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Guggenheim Investments (“Guggenheim”) represents the following affiliated investment management businesses of Guggenheim Partners, LLC (“GP”): Guggenheim Partners Investment Management, LLC, Security Investors, LLC, Guggenheim Funds Investment Advisors, LLC, Guggenheim Funds Distributors, LLC, Guggenheim Real Estate, LLC, Transparent Value Advisors, LLC, GS GAMMA Advisors, LLC, Guggenheim Partners Europe Limited and Guggenheim Partners India Management. This material is intended to inform you of services available through Guggenheim Investments’ affiliate businesses. This information should not be viewed as representative of the experience of other investors and is no guarantee of future performance or success. The information presented herein has been prepared for informational purposes only and is not an offer to buy or sell, or a solicitation of an offer to buy or sell, any security or fund interest. No representation or warranty is made by Guggenheim Investments, including any related entities or affiliates as to the sufficiency, relevance, importance, appropriateness, completeness, or comprehensiveness of the market data, information or summaries contained herein for any specific purpose and we assume no liability for damages resulting from or arising out of the use of such information. The views expressed in this document are subject to change based on market and other conditions. Rankings Information and Publishers Institutional Investor U.S. Investment Management Awards: As part of the awards process, Institutional Investor’s editorial and research teams analyze investment strategies based on factors such as 1-, 3- and 5-year performance, Sharpe ratio, information ratio, standard deviation, and upside market capture. Each category is analyzed based on the factors used by institutional investors in their own searches. From this review, the magazine surveyed 1,000 institutions and used the results of that survey to tabulate the winners. The award is based on returns and risk characteristics for Guggenheim Investments’ Multi Credit Fixed Income strategy. eVestment: Guggenheim Investments composite peer rankings represent percentile rankings which are based on monthly gross of fee returns and reflect where those returns fall within the indicated eVestment Alliance (EA) universe. EA provides third party databases, including the institutional investment database from which the presented information was extracted. The EA institutional investment database consists of over 1,500 active institutional managers, investment consultants, plan sponsors, and other similar financial institutions actively reporting on over 10,000 products. Only information regarding full year performance and rankings is presented as Guggenheim Investments believes performance for a full year period is an important factor. Additional information regarding EA rankings for year to date and since inception performance of the composites is available on EA’s website. Creditflux: Creditflux Manager of the Year 2015 methodology is based on the highest average ranking across all Creditflux award categories where the manager is present among all credit managers active. The Creditflux “CLO” awards are performance-based awards presented to a CLO selected from the CLO universe, which includes US and European CLOs, and where possible differentiates between vintages. In 2011, 293 CLOs were submitted by approximately 50 CLO managers, and in 2012, 300 CLOs were submitted by 66 managers. In 2013, 394 U.S. and 193 European arbitrage CLO transactions were reviewed in the study. Performance is evaluated across the lifetime of a deal up to the end of the year preceding the award year. Through the use of its proprietary ParPlus formula in 2011 and its liquidation IRR in 2012, Creditflux judges the best performing deals to be those that have safeguarded debt investors’ principal and interest, while generating excellent returns for equity investors. The awards are calculated using data supplied directly by managers, but all finalists are checked against the performance data in CLO Master. For validation purposes, only CLOs in CLO Master will be eligible for an award. The Creditflux “Manager of the Year” award measures performance across a manager as a whole. The universe of managers is divided into European and US managers and again into those firms with more than $2bn of CLOs under management and those with $2bn or less under management. Managers must submit all of their deals or be penalized. A US CLO is a par-based cash securitization of at least $100 million of assets of which at least 60% are US corporate credit instruments and a European CLO is a par-based cash securitization of at least $100 million of assets of which at least 60% are European corporate credit instruments. The “Best U.S. CLO 2.0” is a category that measures the best CLO with a closing date between 2009 and 2011, based on liquidation IRR. Liquidation IRR is the internal rate of return equity investors would receive if a CLO had been liquidated on 31 December 2012, all its assets sold at market value and all proceeds and remaining cash distributed to investors in accordance with the cash flow waterfall. To achieve a positive liquidation IRR, CLOs must be able to repay all debt liabilities. Market values are based on an average of all managers’ marks for that asset. Creditflux applies a haircut for assets that are held by only one manager. The Creditflux’s “Best Called” deal of 2013 is based on a deal’s actual achieved final equity IRR. Creditflux’s annual CLO awards are based on the liquidation IRR methodology. Liquidation IRR is the internal rate of return equity investors would receive if each competing CLO had been liquidated on 31st December 2013 and all assets sold at market value. To calculate the return, all equity distributions up to 31st December 2013 were used and a final distribution based on the difference between the market value of the portfolio (including any cash accounts) and the outstanding liabilities on the liquidation date. To simplify calculations it was assumed that no fees were paid and that all excess cash on liquidation was paid to the equity investors. As part of the process, managers provided their list of marks as of 31st December 2013. Then the average (median) was determined and compared with independent pricing sources to calculate the liquidation value of the portfolio, including any cash accounts. More information about these awards can be reviewed on Creditflux’s website. Barron’s: Barron’s Best 100 Hedge Funds rankings is based on data as of December 2013, 2012, 2011 and 2010, respectively, and includes the fund assets of both on- and off-shore funds that meet the minimum fund size of $300 million. The rankings exclude funds that invest in a single country, sector, commodities or narrow asset types. At the request of Barron’s, BarclayHedge (barclayhedge.com), eVestment (evestment.com) and Morningstar (alternativeinvestments.morningstar.com) screened thousands of funds to identify those funds meeting Barron’s basic criteria. Barron’s verified each firm’s results. The other six funds to make Barron’s list for four consecutive years are: ECF Value Fund LP, Providence MBS Ltd, Barnegat Ltd, VR Global Partners LP, Palomino Fund (Appaloosa), and Dankse Investment Hedge Fixed Income Strategies. HFMWeek: HFMWeek is the largest, globally circulated magazine to the alternative investment industry. The HFMWeek US Performance Awards recognize and reward hedge funds that have outperformed their peers and demonstrated impressive growth. Funds submitting for this category had to meet the following criteria: management of the fund is based in the U.S. or Canada; have a minimum of $1 billion in assets under management; and must have a track record of 3 years ending with their June 2013 performance figures. More information about the HFMWeek U.S. Performance Awards can be reviewed on HFMWeek's website (www.hfmweek.com). Bloomberg: 100 Top Performing Large Hedge Funds: Rankings calculated using data supplied by hedge-fund research firms, hedge funds and investors. Assets and returns were for the 10 months ended on 10.31.2013. Top 200 Best Performing Fixed Income Directional Hedge Funds: Only funds with $50 million or more under management that have reported performance through 12.31.2012 are included. Although the rankings and award information presented herein has been obtained from and is based upon sources Guggenheim Investments believes to be reliable, no representation or warranty, expressed or implied, is made as to the accuracy or completeness of that information. None of Guggenheim’s investment products discussed in this presentation are sponsored, endorsed, sold or promoted by eVestment Alliance, Creditflux, Barron’s, Bloomberg, Institutional Investor, or HFM Week (collectively, the Ranking Firms). None of the Ranking Firms make any representation, condition, warranty, express or implied, to prospective or existing investors of any of Guggenheim’s investment product discussed in this presentation or any member of the general public regarding the advisability of investing in securities generally or in any Guggenheim investment product particularly. None of the Ranking Firms are responsible for and none has participated in the determination of the prices of interests in any Guggenheim investment product or the timing of the issuance or sale of the interests of any Guggenheim investment product. In addition, none of the Ranking Firms have any obligation or liability in connection with the administration, marketing, or trading of the interests of any Guggenheim investment product.


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Guggenheim Investments represents the following affiliated investment management businesses of Guggenheim Partners, LLC: Guggenheim Partners Investment Management, LLC, Security Investors, LLC, Guggenheim Funds Distributors, LLC, Guggenheim Funds Investment Advisors, LLC, Guggenheim Corporate Funding, LLC, Guggenheim Partners Europe Limited, Guggenheim Partners Fund Management (Europe) Limited, Guggenheim Partners Japan Limited, GS GAMMA Advisors, LLC, and Guggenheim Partners India Management.