Buy
Sell
Share Name Share Symbol Market Type Share ISIN Share Description
Chenavari Toro Income Fund Limited LSE:TORO London Ordinary Share GG00BWBSDM98 EUR SHS NPV
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  0.005 0.96% 0.525 0.50 0.55 0.525 0.52 0.52 0.00 08:00:18
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Equity Investment Instruments 0.0 32.7 10.2 5.2 159

Chenavari Toro Income Share Discussion Threads

Showing 51 to 73 of 75 messages
Chat Pages: 3  2  1
DateSubjectAuthorDiscuss
25/9/2020
14:31
NAV 70.8c, about where previously guessed & showing a little growth over the divi payment. Be interesting to see if they've invested more, or we get another chunky payout. Can't see it being as big as the large one but been really pleased with TORO in this market.
spectoacc
16/9/2020
19:45
Yes, a biggie!
rambutan2
16/9/2020
13:03
Divi paid today, what a whopper - got more than expected, £/Euro must have moved in favour.
spectoacc
03/9/2020
14:06
Glad to see no diversions in the waterfall ;) Yes, another strong month, and hopefully some more capital returns to come soon.
spectoacc
02/9/2020
08:38
July Factsheet out: "The NAV performance on the Chenavari Toro Income Fund was 4.06% for the month of July, driven by the payments on the TCLO retention pieces in Taurus. All TCLOs passed their interest diversion and OC tests and paid without any diversions in the waterfall. Annualised payments on the NAV for TCLO 2, 3, 4, and 5 were 37.3%, 32.4%, 31.7%, and 25.5% respectively and 30.8% on an aggregated basis. Except for supply/demand pressures in August, the chances of a rally in CLO spreads seemed to be limited, so the Portfolio Manager took the opportunity to trim further some of the Junior tranches early in the month while liquidity was stronger, and fears of further virus outbreaks were at the forefront. so i read that as good nav performance and reduction in junior risk
yieldsearch
26/8/2020
06:00
They could have been clearer about it, but that NAV will be pre the large divi, so c.70 cents current NAV IMO. Still too large a discount, particularly for a co returning so much cash.
spectoacc
25/8/2020
19:18
NAV 31.07.20: EUR 0.8461 30.06.20: Eur 0.8130
yieldsearch
21/8/2020
08:32
An @Johnwig handle I didn't have filtered! Logged in to up-tick a SUPP post perhaps? Brilliant. 7 ticks on it so far, not a single one from someone else. Great fun. Count the divis on TORO, Walter.
spectoacc
21/8/2020
08:02
You don't seem to know very much about investing do you, spectoacc? For instance TORO has been a disastrous holding and ramp for you. Do you think anyone takes you seriously?
iq151
20/8/2020
09:52
XD 14c this morning, hope the buyer on the OB at open knew that, 936,000 at 55c. Still - if you ignore the Special & add back the ordinary divi as being "earned" & recovered over a qtr, is an argument it shouldn't be down the full 14c.
spectoacc
30/7/2020
13:17
Not sure the volume for a tip/mention somewhere, but amazing how slow the market can be to pick up on good news.
spectoacc
27/7/2020
19:49
Fact sheet: ...The NAV performance on the Chenavari Toro Income Fund was up c.2.4% for the month of June, driven by the remarking of the Public ABS strategy and payments of the Bosphorus retention pieces in Taurus. Payments on both equity CLO tranches were paid in full as Bosphorus 4 and 5 benefited from a decent cushion on the junior/reinvestment O/C test of over 3.5%. The return on NAV for Bosphorus 4 was 18.1% annualised including the management fees rebate. Although OC cushions only compressed marginally in June and are still around 3%, the erosion is expected to worsen as rating agencies take further negative actions and defaults begin to be realised. The percentage of deals failing at least one OC or Interest diversion test increased to 4.1% in June vs. 0.7% in May, and median WARF levels also increased by 43 month-on-month to 3,378. These deteriorations are in stark contrast to the improvement seen in MVOCs of tranches across the capital structure, while the dispersion in trading levels of junior tranches remains elevated. Following the recent rally and surge in CLO supply both on primary and secondary markets ahead of the summer break, the Portfolio Manager reduced the CLO exposure during the month, selling AAA CLOs and junior tranches. The market is expected to consolidate further from now while the broader market sentiment could be prone to less exuberance and more prudence in the coming months. Consequently, the cash position increased to circa 19% of NAV at the end of the month. htTps://chenavaritoroincomefund.com/assets/Uploads/34d0dec786/Chenavari-Toro-Income-Fund-Limited-Factsheet-June-2020-EXTERNAL.pdf
rambutan2
27/7/2020
19:48
Specto, that's the advantage of management having such big skin in the game: ...Although we believe that CLOs offer one of the best relative values in credit as structural protection should act as a robust mitigant against increasing credit losses, valuations have recovered significantly from their March lows. The CLO market is now expected to consolidate while the broader market sentiment could be prone to more prudence on the back of rising political risk factors and low liquidity inherent to the summer months. The exposure to CLOs was therefore tactically and selectively trimmed down, reducing the portfolio credit sensitivity and increasing the cash position with a view to increase the next total dividend distribution to circa 17% of NAV, as set out in the RNS dated 8 June 2020. All dividend decisions remain at the absolute discretion of the Board and no formal decision has been agreed relating to future dividend payments. htTps://chenavaritoroincomefund.com/assets/Uploads/b27c6ae1e7/TORO-Q2-2020-Performance-Attribution-EXTERNAL.pdf
rambutan2
27/7/2020
07:35
Much larger declared divi than I was expecting - nice to see another IT willing to return uninvested cash ahead of re-investing it for the sake of it.
spectoacc
26/5/2020
03:44
Brett Jefferson is the President and Co-CIO of Hildene Capital Management, an asset manager he founded in 2008 that oversees $9 billion in structured credit strategies and was listed in Barron’s Top 100 Annual Hedge Funds ranking for six consecutive years. (Talks CLOs from 56mins): htTps://capitalallocatorspodcast.com/2020/05/24/hildene/
rambutan2
17/5/2020
19:21
Latest Chenavari views: Global markets witnessed one of the sharpest price actions from late February throughout most of March when the world realised that the virus outbreak had started to spread exponentially. In the past 8 to 10 weeks, governments, central banks and regulators have been scrambling to find the right balance between saving lives and supporting businesses and these actions have reduced the systemic risk to a large extent. Although US equity markets have rebounded closer to where they started in 2020 (with S&P 500 at -9.32% YTD as of 11 May 2020) driven by positive sentiment, European credit and equity markets have not recovered with quite the same magnitude (EURO STOXX 50 down 22.66% and generic Markit iTraxx Crossover 5Y spreads still 143.72% wider YTD). Whilst there are still many unknowns surrounding growth and default expectations, our specialist investment teams believe that with the right expertise, relative value approach and sourcing capabilities, investment opportunities in European credit are attractive from a fundamental, relative value and technical perspective, and can compare favourably to their US counterparts... htTps://www.chenavari.com/assets/Uploads/8c4b643fc3/Chenavaris-European-Credit-Perspectives-May-2020-EXTERNAL.pdf
rambutan2
17/5/2020
19:14
Worth a listen: S8 E12 What the CLO market can tell us about the state of corporate credit ft Joe Mezyk htTps://doubleline.com/podcasts/ Also S8 E8 Securitized Credit in 2020 ft. Andrew Hsu Posted: Thursday, April 16th, 2020 And S6 E3 Andrew Hsu, Infrastructure and ABS Team, DoubleLine – The Sherman Show Posted: Monday, July 29th, 2019 Andrew Hsu Conducts a Tour d’Horizon of the Structured Products Universe And S6 E7 Joe Mezyk, CLO Analyst – DoubleLine, The Sherman Show Posted: Thursday, September 26th, 2019 CLO analyst Joe Mezyk joins The Sherman Show to explain the $750 billion collateralized loan obligation market
rambutan2
23/3/2020
20:09
Re convexity: hTtps://www.artemiscm.com
rambutan2
23/3/2020
06:47
Brilliant, thanks. TORO is one of the few I'm glad to be stuck in. "• In our view, this terrible pandemic due to the COVID-19 outbreak is undoubtedly triggering an eventdriven recession. In turn, it is likely to lead to a global cyclical recession. • This recessionary environment will expose the many weaknesses of the credit markets. • I first believe we should all be humble, given that the peak of the crisis has not been reached in either Continental Europe or the US, where the lock-down is just starting. • Current prices may exhibit some value, as the markets have corrected sharply since the beginning of March. • However, what is cheap is not necessarily good value. There are primarily two main reasons for which I urge caution:"
spectoacc
22/3/2020
22:13
Worth a read: htTps://www.chenavari.com/assets/Uploads/f2b468d091/Chenavari-Investment-Managers-Communication-from-CEO-Co-CIO-17-March-2020-EXTERNAL.pdf htTps://www.chenavari.com/press-and-media/
rambutan2
12/3/2020
11:28
So, a real world test of their hedging strategy has commenced. Next nav will be interesting to see.
rambutan2
23/1/2020
15:27
LOL. Because it's so easy to "inadvertently" tender your 5%. Fill in the form, tick the boxes, sign it, date it, write out an envelope, put a stamp on, post it. If those things weren't done, the "broker" shouldn't be tendering anything. "22 January 2020 Director Dealing Update The Company has been notified, on 20 January 2020, that the broker of Roberto Silvotti (Director) had inadvertently tendered 5% of his holding as a part of the August 2019 tender process. This has resulted in his holding decreasing by 47,734 shares. His current shareholding in the company is therefore 1,641,632 shares. Should Mr Silvotti rectify the position with his broker an updated announcement regarding his shareholding shall be made. "
spectoacc
21/1/2020
17:28
Yes, am still a happy holder of this rather unloved vehicle. Have you looked at HTCF, on a smaller discount, but there's a catalyst for it to be closed. I think... https://uk.advfn.com/cmn/fbb/thread.php3?id=45434764
rambutan2
Chat Pages: 3  2  1
ADVFN Advertorial
Your Recent History
LSE
TORO
Chenavari ..
Register now to watch these stocks streaming on the ADVFN Monitor.

Monitor lets you view up to 110 of your favourite stocks at once and is completely free to use.

By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions

P: V: D:20201026 10:42:47