The Manning Credit Opportunities Fund delivered +1.08% in March and 13.62% over the past 12 months. Since inception, the Fund has delivered an annualised return of 14.61%, continuing to exceed its objective of net returns of over 10% above the RBA cash rate.
Portfolio Performance
The portfolio continues to perform as intended, with underlying exposures tracking in line with their structural design. During the month, three existing lenders drew further funds under their facilities, reflecting continued utilisation across core relationships. Capital within the Fund is actively recycled, with repayments and redraws occurring on a continuous basis in line with agreed transaction structures. This dynamic is central to how the strategy operates. The portfolio is not static. It is actively managed through the ongoing deployment and return of capital, allowing the Fund to respond to changing opportunity while maintaining alignment with its return objectives.
Opportunity in Complexity
For some lenders, access to capital in more complex transactions is not simply a function of pricing. It is a function of whether funding providers can understand, structure and execute the transaction. In periods of increased uncertainty, this distinction becomes more pronounced. Capital tends to become more selective, timelines can extend and alternative funding options may narrow. In that environment, the value of a funding partner capable of navigating complexity and providing certainty of execution increases.
For the Fund, this is typically where the most compelling opportunities arise. Rather than competing in more commoditised areas of the market, the focus remains on transactions where complexity creates a barrier to entry and where structure, control and pricing can be directly negotiated.
Maintaining Selectivity
While the broader opportunity set remains active, the proportion of transactions that ultimately meet the Fund’s requirements remains limited. This reflects the nature of the strategy. Opportunities are not defined by volume, but by alignment with the Fund’s standards for structure, counterparty quality and risk-adjusted return. As a result, deployment continues to be selective, with a clear preference for transactions where the Fund can play a meaningful role and where execution capability provides a genuine advantage.
