The closed-ended limited liability investment company, managed by
Schwanberg said 2013 was a year of transition for the company.
"The board remains comfortable with the target dividend we announced in October last year, although we note that the ongoing tightening in corporate credit spreads will continue to put pressure on future cashflows whilst we remain in a benign default environment. Such pressure is however mitigated by the low loss rates we expect to sustain in our underlying loan portfolio during
this period," the chairman said.
A June extraordinary general meeting allowed the company to realign its investment approach with the evolving primary market and secondary CLO markets, while it also signed a
The investment manager increased the performance fee hurdle rate to the greater of 12-month US dollar
During the year the company traded its first European CLO for 33 months, purchasing income notes from Richmond Park CLO.
At the end of
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