Luna Marteen
Partner, Halden Capital
Fiduciary Credit was the first desk that could talk about a working interest and a refiner’s crack spread in the same conversation. The upstream allocation they built for us has behaved the way they said it would through two price cycles, and the monthly reporting is honest about what did not work.
We wanted energy exposure without taking single well risk. The blended mandate gave us producing assets and listed names in one book, and the hedging structure held up when gas moved hard against us.
Their coverage of the oilfield services names is the sharpest we get from anyone. Clear reasoning, real numbers, and no house view dressed up as research.
The discovery call alone was worth it. They talked us out of an allocation that was too concentrated and gave us a version we could actually live with through a drawdown.
Monthly reporting that a non specialist can read, with a clear line on where the yield is coming from. That transparency is rarer than it should be.
They hedge to the real barrels, not a round number. When the strip moved against us the collar did exactly what they said it would.