Approach

Investing efficiently in credit & structured finance markets requires both credit fundamental and technical skills. Further to the strong growth of credit markets (2000-2008) and the market dislocation that followed, our markets have become increasingly technical, as the influence of what we call the “new dimensions of credit risk” have increased.

The team at Chenavari brings a unique combination of sell-side and buy-side expertise together to effectively understand and manage credit portfolios in this environment. Our investment process begins with a “top-down” analysis of macro themes. Once these themes are established we make “opportunistic” fundamental credit picks across a variety of different credit market sub-strategies.

The portfolio management teams at Chenavari use this combination of technical and fundamental skills to identify idiosyncratic investment opportunities across the full spectrum of European credit.

European bank deleveraging is one of our current key investment themes, which leads our investment teams to find ways to benefit from so called  “uneconomic behaviour” of  institutions involved in balance-sheet downsizing.