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Stillwater New Finance Fund

Tuesday, March 13, 2007
Focuses on asset backed lending with a minority of the portfolio invested in asset backed securities.

A SQUARE :: 13Mar07 Stillwater New Finance Fund
Category Asset Backed Lending
Author Sona Blessing
Focus: Asset backed lending: real estate, inventory, commodity, receivables, insurance and service fee rights -backed, among others.


A minority of the portfolio includes asset backed securities (ABS) strategies such as CLOs, CMOs, CDOs, specialty finance etc.


Targeted annual returns: 9-11% and annualised volatility 3% or lower


Strengths: 10 years of investing, experience in the asset backed space; the fund has had no negative months since its inception


Weaknesses: fairly illiquid


Opportunities: the emergence of more ABL and ABS managers and the increase in credit risk transfer from bank balance sheets to hedge fund.

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