Astra’s first fund was launched in January 2013 to invest across the asset backed securities universe with focus on synthetic commercial real estate assets. It is a dynamic credit fund capitalising on the market premium for structurally complex assets. The management team seeks to generate positive absolute returns through investments in structured credit assets in the US and Europe.

Astra carries out a rigorous credit analysis not only in structurally complex 1.0 credit issuances (pre-crisis), but also invests in 2.0 credit products (post-crisis) such as collateralised loan obligations (CLO), residential and commercial mortgage-backed securities and corporate loans. Astra currently targets attractive returns through investments in relative value arbitrage opportunities in the US and Europe, with focus on corporate and mortgage-backed credit securities.

Astra maintains a disciplined investment process that combines a deep fundamental credit and structural analysis with quantitative asset pricing and risk modelling. This remains a source of superior fund performance for the past 9 years.


Creating value

Availability of cheap credit has resulted in significant price inflation for safe, investment grade instruments; however, dislocations have emerged in relation to complex credit assets, which are often poorly rated. When evaluating or structuring a solution for private transactions, Astra uses a combination of investment tools to underwrite the risks, thus placing investors in an optimum position to generate excellent returns on its investments.

Investing in complexity

Changes in the regulatory environment and lack of broader pricing expertise, including correlation and liquidity risks, renders complex credit undervalued. Astra’s primary strategy is to source such mispriced credit instruments and invest where other market participants do not.

Active management

At Astra, delivering performance is not just limited to making buy or sell decisions through active monitoring; Astra also actively engages with other stakeholders such as issuers, trustees and operating advisers to ensure the best possible outcome in situations where a debt restructuring or an alternative resolution becomes necessary.

Core strategies

Catalyst Driven Credit

Catalyst driven investment with convex returns profile.
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Direct Origination

Yield enhancement through off-the-run bespoke solutions.
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Tactical Credit

Focused on relative value trades with short/medium time horizon.
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Short Opportunities

Credit defailt swap may be used to express a fundamental short view or as capital structure relative value.
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