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.

Wikimedia Foundation.

Schlagen Sie auch in anderen Wörterbüchern nach:

  • fund(s) — fund or funds To capitalize with a view to the production of interest. Also, to put into the form of bonds, stocks, or other securities, bearing regular interest, and to provide or appropriate a fund or permanent revenue for the payment thereof.… …   Black's law dictionary

  • fund(s) — fund or funds To capitalize with a view to the production of interest. Also, to put into the form of bonds, stocks, or other securities, bearing regular interest, and to provide or appropriate a fund or permanent revenue for the payment thereof.… …   Black's law dictionary

  • fund — 1 n 1: a sum of money or other resources whose principal or interest is set aside for a specific objective cli·ent security fund: a fund established by each state to compensate clients for losses suffered due to their attorneys misappropriation… …   Law dictionary

  • Credit Suisse — Group AG Type Aktiengesellschaft Traded as SIX: CSGN, NYSE:  …   Wikipedia

  • Credit counseling — (known in the United Kingdom as debt counseling) is a process that involves offering education to consumers about how to avoid incurring debts that cannot be repaid through establishing an effective Debt Management Plan and Budget. Credit… …   Wikipedia

  • Credit union history — Credit unions are community based banks organized according to cooperative principles. In the early stages of development of a nation s financial system, unserved and underserved populations must rely on risky and expensive informal financial… …   Wikipedia

  • Credit money — is any claim against a physical or legal person that can be used for the purchase of goods and services.[1] Examples of credit money include personal IOUs, and in general any financial instrument or bank money market account certificate, which is …   Wikipedia

  • Credit ombudsman service — Limited Type Non Profit Industry Ombudsman Service Founded June 18, 2003 in Sydney, Australia Founder( …   Wikipedia

  • Credit Management — is a branch of accountancy, and is a function that falls under the label of Credit and Collection or Accounts Receivable as a department in many companies and institutions.They will usually deal with the credit vetting of customers, the… …   Wikipedia

  • Fund — Fund, n. [OF. font, fond, nom. fonz, bottom, ground, F. fond bottom, foundation, fonds fund, fr. L. fundus bottom, ground, foundation, piece of land. See {Found} to establish.] 1. An aggregation or deposit of resources from which supplies are or… …   The Collaborative International Dictionary of English


Share the article and excerpts

Direct link
Do a right-click on the link above
and select “Copy Link”

We are using cookies for the best presentation of our site. Continuing to use this site, you agree with this.