Real Estate Credit Investments

The Company invests primarily in debt secured by commercial or residential properties in Western Europe (Andorra, Austria, Belgium, Denmark, Finland, France, Germany, Gibraltar, Guernsey, Iceland; Ireland, Isle of Man, Italy, Jersey, Liechtenstein, Luxembourg, Monaco, the Netherlands, Norway, Portugal, San Marino, Spain, Sweden and Switzerland) and the United Kingdom. The Real Estate Debt Investments will likely be securitised tranches of secured real estate related debt securities and secured real estate loans, debentures or any other form of debt instrument. The Company will generally invest, either directly, through special purpose vehicles or subsidiaries, in new Real Estate Debt Investments on a buy-to-hold basis based on an analysis of the credit worthiness of the underlying assets in the applicable investment.
The Company does not currently intend actively to increase existing Residual Income Positions within the Investment Portfolio or to invest in other Residual Income Positions.

Key stats

Management firm  Cheyne Capital Management Ltd.
Domicile  Guernsey
Fund Administrator  State Street Trustees (Guernsey) Ltd
12 month yield  2.68%
Fund currency  GBP
Launch Date  2005-12-13
ISIN  GB00B0HW5366
SEDOL  B0HW536
Manager 1 Name  Shamez Alibhai
Fund Strategy  Europe Bond
Fund Structure  Closed Ended Investment Company
UCITS 3 compliant  no

Performance/Volatility

Return Date  2012-09-30
Return - 1 Month  3.91%
Return - 2 Months  7.06 %
Return - 3 Months  17.43%
Return - 6 Months  19.60 %
Return - 9 months  30.55 %
Return - 12 Months  14.91%
Annualized return 24 months  14.67 %
Annualized return 36 months  0.70 %
Annualized return 48 months  -0.40 %
Annualized return 60 months  -3.32 %
Return 120 months  0.00 %
Annualized return since Inception  0.00%
Return YTD  30.55%

Ratings

Morning Star Rating Date   2012-09-30
Morning Star Rating - 36 Months  fund has a 1 star rating
Morning Star Rating - 60 Months  fund has a 1 star rating
Morning Star Rating - Overall  fund has a 1 star rating

Charges

Initial  0.00 %
Maximum Managment Charge  1.75 %
Exit charge  0.00 %
Performance Fee  0.00 %

Contact

Contact Address  Stornoway House
Contact Address 2  13 Cleveland Row
Contact Address 3  London,Sw1a 3dh
Contact city  London
Contact country  United Kingdom
Fund Admin Group  Cheyne Capital Management Ltd.
Custodian  Investors Trust & Custodial Services (Ir

Price

Last Price Date  2012-10-09
Pre-tax nav  0.92
Pre-tax offer  0.00
Pre-tax bid  0.00
Pre-tax mid  0.00
Post-tax nav  0.00
Post-tax offer  0.00
Post-tax bid  0.00
Price change  £0.00
Price change (percentage)  0.00 %
Guaranteed NAV  0.00000
Close Price  0.00

Funds Disclaimer

© 2011 - Morningstar UK Limited. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar; (2) may not be copied or distributed (save (i) as incidentally necessary in the course of viewing it on-line (ii) in the course of printing off single copies of web pages on which it appears for the use of those authorised to view it on-line), or adapted in any way (3) is not warranted to be accurate, complete or timely. This Morningstar-sourced information is provided to you by GFM Ltd and is at your own risk. You agree that Morningstar and or GFM Ltd are not responsible for any damages or losses arising from any use of this information and that the information must not be relied upon by you the user without appropriate verification. GFM Ltd informs you as follows: (i) The information provided should not form the sole basis of any investment decision (ii) no investment decision should be made in relation to any of the information provided other than on the advice of a professional financial advisor; (iii) past performance is no guarantee of future results; and (iv) the value and income derived from investments can go down as well as up.
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Ratings Disclaimer

© 2010 - 2011 Morningstar UK Limited. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results.
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