Cayenne convertible : TCTL

Cayenne convertible – maturing in 2016 and paying a coupon of 3.25% – are convertible into the ordinary shares of the Cayenne Trust.

The Cayenne Trust aims to achieve consistent positive total returns by investing in UK investment trusts and other closed-end funds. Derivatives are used to preserve capital and minimise NAV volatility and a focused portfolio of diversified assets reduces stock specific risk. They say management independence allows them an active approach and say Cayenne has a long track record of working with boards/managers to realise value.