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Alternative Market Briefing

Chenavari finds performance across the board

Thursday, August 16, 2012

Beverly Chandler, Opalesque London: Chenavari Investment Managers have continued with their strong performance this year, with July figures showing positive returns across their range of funds.

The Toro Capital fund, representing the European ABS strategy, is up 1.95% in July, 14.01% year to date; the Corporate Credit Strategy fund is up for 1.74% over July, 6.55% year to date; the Real Estate debt fund is up 2.58% over July and 5.50% year to date and the Regulatory Capital Strategy is up 4.41% over July, 17.88% year to date.

Chenavari was founded by Loic Fery in 2008 and has assets close to $2bn. In their notes to investors on the funds, the firm commented that the European ABS Strategy fund - Toro Capital 1A - is an actively managed fund with no leverage, targeting net returns of 20% p.a. from a diversified portfolio of European ABS/MBS/CDO. The month of July, they commented, saw global market movements dictated by rhetoric and rumors leaking from various European Parliamentary officials and the European Central Bank. Most notable, the firm says was Mario Draghi’s statement "Believe me, it will be enough [to save the Euro]".

Chenavari writes: "Some commentators were brave enough to raise the credibility issue as Draghi’s predecessor Jean-Claude Trichet had (coincidently almost exactly one year earlier) stated that "specul......................

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