Click here for information on Austrian tax reporting.
Click here for information on German tax reporting, or here to download the document.
Information on Italy tax reporting upon request.
Click here for information on Swiss tax reporting.
Information on UK tax reporting can be downloaded here.
For information on tax reporting in other countries, please contact Investor Relations at ir@ayaltis.com.

Narrapuno SPC – Convergence Fund

By May 7

Narrapuno SPC – Convergence Fund

Narrapuno SPC – Convergence offers investors the unique opportunity to participate in investment ideas, which are created through bank disintermediation. As a result of risk capital based capital requirements banks continuously withdraw from their traditional activity of lending. 

The fund concentrates on a diversified spectrum of idiosyncratic mid to long-term financing opportunities: direct lending, asset back lending and trade finance. These structures offer an extremely attractive cash flow profile which generic secondary securities can no longer match at this late stage of the credit cycle.

The portfolio blends two complementary credit based strategies. The key element of the portfolio consists of carefully selected hedge fund managers in the private debt space: Investment opportunities emerges as the financing needs for financially strong medium sized companies widen with banks shifting their lending activities more to public debt markets.

The chosen hedge fund managers have the ability to pick and choose from financially prospering, sound mid-cap companies and impact the structure and the terms of the loans.

The structured credit component focuses on relative value credit managers who have the skill set to diligently analyse and source complex credit structures. Limited liquidity in the space still provides interesting risk prima.

Fund Details

Subscription:

Quarterly, 3 days notice

Redemption:

Semi-annually with 120 days

Reporting: Monthly NAV and bi-monthly NAV estimates.
Fund Administrator: Credit Suisse, Luxembourg
Fund Custodian: Credit Suisse, Luxembourg
Fund Auditor: Ernst & Young, Luxembourg
Fund Manager: Ayaltis AG, Zurich

Fund Objectives

Target Returns:

5 – 8 % p.a.

Target Volitility:

< 4% p.a.

Taxation Information

Information on Italy tax reporting upon request to Investor Relations at ir@ayaltis.com
Information on UK tax reporting can be downloaded here.
For information on tax reporting in other countries, please contact Investor Relations at ir@ayaltis.com.

February 2017

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January 2017

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December 2016

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November 2016

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October 2016

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