Overview
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.
Fundamentals
Price
Research History
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10 Aug 2020 10 min read
QuotedData’s Investment Companies Roundup – August 2020
Investment Companies Roundup Kindly sponsored by Baillie Gifford and Aberdeen Standard Investments Table of contents New research Performance data Discounts and premiums Money in and out Major news stories Income Events Guide Appendix – Performance by sector full list New research Here is a list of research we published over July: Seneca Global Income & Growth – […]
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6 min read
QuotedData’s Economic Roundup – August 2020
Economic & Political Roundup Kindly sponsored by Allianz A collation of recent insights on markets and economies taken from the comments made by chairmen and investment managers of investment companies – have a read and make your own minds up. Please remember that nothing in this note is designed to encourage you to buy or sell […]
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07 May 2020 11 min read
QuotedData’s Investment Companies Roundup – May 2020
Investment Companies Roundup Kindly sponsored by Baillie Gifford and Aberdeen Standard Investments Table of contents New research In this issue Performance data Discounts and premiums Money in and out Major news stories Income Events Guide Appendix – Performance by sector full list New research Here is a list of research we published over April: An update note […]
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07 Apr 2020 7 min read
QuotedData’s Economic Roundup – April 2020
Economic & Political Roundup Kindly sponsored by Allianz A collation of recent insights on markets and economies taken from the comments made by chairmen and investment managers of investment companies – have a read and make your own minds up. Please remember that nothing in this note is designed to encourage you to buy or sell […]
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12 Nov 2019 7 min read
QuotedData’s investment companies roundup – November 2019
Investment Companies Roundup Kindly sponsored by Baillie Gifford New research Over October, we published notes on Pacific Horizon, Seneca Global Income & Growth, Premier Global Infrastructure, Polar Capital Global Financials, Ecofin Global Utilities and Infrastructure, Aberdeen Standard European Logistics Income and Herald. Additionally, as part of our enhanced coverage of the property sector, we launched […]
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11 Sep 2019 4 min read
QuotedData’s investment companies roundup – September 2019
Investment Companies Roundup Kindly sponsored by Baillie Gifford New research Over August, we published notes on Aberdeen Emerging Markets and JLEN Environmental Assets . You can read all these notes by clicking on the links above or by visiting www.quoteddata.com. In this issue Performance data – appetite for risk was generally down in August, as […]
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05 Jul 2019 8 min read
QuotedData’s economic roundup – July 2019
Economic & Political Roundup A collation of recent insights on markets and economies taken from the comments made by chairmen and investment managers of investment companies – have a read and make your own minds up. Please remember that nothing in this note is designed to encourage you to buy or sell any of the […]
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07 Feb 2018 2 min read
QuotedData investment companies roundup – February 2018
QuotedData investment companies roundup – February 2018 – is our latest roundup of news; price, NAV and discount movements; flows in and out of the sector and report on full year dividends announced over the month of January 2018. Kindly sponsored by Baillie Gifford. The oil price was up again over the month and this helped propel […]
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2 min read
QuotedData’s economic round up – February 2018
QuotedData’s economic round up – February 2018 is a collation of recent insights on markets and economies taken from the comments made by chairmen and investment managers of investment companies – have a read and make your own minds up. Please remember that nothing in this note is designed to encourage you to buy or sell […]
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16 May 2017 2 min read
QuotedData investment companies roundup – May 2017
QuotedData investment companies roundup: Our latest roundup of news; price, NAV and discount movements; flows in and out of the sector and report on full year dividends announced over the month of April 2017. Kindly sponsored by Baillie Gifford. Money in: The only new launch in April was EJF Investments, a £69m fund trying to take advantage of […]
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10 Apr 2017 1 min read
QuotedData investment companies roundup – April 2017
Our latest roundup of news; price, NAV and discount movements; flows in and out of the sector and report on full year dividends announced over the month of February 2017. Kindly sponsored by Baillie Gifford. April Investment Companies Roundup
News
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03 Feb 2021 2 min read
QuotedData’s morning briefing 3 February 2021
In QuotedData’s morning briefing 3 February 2021 – Chenavari Toro Income (TORO) reported annual results to 30 September 2020, with the total return NAV coming in at -11.2%. The share price total return was -15.2%. TORO’s chairman, Frederic Hervouet, noted that “TORO’s base case was assuming a second wave of defaults in H1 2021 with the annualised […]
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08 Dec 2020 2 min read
QuotedData’s morning briefing 8 December 2020
In QuotedData’s morning briefing 8 December 2020 – Syncona’s Autolius reported positive results in its ALLCAR Phase 1 study, where it is using AUTO1 to treat Adult Acute Lymphoblastic Leukemia. COVID has delayed phase 2 – it says that “…enrolment projections have had to be adjusted. We now expect to enroll patients throughout 2021 with a […]
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08 Jun 2020 3 min read
Chenavari Toro Income announces measures aimed at narrowing persistent discount
Chenavari Toro Income (TORO), the debt – structured finance company. announced the implementation of a series of new initiatives aimed at narrowing the share price discount to NAV. The initiatives are listed as: “An enhanced dividend policy: The Company is targeting a quarterly dividend yield of 2.5 per cent. (by reference to NAV) equating to […]
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02 Apr 2020 2 min read
QuotedData’s morning briefing 2 April 2020
In QuotedData’s morning briefing 2 April 2020 JZ Capital makes probably the least useful announcement we have seen to date on COVID-19 – highlights include “At this time, given the general levels of uncertainty, it is difficult to accurately gauge the potential impact of the COVID-19 outbreak on the company. However, the outbreak is currently having […]
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27 Mar 2020 2 min read
Chenavari Toro updates on covid-19
Chenavari Investment Managers, the manager of Chenavari Toro (Toro) has provided an update, on its website, on its response to the outbreak of covid-19. A link to the full article is provided below. However, we are providing some key takeaways here: Volatility and dispersion are expected to continue for some time. The manager’s “fundamental long/short […]
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13 Feb 2020 1 min read
QuotedData’s other news 13 February 2020
In QuotedData’s other news 13 February 2020 Chenavari Toro says just 3.4% of its shares in issue were tendered in it the latest offer. Holders of 10.6m shares worth €9.1m will be able to cash in their holding in full. Today, the company’s broker will try to find buyers for up to 8.3m of its treasury […]
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05 Aug 2019 1 min read
QuotedData’s other news 5 August 2019
In QuotedData’s other news 5 August 2019 Chenavari Toro’s tender offer for 5% of its shares was not taken up in full – just 2.9% of shares were tendered validly – the company will shrink by just under €8m. Foresight Solar has refinanced 312MW of solar farms with a GBP170 million term loan facility, a GBP65 […]
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04 Jul 2019 1 min read
QuotedData’s other news 4 July 2019
In QuotedData’s other news 4 July 2019: Ashoka India Equity raised £5m from its issue of stock – it will issue 4,742,972 of its shares at a price of 111.7p. Cambria says that Payserv Africa Limited and Paynet Zimbabwe (Pvt) Ltd have instructed their legal practitioners in Zimbabwe, Titan Law, to commence legal action against the Bankers […]
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23 Jan 2018 5 min read
Chenavari Toro suspends buybacks until it can find other buyers
Chenavari Toro suspends buybacks until it can find other buyers – Chenavari Toro Income Fund says that, for the year ended 30 September 2017: The NAV total return was 8.92% and the share price total return was 10.75% (2016: 3.27% and -15.23% respectively). During the year, the NAV increased by 2.54% (2016: -4.10%) to close at 99.85 […]
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12 May 2017 1 min read
Toro ups its dividend target
Toro’s dividend target has been increased to at least EUR 0.08 per ordinary share per annum, compared to the initial target of EUR 0.05 (annualised) stated in the prospectus published in connection with the company’s May 2015 IPO. This follows the dividend increase to EUR 0.015 per ordinary share for Q1 2017 announced on 24 […]
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26 May 2016 2 min read
Widening discount hits Toro’s returns
Toro has published its first set of accounts. The company’s shares were admitted for trading on the 8 May 2015. The share price was 83 cents as of 31 March 2016, trading then at a discount to NAV of 13.82%. Over the period the company generated a loss of EUR4.5 million or a loss of 1.23 […]
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28 Jan 2016 1 min read
Toro gets off to good start but moves to discount
Toro has published its first set of accounts, covering the period from 2 March 2015 to 30 September 2015. It raised €331.8m (gross of issue costs) on 8 May 2015 when it IPOd. There were two additional placings made during the Period, €16.4m (gross of issue costs) on 17 July 2015 and €8.8m (gross of issue costs) […]
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21 Dec 2015 5 min read
Henderson Alternative Strategies sees performance pick up in second half
Henderson Alternative Strategies Trust has announced its annual results for the year ended 30 September 2015. During the period, the Company delivered a NAV total return of -5.0% compared with a 0.8% rise in its FTSE World Total Return Index global equity benchmark. However, the board say that they are very encouraged to see that […]
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28 Sep 2015 1 min read
Toro invests in non-performing Spanish debt
Toro Limited has invested approximately €31.25m in instruments backed by the performance of a granular non-performing loan portfolio of small and medium sized enterprise (SME) loans and secured residential loans. This co-investment will be junior to any senior financing of the portfolio, and backed proportionately by loan exposures to 1654 SMEs and to 2283 secured residential […]
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20 Jul 2015 1 min read
Investment trusts see largest ever new issue
QuotedData reports that the investment trust sector expanded by about GBP2.4 billion over the second quarter of 2015, taking in close to GBP2.9 billion and handing back just over GBP450 million. The firm comments that many of the funds raising money are not designed to throw off high levels of income, suggesting that investors are […]