Destra International & Event-Driven Credit Fund
CEDIX
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ROIC.AI
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- BlueBay Destra International Event-Driven Credit Fund (ticker: CEDIX) is a continuously offered, closed-end interval fund that seeks to provide attractive total returns consisting of income and capital appreciation through investments in credit-related instruments with event-driven potential. The Fund, organized as a Delaware statutory trust, invests at least 80% of its total assets in bonds, debt securities, loans, derivatives, and cash equivalents issued by U.S. and non-U.S. public- or private-sector entities, including emerging markets issuers; under normal conditions, at least 40% targets non-U.S. issuers with no limits on credit quality, duration, or maturity. It pursues opportunities across the credit cycle via an event-driven strategy focusing on corporate, market, or regulatory events such as restructurings, spin-offs, mergers, tender offers, bankruptcies, shareholder activism, litigation, debt/equity offerings, product launches, regulatory changes, covenant issues, and management shifts; the strategy employs long and short positions in debt (fixed- or floating-rate bonds and loans), equity securities (including ETFs, preferred stock, warrants, options, depositary receipts, and futures), limited to 20% of assets in equities at investment. Complementing core credit holdings, the Fund incorporates opportunistic, stressed, distressed, core income, and credit shorts/hedging sleeves, with geographic exposure spanning Europe (e.g., Germany, Luxembourg, UK, Netherlands, Norway, Sweden), Bermuda, Canada, Cayman Islands, emerging markets (e.g., Bahamas, Saudi Arabia, UAE), and select U.S. positions, targeting issuers in industries like oil & gas services, real estate, apparel, building materials, and leisure. Headquartered at 443 North Willson Avenue, Bozeman, Montana 59715, the Fund commenced operations on May 9, 2018, and is advised by Destra Capital Advisors LLC with sub-advisory from RBC Global Asset Management (UK) Limited's BlueBay Special Situations team in London. In April 2023, operations of prior sub-adviser BlueBay Asset Management LLP consolidated into RBC BlueBay, transferring the sub-advisory agreement; the Fund marked its seventh anniversary in May 2025, affirming strong risk-adjusted performance amid volatility, including top interval fund rankings over 3-, 5-, and inception periods as of September 30, 2024.