16th Mar 2020 13:17
(Alliance News) - CVC Credit Partners European Opportunities Ltd on Monday said its investment manager, CVC Credit Partners Investment Management Ltd, is closely monitoring the impact of coronavirus on the fund's portfolio and is actively managing individual positions that are most exposed to the outbreak.
The investment fund said its manager is divesting positions in issuers with material Italian operations, issuers in the transportation, leisure and logistics sectors, and volatile structured finance positions and is using the sale proceeds to build up cash.
CVC Credit Partners European's portfolio remains conservatively positioned with regards to industries and regions most severely affected by coronavirus. The fund currently has zero exposure to oil and gas and related sectors, less than 10% exposure to hotels, leisure and transportation sectors, and less than 2% exposure to issuers domiciled in China, Iran and Italy, the regions most affected by the epidemic to date.
The investment company expects the current volatile environment to create attractive investment opportunities; however, it remains cautious in adding new positions to the portfolio.
CVC Credit Partners European Opportunities shares were down 27% at 66.00 pence each in London on Monday afternoon.
By Tapan Panchal; [email protected]
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