Chenavari Toro Income Fund Limited (formerly Toro) aims to deliver an absolute return from (i) investing and trading in Asset Backed Securities and other structured credit investments in liquid markets and, (ii) investing directly or indirectly in asset backed transactions including, without limitation, through the origination of credit portfolios. They will invest in a diversified portfolio of exposures to predominantly European based obligors. Toro’s investment strategies will be:
- The Opportunistic Credit Strategy – the Company will opportunistically invest or trade in primary and secondary market Asset Backed Securities and other structured credit investments including private asset backed finance investments.
- The Originated Transactions Strategy – the Company will invest in transactions on a buy-to-hold basis, via a variety of means, including, without limitation, Warehouse Credit Facilities, which can originate credits that may be refinanced in structured credit markets as well as other financing opportunities
You can access the company’s website here
The fund, which is listed on the Specialist Funds Market, isn’t aimed at retail investors.
25 June 2018: The board has reviewed the company’s investment opportunity set, in the light of the net target return of 12-15 per cent originally set out in 2015. Since that time markets have evolved such that the board now believes a net return target of 9-11 per cent more accurately reflects the return which is achievable in current conditions.