INTRODUCTION

Chenavari Capital Solutions is investing efficiently in structured finance markets requires both credit fundamental and technical skills. Further to the strong growth of credit markets (2000-2008) and the market dislocation that followed, our markets have become increasingly technical, as the influence of what we call the “new dimensions of credit risk” have increased.

The Chenavari Capital Solutions team brings a unique combination of sell-side and buy-side expertise together to effectively understand and manage structured credit portfolios in this environment. Our investment process begins with a “top-down” analysis of macro themes. Once these themes are established we make “opportunistic” fundamental credit picks across a variety of different credit market sub-strategies.

European bank deleveraging is one of our current key investment themes, which leads our investment teams to find ways to benefit from so called “uneconomic behaviour” of institutions involved in balance-sheet downsizing. The Regulatory Capital Strategy takes advantage of opportunities originated from European bank portfolios driven by regulatory capital requirement changes and bank de-leveraging.