The fund has delivered 11 months of consecutive positive performance since launch in October 2009 including during the difficult months of May and June and credits its performance to its European location and specific mid cap expertise. The firm continues to see opportunity in the liquid European equity and credit spaces where a lack of other European based funds and proprietary desks has reduced the competitive environment.
The fund invests predominantly in liquid hard catalyst European credit and equity situations and seeks return in excess of 20%. Despite a lower number of high profile large cap European M&A transactions than was originally forecast for 2010, Cheyne continues to see significant opportunity in the mid cap arena.
The fund is managed by Simon Davies, Head of Event Driven, and Michel Massoud, co-Manager of Event Driven.
Chris Goekjian, CIO of Cheyne, commented, “We are delighted for the fund to have passed this milestone of performance and AUM and are very excited about the forthcoming prospects in a space where we have significant experience and intellectual capital.“
Simon Davies, head of Event Driven, commented, “We are very pleased we are protecting the capital of our clients during this volatile cycle and that our investment style and thorough hedging strategies are proving so effective. Furthermore our unique hard catalyst event driven tactical approach is capturing opportunities in both the equity and credit markets and generating significant returns using low levels of leverage. We are fortunate to have an experienced team of nine and an expertise and geographic focus that lends itself well to the current opportunities to generate alpha in this space”.
Cheyne Capital is one of Europe’s leading alternative asset managers. Cheyne launched its first fund in 2000 and today manages net assets of approximately $5 billion across a diversified range of products. The Cheyne group currently employs approximately 170 people with its primary offices in London, New York, and Bermuda.