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......................