Executive Summary

Introduction to the fund

Cheyne Capital an introduction...

Cheyne Capital is one of Europe’s leading alternative investment fund managers. The investment management company is based in London.
Cheyne Capital was established in 2000 by Jonathan Lourie (CEO & CIO) and Stuart Fiertz (President) after working together for nine years at Morgan Stanley.

Cheyne invests across the capital structure from the senior debt to the equity of corporates and real estate. With an investment philosophy grounded in rigorous fundamental analysis, the firm's main areas of expertise are:Real Estate Debt, Social Property Impact, Corporate Credit, Convertible Bonds, Event Driven and Equities.Approximately 85% of Cheyne's assets are managed on behalf of pension funds, insurance companies, sovereign wealth funds, endowments, banks, funds of funds and other financial institutions. The remainder is managed for family offices and high net worth individuals.Cheyne Capital seeks to generate above-average, risk-adjusted absolute rates of return for clients. Central to Cheyne's investment methodology is the combination of fundamental analysis with a pro-active approach to trading. The flow of timely and actionable information is enhanced by the close integration of portfolio managers, research analysts and Cheyne's independent risk management team.Cheyne Convertibles Absolute Return Fund UCITS V Anthony Robertson

Investment Philosophy

The fund aims to generate long-term absolute capital appreciation by investing with a fundamental bias in global convertible bonds, underpinned by the management team’s strong credit focus

Target return: LIBOR + 5-8%

Strategy

Utilises the full range of convertible bond characteristics to combine compelling risk-reward fundamental profiles

with attractive hedged put profiles. Portfolio composition is broken down into 3 sub-strategies:

DirectionalBias
HedgeOverlay
PortfolioProtectionOverlay

Provides opportunities to capitalise on different market conditions.

Experience

Portfolio Manager Akin Akinloye has 22 years’ investment experience in credit and convertible bonds, including 17 years as a principal member of the Convertible Bond Team at Cheyne and, prior to that, at Morgan Stanley with Cheyne’s founders.

Supported by a team who have over 50 years’ additional investing experience.

Fund Structure

A UCITS V compliant fund, domiciled in Ireland, offering daily liquidity.

The fund offers a diversified risk profile and minimal use of leverage.

The UCITS platform provides a standardised risk framework, as well as superior transparency, liquidity and regulatory oversight.

Business Infrastructure

The fund benefits from both the synergies with the other Cheyne investment and research teams, and the depth of resources, procedures and controls of the Cheyne Capital infrastructure.

This dedicated and broader firm support ensures market leading foundations upon which the team operates