Chenavari Ends First Half Up 18.24%

Jul 28 2014 | 12:06pm ET

Chenavari Investment Managers’ torrid pace continued in June, with the firm rising 2.02% and nearing 20% for the year.

Chenavari’s Toro Capital fund was up 18.24% in the first half, ValueWalk reports. The firm’s run has been so good that June’s return was actually its lowest of the year—indeed, it’s worst since August of last year—and was also its 32nd straight month in the  black.

The firm cited the European Central Bank’s planned stimulus program as a catalyst for returns. “Despite the lack of clarity over exactly what assets will be purchased as part of any program, the news caused a sudden tightening in spreads in European ABS and a compression in peripheral risk premium,” the firm told investors. In addition, it said that the U.K.’s “strong recovery appears to shine even brighter” and that “with U.S. data beginning to paint a consistently positive picture… the Fed has more chance to surprise with early tightening.”


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