Tradable Credit | Chenavari

Within the Tradable Credit markets, we are active in the key segments of Asset Backed Securities (ABS), Corporate Credit, Financials and index derivatives.

At Chenavari, we see credit markets as driven by an inter-connected set of fundamental and technical factors.

Fundamental research underpins each of our strategies, with the goal of identifying attractive relative value opportunities across capital structures, between issuers and across maturities, in both cash and derivatives markets.

This fundamental approach is complemented by our deep understanding of technical factors (such as liquidity) and the impact of regulatory changes. Together, this enables us to take a flexible and dynamic long/short approach, focused on alpha generation while hedging tail risks.

Our assets under management include commingled funds and bespoke customisable solutions for investors.

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

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