Logan Circle Partners, L.P. (“Logan Circle” or the “Firm”) is a registered investment adviser and began managing assets on November 1, 2007. On September 15, 2017, the Firm became a wholly owned subsidiary of MetLife, Inc. and is part of MetLife Investment Management, MetLife, Inc.’s institutional investment management business. From April 16, 2010 to September 15, 2017, the Firm was a subsidiary of Fortress Investment Group LLC. The Firm continues to operate as Logan Circle Partners, L.P. Additionally, on December 19, 2011, the Firm formed a new subsidiary, Logan Circle Partners I LLC, which is a wholly-owned entity of the Firm. The Firm is defined to include all accounts managed by Logan Circle Partners, L.P. and Logan Circle Partners I LLC. The track record presented represents the team’s performance for the Logan Circle Long / Short Credit Strategy (“Long/Short Credit”) from February 1, 2011 (“inception date”) to the present. The creation date of the composite was July 1, 2013. Prior to September 1, 2014 the composite was known as Absolute Return Credit.
Logan Circle claims compliance with the Global Investment Performance Standards (“GIPS®”) and has prepared and presented this report in compliance with the GIPS® standards. Logan Circle has been independently verified for the periods November 1, 2007 to December 31, 2017. Verification assesses whether (1) the firm has complied with all the composite construction requirements of the GIPS® standards on a firm-wide basis and (2) the firm’s policies and procedures are designed to calculate and present performance in compliance with the GIPS® standards. The Long/Short Credit has been examined for the periods February 1, 2011 to December 31, 2017. Verification does not ensure the accuracy of any specific composite presentation. The verification and performance examination reports are available upon request.
The Long/Short Credit composite seeks positive returns regardless of market environment through a credit based, multi-strategy best ideas approach, implemented without a benchmark orientation wile seeking to minimize interest rate duration exposure. The strategy will invest in investment grade and below investment grade securities. The Long/Short Credit composite includes all fee-paying portfolios managed on a discretionary basis according to the applicable composite strategy except as otherwise excluded herein. The Firm maintains a complete list and description of composites which are available upon request. Policies for valuing portfolios, calculating performance and preparing compliant presentations are available upon request.
The Long/Short Credit composite does not utilize a benchmark. Due to the use of alternative trade structures (e.g. pairs trading, shorting), a high degree of turnover and concentration, Logan Circle believes that traditional indices share little to no similarity to the strategy and therefore are not appropriate.
Returns are based on fully discretionary accounts under management and may include terminated accounts. The dispersion of annual returns is measured by the standard deviation among asset-weighted portfolio returns represented within the composite for the full year. Dispersion is not calculated for composites with five or fewer accounts for the whole period.
Performance returns are presented gross and net of fees, include the reinvestment of all income and are calculated in U.S. dollars. Dividend income has been recorded net of all applicable foreign withholding taxes. Returns calculated gross of fees do not reflect the deduction of our investment management fees. Individual client returns will be reduced by investment management fees and other expenses that the account may incur. The highest stated investment management fee for the Long/Short Credit strategy is 1.25%. From inception to 8/31/2014 the highest stated fee was 1.00%. Therefore, net of fee returns have been calculated by reducing the monthly gross returns by the highest stated fee of 1.00% from inception to 8/31/14 and 1.25% from 8/31/14 to present. Fees have a compounding effect on cumulative results. Investment management fees are described in greater detail in Part 2A of the Firm’s Form ADV. Actual investment management fees incurred by clients may vary.
Derivatives may make up a part of the Long/Short Credit strategy as the Firm believes that derivatives offer value and are appropriate investments for client mandates. The Firm may utilize futures, forwards and interest rate futures to assist in the management of our portfolios. Derivative usage is governed by the appropriate level of risk to meet the return targets rather than for speculative purposes. The Long/Short Credit strategy may also utilize leverage.
Past performance is not indicative of future results. The information presented is only available for institutional client use and is presented for use only as a one-on-one presentation.
|NET-of-FEE RETURN1||NUMBER OF PORTFOLIOS||DISPERSION STDV2||COMPOSITE 3 YR STDV3||COMPOSITE ASSETS||% TOTAL FIRM ASSETS|
|2/1/2011 (Inception) to 12/31/2011||4.18%||3.24%||≤ 5||N/A||N/A||$13,454,951||< 1%|
|2012||12.54%||11.43%||≤ 5||N/A||N/A||$14,817,387||< 1%|
|2013||6.91%||5.85%||≤ 5||N/A||N/A||$11,208,306||< 1%|
|2014||2.41%||1.31%||≤ 5||N/A||2.61%||$21,490,519||< 1%|
|2015||-3.01%||-4.22%||≤ 5||N/A||3.29%||$27,919,445||< 1%|
|2016||4.85%||3.55%||≤ 5||N/A||3.06%||$34,682,126||< 1%|
|2017||7.08%||5.76%||≤ 5||N/A||7.43%||$50,449,667||< 1%|
|1Q 2018||0.72%||0.41%||≤ 5||N/A||N/A||$50,839,277||< 1%|
|2Q 2018||-0.01%||-0.32%||≤ 5||N/A||N/A||$44,269,652||N/A|
|3Q 2018||2.61%||2.29%||≤ 5||N/A||N/A||$71,218,563||< 1%|
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