Company profile - Aberdeen Asian income fund feature image - 28062019- JPGmoney & pens

CVC Credit Partners European Opps

LN: CCPG

£353m market cap

100.45p last close

CVC Credit Partners European Opportunities is a closed-end investment company, domiciled in Jersey and listed in London. It invests through a Luxembourg vehicle, CVC European Credit Opportunities, aiming to provide investors with regular income and capital appreciation from a diversified portfolio of predominantly sub-investment grade debt instruments. The portfolio is split into two pools, performing credit and credit opportunities.

Investment summary

CVC Credit Partners European Opportunities (CCPEOL) aims to achieve a blend of capital growth and income (it targets gross total returns of 8–12% pa, with c 5pp from income). The portfolio is positioned defensively, mainly in senior secured debt of large issuers (average EBITDA above €500m) from Western Europe. Long-term NAV net total return (TR) performance remains broadly intact at 6.4% pa over three years (vs SP ELLI at 3.5% pa), despite weaker performance during the Q418 downturn. Currently both share classes offer a dividend yield in excess of 5%, largely covered by coupon income according to our estimates.

Share price graph
Price performance
%
1m
3m
12m
Actual 2.9 (1.8) (12.3)
Relative* 1.6 (3.7) (15.4)
52-week high/low 115.0p/97.4p
*% relative to local index

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