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07 Oct 2022

CVC Income & Growth

Company Notes

Resilience in Recession

CVC Income & Growth* aims to provide shareholders with regular income returns and capital appreciation from a diversified portfolio of sub investment grade debt instruments. The fund is focused on capital preservation, aiming to deliver low volatility and low correlation. Pieter Staelens has been lead manager since August 2020. The portfolio is split between two sub-strategies: Performing Credit, consisting of core income investments; and Credit Opportunities, including higher-yielding credits with greater potential for capital growth. The fund targets a medium-term total return of 8% p.a. and pays a prospective annual dividend of 6p/6c per share. Since its launch, the Sterling class has outperformed the CS Western European Leveraged Loan Index (+33%), the CS Western European High Yield Index (+28%) and the Debt – Loans & Bonds peer group (+42%) on both a NAV (+54%) and share price (+43%) total return basis. On 21 September, CVC Income & Growth published its interim results for the six months to 30 June 2022. We spoke to portfolio manager Pieter Staelens on the same day.

*Denotes a corporate broking client of Winterflood Securities