Introduction

Chenavari Investment Managers (www.chenavari.com) is a specialist alternative asset manager focusing on the European markets. With 100+ professionals and c.$5.5 billion of Assets under Management, Chenavari’s funds target investment strategies across credit (corporate and high yield, financials, credit derivatives), structured finance (ABS, CMBS, Regulatory Capital) and illiquid opportunities (Private Debt, Real Estate, Consumer Finance, Private Equity).

 

Investment Objective

The investment objective of Toro Limited (the “Company”) is to generate attractive, risk-adjusted returns, through investing, and in some cases, trading opportunistically, in structured credit markets or asset backed transactions via three sub-strategies: Public Asset Backed Securities (“ABS”), Private Asset Backed Finance and Direct Origination.

 

Investment strategy

Public ABS strategy: The Company will opportunistically invest or trade in primary and secondary ABS markets to seek out opportunities that aim to unlock significant value from ABS investments that the Portfolio Manager considers to be mispriced by the market relative to their intrinsic value.

 

Private Asset Backed Finance strategy: Through the Portfolio Manager, the Company will leverage on the extensive relationships it has with European Banks and retail credit firms in order to gain access and invest in private asset backed finance transactions that are otherwise unlisted and difficult to source.

 

Direct Origination strategy: The Company will primarily invest, on a buy-to-hold basis, in originators of securitisation vehicles by retaining the requisite retention securities in such vehicles, pursuant to the relevant risk retention requirements in the EU or the US. This strategy benefits from a liquidity premium and ‘alpha’ by participating in the origination, as well as enhanced economics on the retained interests, with further added value derived from the team’s sourcing and structuring capabilities. Additional investment opportunities may also include providing warehouse credit facilities.

 

Type of Fund

Closed ended investment fund

 

Domicile

Guernsey, Channel Islands

 

Stock Exchange dealings

The Company’s shares are admitted to trading on the Specialist Fund Market of the London Stock Exchange and on the official list of  The International Stock Exchange. The Company’s TIDM or dealing code on the SFM TORO (Euro share class).

 

Key Parties

The Company has appointed Carne Global AIFM Solutions (C.I.) Limited as its AIFM with retained risk management oversight functions.
Chenavari Credit Partners LLP has been appointed as portfolio manager for the Company. For more information about Chenavari Credit Partners LLP please click here

  • Corporate broker: Fidante Capital (formerly Dexion Capital plc)
  • Administrator: Estera (formerly Morgan Sharpe Administration Limited)
  • Sub-Administrator: Quintillion Limited
  • Custodian: JPMorgan Chase Bank National Association, Jersey Branch
  • Registrar: Capita Registrars (Guernsey) Limited
  • Auditors: Deloitte LLP
Price and NAV performance

The Fund’s NAV will be determined by the Administrator on a monthly basis. Please see section entitled “Performance” on this website.

 

Target Returns and Dividend Policy

The Company’s target returns and dividend policy is set out in the Prospectus, which is available on the “Investors” section of this website.

 

ISA & SIPP eligible

Yes

 

Launch date

08 May 2015

 
Chenavari Investment Managers is the trading name of Chenavari Credit Partners LLP, authorised and regulated by the Financial Conduct Authority (FRN484392).