NEW YORK, Oct. 24, 2013 /PRNewswire/ -- The Avenue Credit Strategies Fund (the "Fund") was recently recognized as the "Best 40 Act Fund – Other" at the HFMWeek US Performance Awards 2013 in New York City.
The Avenue Credit Strategies Fund is an opportunistic U.S. and non-U.S. event driven credit fund focused on high-yield bonds, senior secured bank loans, and stressed/distressed debt instruments. It provides investors with the opportunity to achieve global exposure to high conviction companies with an identified catalyst to drive valuations higher. The Fund's Investor Share Class trades under the symbol "ACSAX" and the Fund's Institutional Share Class trades under the symbol "ACSBX".
"We are honored that the Avenue Credit Strategies Fund was named the 'Best 40 Act Fund – Other' by a panel of independent industry professionals at the HFMWeek Performance Awards," said Sonia Gardner, President and Co-Founder of Avenue Capital Group.
"This opportunistic global credit fund was designed with the potential to deliver total return to investors across the interest rate cycle, and we are pleased it has been recognized for its strong performance and other key attributes," said Jeffery J. Gary, the Fund's Senior Portfolio Manager.
The "Best 40 Act Fund – Other" award was determined by a select panel of independent industry professionals appointed by HFMWeek. The Avenue Credit Strategies Fund was chosen from 38 mutual fund candidates and the results were based on a combination of quantitative and qualitative data including annual performance, volatility, risk management and track record for the period July 2012 to June 2013. The Fund was also included on the shortlist "Newcomer – Other" category for the same time period and aforementioned criteria from a pool of 68 candidates.
About Avenue Credit Strategies Fund
The Fund is a registered open-end investment company that seeks total return, primarily from capital appreciation, fees and interest income. The Fund seeks to achieve its investment objective by opportunistically investing in a combination of high yield bonds, senior secured bank loans and distressed debt instruments across U.S. and non-U.S. issuers. As of October 23, 2013, the Fund's assets under management were approximately $596 million. Avenue Capital Management II, L.P. is the investment adviser to the Fund.
About Avenue Capital Group
Avenue Capital Group is a global investment firm comprised of four registered investment advisers that focus on private and public debt, equity and real estate markets in the U.S., Europe and Asia. The firm is headquartered in New York, with offices in London, Luxembourg and Munich, and five offices throughout Asia. As of September 30, 2013, Avenue oversees approximately $12.3 billion of assets on behalf of a sophisticated global base of institutional investors including pension funds, family offices, foundations, insurance companies and sovereign wealth funds. Avenue was founded in 1995 by Marc Lasry and Sonia Gardner and draws on the skills and experience of approximately 200 employees worldwide.
Investing in the Fund involves risks, including the risk that you may receive little or no return on your investment or that you may lose part or even all of your investment. Investing in the Fund is also subject to the specific risks associated with investing in high yield bonds (including initial debt offerings), senior secured bank loans, distressed debt and other obligations, including but not limited to market risk, credit risk, counterparty risk, below investment grade securities risk, interest rate and income risk, prepayment risk and risk of senior loans. High yield bonds, in particular, are especially sensitive to adverse changes in general economic conditions, to changes in the financial condition of their issuers and to price fluctuation in response to changes in interest rates. Because the Fund may invest in non-U.S. issues, the Fund is also subject to foreign securities risk. The Fund's investment adviser is subject to conflicts of interest because Avenue Capital Group and its affiliates manage assets for investment companies and pooled investment vehicles.
Please consider the Fund's investment objectives, risks, charges and expenses carefully before investing. The prospectus, which contains this and other information, should be read carefully before investing and can be obtained by calling 1-877-525-7330 or visiting www.avenuecapital.com.
SOURCE Avenue Capital Group