Releases
20 October 2011
Capital structure as a source of market-neutral income: Assenagon launches Credit Debt Capital fund
Private and institutional clients now have the opportunity to exploit valuation differences between a company’s equity and debt to generate market-neutral returns. The strategy behind the Assenagon Credit Debt Capital is to purchase corporate bonds while hedging via equities and stock options to create an overall position that enables investors to enjoy positive current income. With this strategy, investment manager Assenagon Credit Management aims to generate an annual return corresponding to the 3-month Euribor plus 450 basis points after costs. The fund has been authorised for distribution to the public in Germany and Austria since 18 October 2011. The fund concept has already won over a large number of institutional investors, meaning that it is currently equipped with capital of over EUR 100 mn.
30 March 2011
"Assenagon Credit Basis II" passes the EUR 1 billion mark; issuance of new shares temporarily suspended
Just over a year after its launch, the Assenagon Credit Basis II fund has passed the EUR 1 billion mark. Assenagon is now managing over EUR 1.5 billion in its two Credit Basis funds.
Since its launch, performance of Assenagon Credit Basis II is almost 5.7% and volatility has been low at 0.62%. To ensure that the fund's performance potential is not diluted to the detriment of existing investors, Portfolio Management has decided to temporarily suspend the issue of new shares in "Assenagon Credit Basis II" from 4 April 2011. Orders for both share class I (LU0462885301) and share class P (LU0462885483) can therefore only be placed until 2.30 p.m. Friday 1 April, 2011.
With a volume of over EUR 1.1 billion, the fund has now reached a size at which the investment of new inflows requires attractive investment opportunities to be available on a corresponding scale. The availability of such investment opportunities has recently declined, however. With regard to the existing portfolio, the company is fully committed to the earnings targets it has set and will continue, as with the Assenagon Credit Basis fund closed in August 2009, to manage the fund very actively. With over 80 positions at present, the portfolio is very broadly diversified and forms an excellent basis for continuing very stable performance in the years ahead.
This decision shows that the protection of existing investors' interests is Assenagon's primary concern.
Assenagon Asset Management S.A.
Munich Branch
Theresienhöhe 13 a
D-80339 München
Sabine Hilgner
Phone +49 89 519966-430
Fax +49 89 519966-311
press(at)assenagon.com
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