“Edison’s accessible and high-quality research gives us the opportunity to communicate an independent perspective of Tyman to a wide variety of potential stakeholders.”
Currency in GBP
Last close As at 25/03/2023
GBP1.00
▲ 2.95 (3.03%)
Market capitalisation
GBP126m
CVC Income & Growth (CVC IG), formerly named 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 (CEC), aiming to provide investors with regular income and capital appreciation from a diversified portfolio of predominantly Western European sub-investment grade debt instruments. The portfolio is split into two pools: performing credit and credit opportunities. CVC IG has two classes of shares: sterling shares (CVCG, formerly CCPG) and euro shares (CVCE, formerly CCPE) traded on the LSE.
Investment Companies
Investment Companies
Investment Companies
Investment Companies
| % | 1M | 3M | 12M |
|---|---|---|---|
| Actual | 3.1 | 9.1 | (0.6) |
| Relative | 8.1 | 7.9 | 0.4 |
| 52 week high/low | 105.0p/87.2p |
FY22 was the first year since its inception that CVC Income & Growth (CVC IG) saw a negative NAV total return (TR). Its euro and sterling share classes produced NAV total negative returns of c 8.3% and 6.8%, respectively, which compares with 3.3% and 1.9% negative TRs by the Credit Suisse Western European Leveraged Loan Index (CS WELLI) in euro and sterling terms, respectively. This was primarily the result of downward mark-to-market valuation adjustments (resulting in unrealised losses for CVC IG), driven by price declines in the European loan market amid higher risk aversion. Meanwhile, defaults in the European loan market remained low at 0.4% in 2022, based on the Morningstar European Leveraged Loan Index (with no defaults in CVC IG’s portfolio). Subsequently, European loan markets rebounded strongly in January and February 2023, leading to 6.7% and 6.9% returns for CVC IG’s euro and sterling share classes, respectively (therefore allowing CVC IG to almost fully recoup the 2022 loss).
Get access to the very latest content matched to your personal investment style.
