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Alternative Market Briefing

Chenavari’s multi-strategy fund enjoys strong growth over 2013

Thursday, August 22, 2013

Beverly Chandler, Opalesque London:

Chenavari Investment Managers’ multi-strategy fund is up 11.79% to end July this year. The Multi Strategy approach profits from opportunities across Corporate Credit, Financials, ABS and Real Estate Debt. The fund's multi-strategy share class (MS2) allows investors to benefit from a dynamic allocation within European credit opportunities, the firm writes.

Commenting on the month’s performance, the firm writes: "Following the sharp selloff in Jun/13 July was a month of normalisation. In July we had further evidence of global economical activity firming up with leading indicators in Europe and USA climbing higher. The slowdown in China seems to have stabilised with export and import figures bouncing off the lows which also contributed to a better tone in the markets. Towards the end of the month the short squeeze had erased all widening occurred in the previous month while the US Equity market reached new highs."

While stockmarkets, Eurostoxx and S&P ended the month at +6.36% and +4.95% respectively, in Credit, iTraxx Main 5Y tightened 20bps to close the month at 100bps and CDX IG 5Y tightened 10bps to close at 76bps."Such a positive tone was exacerbated by a good earnings season and spilled effortlessly into the European ABS market. Indeed, spreads moved tighter across the board in spite of muted activity induced by the summer lull. Latest changes of the ECB collateral f......................

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