For financial professionals in Denmark

Secured Loans Fund

A UK-domiciled QIS providing investors with a defensive portfolio of higher-quality borrowers in the European loans market.

ISIN
GB00B5PWZL10

NAV
EUR 13.46
As of 01/02/2023

1-Day Change
EUR 0.02 (0.13%)
As of 01/02/2023

Overview

INVESTMENT OBJECTIVE

The Fund's aim is to generate investment returns by investing in a diversified portfolio of secured loans and sub participations in secured loans denominated in any currency. The Fund may invest in other transferable securities, senior secured floating rate notes, money market instruments, derivatives and forward transactions, deposits and units in collective investment schemes. The assets of the Fund will be generally denominated in Euros or Sterling.

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The Fund’s aim is to generate investment returns by investing in a diversified portfolio of secured loans and sub participations in secured loans denominated in any currency. The Fund may invest in other transferable securities, senior secured floating rate notes, money market instruments, derivatives and forward transactions, deposits and units in collective investment schemes. The assets of the Fund will be generally denominated in Euros or Sterling.

The Fund will normally spread its assets across no fewer than 25 loans and will not normally place more than 10% in loans to any one issuer or its affiliates.

The Fund may hold cash. This will not normally exceed 20% of its assets.

The Fund may hold and use derivative instruments including, but not limited to, credit linked notes and currency forwards.
The Fund may borrow, but borrowings will not normally exceed 25% of the net asset value of the Fund, more extensive borrowing is allowed in exceptional circumstances. Exceptional circumstances are considered to be market opportunities, for instance where loans are available with attractive credit fundamentals or if market demand is expected to rise.

No more than 15% of the Fund's assets will consist of units in other collective investment schemes.

Less

The value of an investment and the income from it can fall as well as rise as a result of market and currency fluctuations and you may not get back the amount originally invested.
Potential investors must read the prospectus, and where relevant, the key investor information document before investing.
This website is a Marketing Communication and does not qualify as an investment recommendation.

ABOUT THIS FUND

  • Unleveraged, conservative, and active investment strategy focused on bottom-up credit and instrument selection.
  • Experienced specialist loans team made up of significant market participants with a long history of loan investments.
  • Portfolio of floating-rate assets, providing the ability to act as a natural hedge against rising interest rates and inflation.
Past performance does not predict future returns. 
 

PORTFOLIO MANAGEMENT

David Milward

Head of Loans | Portfolio Manager

Industry since 1989. Joined Firm in 2001.

Tim Elliot

Portfolio Manager

Industry since 1996. Joined Firm in 2014.

Performance

Past performance does not predict future returns. All performance data includes both income and capital gains or losses and reflects the deduction of any ongoing charges or other fund expenses.
Cumulative & Annualised Performance (%)
As of 31/12/2022
Y Acc EUR Hedged (Net) ESTR
 
  Cumulative Annualised
1MO YTD 1YR 3YR 5YR 10YR Since Inception
21/11/2012
Y Acc EUR Hedged (Net) 0.74 -3.90 -3.90 0.75 1.18 2.27 2.40
ESTR 0.14 -0.01 -0.01 -0.33 -0.34 -0.19 -0.18

Index Description

The CS Western European Leveraged Loan Index is a measure of the combined performance of eligible Western European leveraged loans. It provides a useful comparison against which the Fund's performance can be assessed over time.

Calendar Year Returns (%)
As of 31/12/2022
Y Acc EUR Hedged (Net) ESTR
YTD 2022 2021 2020 2019 2018 2017 2016 2015 2014 2013
Y Acc EUR Hedged (Net) -3.90 -3.90 5.51 0.84 3.73 -0.03 2.83 4.31 2.76 1.54 5.43
ESTR -0.01 -0.01 -0.56 -0.43 -0.36 -0.33 -0.33 -0.26 -0.02 0.21 0.22

Index Description

The CS Western European Leveraged Loan Index is a measure of the combined performance of eligible Western European leveraged loans. It provides a useful comparison against which the Fund's performance can be assessed over time.

Calendar Year Returns (%)
Year Y Acc EUR Hedged (Net) Index
2022 -3.90 -0.01
2021 5.51 -0.56
2020 0.84 -0.43
2019 3.73 -0.36
2018 -0.03 -0.33
2017 2.83 -0.33
2016 4.31 -0.26
2015 2.76 -0.02
2014 1.54 0.21
2013 5.43 0.22
2012 from 21/11/2012 1.58 0.02
FEE INFORMATION
Initial Charge 0.00%
Annual Charge 0.60%
Ongoing Charge
(As of 31/08/2022)
0.71%

Portfolio

Top Holdings (As of 31/12/2022)
% OF FUND
Masmovil 7/20 EUR Term B 9/27 2.05
Ultra / EUR Term B 8/29 2.00
Nord Anglia Education Finance 6/17 EUR Term B 9/24 1.94
Inovie / EUR Term B 3/28 1.93
Tilney 12/18 GBP Term B 12/25 1.78
Ethypharm / GBP Term B 4/28 1.75
Altice Financing / EUR Term B 10/27 1.72
Archroma 7/17 EUR Term B1 7/24 1.71
Galileo Global Education / EUR Term B 7/28 1.69
Rocket Software 5/21 EUR Term 11/25 1.66

Documents

  • The value of the Funds and the income from them is not guaranteed and may fall as well as rise. You may get back less than you originally invested.
  • Past performance does not predict future returns.
  • Third party data is believed to be reliable, but its completeness and accuracy is not guaranteed.
  • An issuer of a bond (or money market instrument) may become unable or unwilling to pay interest or repay capital to the Fund. If this happens or the market perceives this may happen, the value of the bond will fall.
  • When interest rates rise (or fall), the prices of different securities will be affected differently. In particular, bond values generally fall when interest rates rise. This risk is generally greater the longer the maturity of a bond investment.
  • Securities within the Fund could become hard to value or to sell at a desired time and price, especially in extreme market conditions when asset prices may be falling, increasing the risk of investment losses.
  • The Fund could lose money if a counterparty with which the Fund trades becomes unwilling or unable to meet its obligations, or as a result of failure or delay in operational processes or the failure of a third party provider.
  • For detailed product information including the risks associated with investing please read the relevant Prospectus or Annual Report. Please refer to the prospectus and Annual Report of the AIF before making any final investment decisions.
  • Information on compliance with EU sustainable related disclosures can be found here.