Chenavari Toro Income Fund Limited Targeted Returns (4636S)
June 25 2018 - 6:30AM
UK Regulatory
TIDMTORO
RNS Number : 4636S
Chenavari Toro Income Fund Limited
25 June 2018
Chenavari Toro Income Fund Limited (the Company)
25 June 2018
Targeted Returns
The Board of Directors has reviewed the Company's investment
opportunity set particularly in the light of the net target return
of 12-15 per cent originally set out in the Offering Memorandum
dated 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 from the
strategy in current conditions. The Board will keep the return
target - a guide as to what investor might expect from the strategy
- under regular review.
To put the targeted performance in perspective, it should be
noted that the portfolio manager has considered it so far prudent
not to use leverage. Moreover, the portfolio continues to be fully
FX hedged and balanced asset allocation and strategic hedging are
used to keep under control the maximal potential drawdown in any
scenario. This places Toro in the lower risk band of the European
Structured Debt investments as compared to its peers.
The above change on return expectation has no impact on the
ability of the company to service its dividend - thus the Board
continues to believe that the Company's performance can support the
minimum dividend target of EUR 0.08 per ordinary share for the
coming twelve months.
The net 9-11 per cent target is consistent with the rebalancing
of the portfolio that is taking place from lower yielding public
securities to higher yielding private opportunities and credit
origination. Once this rebalancing is complete, the Board will
review whether the net 12-15 per cent target is again
appropriate.
Further information in relation to the Company is available
at:
http://www.chenavaritoroincomefund.com
Enquiries:
Kirstie Sumarno
Chenavari Investment Managers
Email: tlir@chenavari.com
Telephone: +44 20 7259 3600
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END
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