Credit Markets | Chenavari

Our team of experts has been investing in their focused markets for most of their careers, and for most of them, since the inception of their market segment.

Within European Asset Backed Securities (ABS), Chenavari is one of the first players to capture the market dislocation of the European ABS market. We invest in both primary and secondary asset-backed securities and CLOs, with a focus on finding the best value across the capital structure, using our proprietary analytical tools.

Within European financials, our investment team benefits from our proprietary internal model to conduct detailed fundamental (such as screening of all issuers including callability, extension risk) and technical analysis (such as funds inflows and outflows). The team follows closely the impact of evolving regulatory impacts on the sector, allowing us to find relative value and directional opportunities across European banks and insurance companies across issuer typology (Universal Bank, Retail Bank, Investment Bank, Insurance Company, etc.) and capital structure.

Within Corporate Credit, we focus on alpha opportunities such as mispriced securities, better relative value between issuers, sectors or across the capital structure or macro themes. Our desk analyst model allows the investment and research teams to have immediate and in-depth dialogue on fundamental credit analysis and related news flow on a real-time basis.

Within Index, Options & Tranches, Chenavari has been an active player since its inception and our ability to understand and trade in the index, options and tranche markets have allowed us to construct efficient solutions to investors and to our funds, either as a short product or as an investment.

We believe our team’s deep knowledge of the cash and derivatives markets and the cohesiveness of the team across different segments of the Credit Markets has been one of our strengths in allowing us to find relative value, within and between these market segments.

We have built a risk team which consists of ex-traders and quants to truly challenge our investment ideas. Through our proprietary risk system “CLARK”, our investment team can run risk scenarios on a real-time basis, allowing us to manage the risk of our investments dynamically.

Strategies

Chenavari was one of the first players to capture the market dislocation of the European ABS market. The strategy takes an active trading approach in both primary and secondary asset-backed securities and other structured credit investments, with a focus on finding the best value across the capital structure

The long/short corporate credit strategy invests in relative value and directional opportunities across the capital structure in corporate markets, including Investment Grade, High Yield, and stressed/distressed situations

The long/short European financials strategy focuses on relative value and directional opportunities across the capital structure of financial issuers, with a focus on subordinated bank debt.

Fundamental credit selection is backed by a proprietary internal rating model and the team has a deep understanding of the impact of evolving regulatory impacts on the sector

The Convexity strategy utilises relative value and directional trading of well-diversified credit indices and their derivatives, targeting a convex payoff profile in the event of significant spread moves, whether widening or tightening.

The portfolio is built primarily with Investment Grade strategies

Products

Launched in 2012, our Multi-Strategy Credit fund aims to provide our investors with absolute returns across market cycles, by dynamically moving capital among several underlying credit strategies as market opportunities evolve. Thanks to our dedicated credit research team, we strive to uncover the best fundamental value opportunities throughout European credit markets

Launched in 2015, our dedicated UCITS Investment team pursues a European fundamental and trading-oriented Long/Short approach which aims at achieving positive risk-adjusted returns in both tightening and widening spread environments, with low volatility and low correlation to broad market indices

Chenavari manages a vehicle listed on the London Stock Exchange, predicated on the success of the firm's existing strategies

Chenavari Toro Income Fund Limited builds and expands upon the successful investment strategy of the firm's initial ABS strategy, Toro Capital. Toro Capital was an open-ended investment fund, which since its launch in 2009 invested in and actively traded a portfolio of asset-backed securities -- investment opportunities that principally arose from the 2008 global financial crisis. Chenavari Toro Income Fund Limited seeks to generate an attractive absolute return through ABS or loan investments, direct or indirect, in diversified sectors of the economy, and through the origination of credit portfolios

For further information please visit www.chenavaritoroincomefund.com

Disclaimer

All persons using the www.chenavari.com (“Chenavari Website”) expressly agree to the foregoing disclaimer as a pre-condition to using the Chenavari Website for any purpose whatsoever. The Chenavari Website gathers information about Chenavari Financial Group and Chenavari Credit Partners LLP (the “Chenavari Companies”). The Chenavari Website has been provided for information purposes only and may not be relied upon by you in evaluating the merits of investing in any securities or interests referred to on this website. This website is not for retail investors and is directed only at investment professionals as defined in Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 or qualified investors within the meaning of Article 2(1)(e) of the Prospectus Directive (“Qualified Investors”). For the purposes of this provision, the expression “Prospectus Directive” means Directive 2003/71/EC (as amended by Directive 2010/73/EU).

The Chenavari Companies may change these conditions, at any time, which will be posted accordingly on the Chenavari Website. Your access to the Chenavari Website is governed by the relevant conditions in place at the time of browsing. To the maximum extent permitted by law, the Chenavari Companies disclaim all liability to you arising out of your use of the Chenavari Website. All disputes relating to these conditions or your use of the Chenavari Website are governed by the laws of England and Wales. The Chenavari Website is intended solely for the use of eligible counterparties or professional clients, for the purposes of the UK Financial Conduct Authority’s rules, who can afford the risks inherent in the instruments offered or managed by Chenavari Companies. All persons subscribing for an investment must be able to bear the risks involved and must meet the suitability requirements relating to such investments.

The Chenavari Website is not intended as, and is not to be taken as an offer or solicitation with respect to the purchase or sale of any security or interest, nor does it constitute an offer or solicitation in any jurisdiction, including those in which such an offer or solicitation is not authorised to any person to whom it is unlawful to make such a solicitation or offer. None of the securities referred to in the website have been or will be registered under the US Securities Act of 1933 or the securities laws of any other jurisdiction, and may be offered and sold in the United States and elsewhere only in accordance with an applicable exemption from the registration requirements thereof. The funds have not been registered under the US Investment Company Act of 1940. Furthermore, Subject to certain exceptions, the securities referred to herein and on the pages that follow may not be offered, sold, resold, taken up, exercised, renounced, transferred, delivered or distributed, directly or indirectly, in Australia, Canada, or Japan or to any resident or citizen of Australia, Canada, or Japan. The offer and sale of the securities referred to herein and on the pages that follow have not been and will not be registered under the applicable securities laws of Australia, Canada, or Japan. or any other jurisdiction which would be prohibited by applicable law.

The following web pages contain information on foreign collective investment schemes which have not been approved by the Swiss Financial Market Supervisory Authority (FINMA) for distribution in or from Switzerland to non-qualified investors in accordance with Article 119 et seq of the Federal Act on Collective Investment Schemes of 23 June 2006 (“CISA”). The information contained in the following pages is only directed to “qualified investors” within the meaning of Article 10 CISA with domicile/registered seat in Switzerland.

By clicking on the “ACCEPT” button, you certify that you are a qualified investor, an institutional investor or a financial professional in your own Jurisdiction and that nothing prevents you from getting access to the information available on this website.

Whilst the information contained on the Chenavari Website has been given in good faith and every effort has been made to ensure its accuracy. The information and any opinions contained herein have been obtained from or are based on sources which are believed to be reliable. The Chenavari Companies expressly disclaim making any express or implied warranties with respect to the fitness of the information contained herein for any particular usage, its merchantability or its application or purpose. The Chenavari Website is not intended to constitute, and should not be construed as investment advice. Prior to making any investment or hiring any investment manager you should consult with a professional financial advisor, legal and tax advisor to assist in due diligence as may be appropriate and determining the appropriateness of the risk associated with a particular investment.

Furthermore, to the extent permitted by law, neither the funds managed by Chenavari Credit Partners LLP nor any of their agents, service providers or professional advisers assumes any liability or responsibility nor owes any duty of care for any consequences of any person acting or refraining to act in reliance on the information contained in the Chenavari Website or for any decision based on it. In particular, neither of the Chenavari Companies shall be liable for any direct or indirect loss or damage to you, any loss of profits, loss of business, revenue, data, goodwill or anticipated servicing, or any consequential loss or damage.

Any of the Chenavari Companies’ instruments should review the prospectus of the funds and strategies before making an investment decision and should rely only on the information contained in the instrument offering documentation. Past performance is not necessarily indicative of future results. The actual performance realised by any given investor will depend on, amongst other things, the Fund invested into, the class of shares/interests subscribed for the period during which such shares/interests are held and in what currency such shares/interests are held. Prospective investors should take appropriate advice, on the legal requirements, possible tax consequences, foreign exchange restrictions or exchange control requirements that they may encounter under the laws of the countries of their citizenship, residence or domicile and that may be relevant to the subscription, purchase, holding, exchange, redemption or disposal of any investments. Chenavari Companies reserve the right to terminate, at any time, any User’s account without giving notice or a reason for such termination to the User.

Users of the Chenavari Website may view, download and print information and materials for its personal and internal business use provided that all hard copies contain all copyright and other applicable notices; all content on the Chenavari Website is protected by copyright. All Users may not reproduce, modify, copy, alter in any way, distribute, sell, resell, transmit, transfer, license, assign or publish any information obtained from the Chenavari Website. Users shall not use this site at any time for any purpose that is unlawful or prohibited and shall comply with any applicable local, state, national or international laws or regulations when using the Chenavari Website. We are concerned about the privacy of any personal information you may provide to us through this Website.

Chenavari Companies, and the logos and marks included on the Chenavari Website that identify the Chenavari Companies’ services and products are proprietary materials. The use of such terms and logos and marks without the express written consent of Chenavari Companies is strictly prohibited. Copyright in the pages and in the screens of the Chenavari Website, and in the information and material therein, is proprietary material owned by Chenavari Companies unless otherwise indicated. The unauthorized use of any material on the Chenavari Website may violate numerous statutes, regulations and laws, including, but not limited to, copyright, trademark, trade secret or patent laws.

If any provision in this Disclaimer Agreement is held to be invalid or unenforceable, then the remaining provisions shall continue in full force and effect.

Telephone communications or conversations between an Investor and the Investment Manager, the AIFM or the Administrator will be recorded to the extent that that they result or may result in activities in financial instruments (as defined in MIFID II).

Strategies

ABS

Corporate Credit

Financials

Convexity

Products

Multi-Strategy

UCITS

Chenavari Toro

Disclaimer