Chenavari Investment Managers (www.chenavari.com) is a specialist alternative asset manager focusing on the European markets. With 100+ professionals and c.$5.5 billion of Assets under Management, Chenavari’s funds target investment strategies across credit (corporate and high yield, financials, credit derivatives), structured finance (ABS, CMBS, Regulatory Capital) and illiquid opportunities (Private Debt, Real Estate, Consumer Finance, Private Equity).
The investment objective of Chenavari Toro Income Fund Limited (the “Company”) is to generate attractive, risk-adjusted returns, through investing, and in some cases, trading opportunistically, in structured credit markets or asset backed transactions via three sub-strategies: Public Asset Backed Securities (“ABS”), Private Asset Backed Finance and Direct Origination.
Public ABS strategy: The Company will opportunistically invest or trade in primary and secondary ABS markets to seek out opportunities that aim to unlock significant value from ABS investments that the Portfolio Manager considers to be mispriced by the market relative to their intrinsic value.
Private Asset Backed Finance strategy: Through the Portfolio Manager, the Company will leverage on the extensive relationships it has with European Banks and retail credit firms in order to gain access and invest in private asset backed finance transactions that are otherwise unlisted and difficult to source.
Direct Origination strategy: The Company will primarily invest, on a buy-to-hold basis, in originators of securitisation vehicles by retaining the requisite retention securities in such vehicles, pursuant to the relevant risk retention requirements in the EU or the US. This strategy benefits from a liquidity premium and ‘alpha’ by participating in the origination, as well as enhanced economics on the retained interests, with further added value derived from the team’s sourcing and structuring capabilities. Additional investment opportunities may also include providing warehouse credit facilities.
Type of Fund
Closed ended investment fund
Guernsey, Channel Islands
Stock Exchange dealings
The Company’s shares are admitted to trading on the Specialist Fund Market of the London Stock Exchange and on the official list of The International Stock Exchange. The Company’s TIDM or dealing code on the SFM TORO (Euro share class).
The Company has appointed Carne Global AIFM Solutions (C.I.) Limited as its AIFM with retained risk management oversight functions.
Chenavari Credit Partners LLP has been appointed as portfolio manager for the Company. For more information about Chenavari Credit Partners LLP please click here
- Corporate broker: JP Morgan Cazenove
- Administrator: Estera (formerly Morgan Sharpe Administration Limited)
- Sub-Administrator: Quintillion Limited
- Custodian: JPMorgan Chase Bank National Association, Jersey Branch
- Registrar: Capita Registrars (Guernsey) Limited
- Auditors: Deloitte LLP
Price and NAV performance
The Fund’s NAV will be determined by the Administrator on a monthly basis. Please see section entitled “Performance” on this website.
Target Returns and Dividend Policy
The Company’s target returns and dividend policy is set out in the Prospectus, which is available on the “Investors” section of this website.
ISA & SIPP eligible
08 May 2015
Chenavari Investment Managers is the trading name of Chenavari Credit Partners LLP, authorised and regulated by the Financial Conduct Authority (FRN484392).