looking Under the Hood of Active Credit Managers” (Financial Analysts Journal, 2020)   Credit investors beware: actively managed credit hedge funds may provide more beta than expected and mutual funds too little. This paper investigates just how much traditional risk premia is responsible for active credit manager fund returns.   […] Read more »