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Honored and grateful to EuroFinance for recognizing our team as a finalist in the Risk & Resilience award category. Being recognized alongside so…
Honored and grateful to EuroFinance for recognizing our team as a finalist in the Risk & Resilience award category. Being recognized alongside so…
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Pleased to share that I've taken on the role of VP, Treasury Operations & Settlements. Thankful to everyone who has supported my journey, and…
Pleased to share that I've taken on the role of VP, Treasury Operations & Settlements. Thankful to everyone who has supported my journey, and…
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I'm honored to be quoted in Treasury Today's latest article, "How to Get the AI Ball Rolling." Over the past year, I've had the opportunity to…
I'm honored to be quoted in Treasury Today's latest article, "How to Get the AI Ball Rolling." Over the past year, I've had the opportunity to…
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Pleased to share that another key milestone has been achieved in the McDermott International, Ltd broader refinancing initiative with the pricing of…
Pleased to share that another key milestone has been achieved in the McDermott International, Ltd broader refinancing initiative with the pricing of…
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We're looking for a Hospitality Supervisor at The Fork - if agritourism is your thing, you've got industry experience... and you love cheese, well…
We're looking for a Hospitality Supervisor at The Fork - if agritourism is your thing, you've got industry experience... and you love cheese, well…
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I’m happy to share that I’ve obtained a new certification: Series 65 from NASAA!
I’m happy to share that I’ve obtained a new certification: Series 65 from NASAA!
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Relocating to the Mid Peninsula? I love working with buyers who are new to the area. Helping you find the right fit while you settle into a new job…
Relocating to the Mid Peninsula? I love working with buyers who are new to the area. Helping you find the right fit while you settle into a new job…
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After 18 amazing years, this was my last week at HP. Words can’t fully express how grateful I am for all the experiences, and more importantly, for…
After 18 amazing years, this was my last week at HP. Words can’t fully express how grateful I am for all the experiences, and more importantly, for…
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Senior Treasury Analyst Role I'm hiring a Senior Treasury Analyst to join our growing Treasury and Structured Finance team. It's an exciting time…
Senior Treasury Analyst Role I'm hiring a Senior Treasury Analyst to join our growing Treasury and Structured Finance team. It's an exciting time…
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Christopher Schelling, CAIA
I took information from Morningstar | Pitchbook's evergreen fund return data and categorized evergreen credit funds by multi-manager versus single manager. (Certainly, there are some that fall into a grey area, but generally speaking, the classifications are fairly binary and objective). Looking at the distribution of returns over 1-year (admittedly, a short period but this is a relatively young peer group) as of November 2025, it is fairly clear to me that these are functionally different products. The multi-manager category had a higher minimum return, higher fourth quartile return, and higher mean return. It even had a higher top quartile return. The only higher point in the single manager category is the max return, which means dispersion for single manager strategies is multiple times wider than it is for multi-manager funds. One is an asset, and the other is the asset class. Diversification is valuable, and especially so in credit. However, these aren't "fund of funds", and the perception of fees is the opposite of what one finds in reality. Given the higher leverage in BDCs, fees on gross assets, and typical carried interest, single manager products carry a much higher all-in average net expense ratio than the multi-manager vehicles do, about 8.5% versus 3.8%. I intend on updating this analysis when we can investigate multi-year periods across a big enough sample to see if results are similar. More to come.
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