22nd Nov 2013 10:53
LONDON (Alliance News) - Alcentra European Floating Rate Income Fund Ltd Friday said net asset value per share rose to EUR155.6 at September 30, from EUR127.8 at the end of March, with investments up to EUR148.1 million, from EUR116.3 million.
The company said it had maintained a high UK exposure to take advantage of the better margins available for Sterling loans, and reduced exposure to France, in light of the weaker economic outlook. It said it hadn't significantly increased US exposure, given the clear evidence for better margins on non-US Dollar tranches on cross-border deals.
It added that it will continue to avoid positions in Irish, Italian, Greek, Portuguese and Spanish borrowers due to concerns about the lack of growth in these jurisdictions.
Alcentra European Floating Rate Income Fund shares were up 0.5% at 108.487 pence Friday morning.
By Steve McGrath; [email protected]; @SteveMcGrath1
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