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Alternative Market Briefing

High octane Chenavari continues to perform despite difficult month

Tuesday, June 19, 2012

Beverly Chandler, Opalesque London: May results for the range of funds from Chenavari Investment Managers showed a net performance of 1.11% in May for the European ABS Strategy, bringing the year to date figure to 10.56%. The annualized return of the European ABS strategy (Toro Capital IA - A Share class), which focuses on European asset backed securities is 67.33% pa since inception in June 2009, a year in which it achieved a return of 80.12% in six months.

In an interview with Opalesque TV, Loic Fery, founder and managing partner, detailed the high octane performance of the firm, founded in 2008 and with assets close to $2bn.

In their commentary on the fund, Chenavari reported that uncertainty about the Greek political situation coupled with raising concerns over Spanish banks and sudden deterioration of the global growth outlook eventually unwound the rally initiated in the first quarter. "Hence, peripheral bond yields surged as the Spanish-German 10yr spread widened to 535bp while Eurostoxx 50 closed the month 8.85% lower. Whereas eurozone break-up fears appear somewhat overstated, the trajectory of recent data indicates a longer and deeper recession in Europe exacerbated by a waning global growth and major tail risk derived from potential political blunder. Despite such uncertainty, European primary ABS issuance continued to benefit from a strong real money demand with four ......................

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