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 Shares Traded Last Trade
  0.00 0.0% 0.535 52,514 08:00:07
Bid Price Offer Price High Price Low Price Open Price
0.52 0.55 0.535 0.52 0.535
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Equity Investment Instruments -37.63 -12.29 162
Last Trade Time Trade Type Trade Size Trade Price Currency
15:11:35 O 32,300 0.52 EUR

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Chenavari Toro Income Daily Update: Chenavari Toro Income Fund Limited is listed in the Equity Investment Instruments sector of the London Stock Exchange with ticker TORO. The last closing price for Chenavari Toro Income was 0.54 €.
Chenavari Toro Income Fund Limited has a 4 week average price of 0.52 € and a 12 week average price of 0.52 €.
The 1 year high share price is 0.65 € while the 1 year low share price is currently 0.48 €.
There are currently 302,995,983 shares in issue and the average daily traded volume is 69,137 shares. The market capitalisation of Chenavari Toro Income Fund Limited is £162,102,850.91.
rambutan2: Worth a watch: hTtps:// htTps://
spectoacc: Not for the first time with TORO, I've failed to fully understand them. Was expecting another Special, to reduce the cash level down to 5%, but we're back to just the 2.5% of NAV. So they've reduced the cash down to 5% how? By investing all the rest of it? "25 January 2021 Quarterly Dividend for the Quarter ended 31 December 2021 In line with the enhanced dividend policy announced by the Company on 8 June 2020 (the "Enhanced Dividend Policy"), the Company is pleased to announce payment of its quarterly dividend of 2.5% (Euro 0.0176 per ordinary share) (the "Regular Quarterly Dividend") for the period from 1 October 2020 to 31 December 2021. Payment will be made on 19 March 2021 to holders of ordinary shares recorded on the register as at close of business on 12 February 2021 with an ex-dividend date of 11 February 2021. The quarterly Dividend Yield remains targeted at 2.5% quarterly. .... With effect from 1 January 2021, the maximum cash balance cap will be reduced to a level of not more than 5 per cent. of NAV, unless the investment manager, at its discretion, decides to maintain such cap at a maximum of 10 per cent., should market opportunities in liquid and tradable European ABS / CLO arise."
yieldsearch: Change of key man /portfolio manager. Sounds like he is leaving but not clear. Interesting that his share are bought at a premium above existing price. Not clear if the buy out is an internal requirement, or a way to remove excess stocks in the market.
ceaserxzy: Their dividend policy is no longer a fixed quarterly value but 2.5% of NAV. SO as they return the capital to shareholders the NAV will be down and the normal quarterly dividend will go down as well, from 2c to 1.8 c and even lower in future. 10% of NAV is still a handsome yield on the share price though.
spectoacc: Some interest ahead of the next qrtly distribution/divi. Last one announced 27th July, so expecting it this week. Doubt we'll get another mammoth 14c/share, but still trading well below NAV & promising to pay out uninvested cash. Be interesting to see if still making monthly gains too.
yieldsearch: 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
spectoacc: 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.
iq151: 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?
rambutan2: 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://
rambutan2: 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://
Chenavari Toro Income share price data is direct from the London Stock Exchange
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