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26 Feb 2024

CVC Income & Growth

Company Notes

Scaling The Maturity Wall

Team & Strategy: CVC Income & Growth* (CVCG/CVCE) 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. 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. Pieter Staelens has been lead manager since August 2020, supported by Mitchell Glynn. We met the managers on 9 February and 20 February.

Performance & Yield: The fund targets a medium-term total return of 8% p.a. and currently targets an annual dividend of 8.25p/7.25c per share. In 2023, CVCG (£ class) outperformed both the CS Western European Leveraged Loan Index (+10%), the CS Western European High Yield Index (+10%) and the Debt – Loans & Bonds peer group (+11%), on both a NAV (+23%) and share price (+18%) total return basis. Over the five years to 31 January 2024, CVCG saw a NAV total return of +8% p.a. and share price total return of +7% p.a., versus +6% p.a. for its peer group.

*Denotes a corporate broking client of Winterflood Securities