Alcentra European Floating Rate Income has announced results for the year ended 31 March 2015. the net asset value fell slightly in Sterling terms (from 106.56p to 105.31p) but rose in Euro terms from 129.06 cents to 145.7 cents. The dividend fell to 5.04p from 5.21p.
As at 31 March 2015, the portfolio was invested in line with the Company’s investment policy and was diversified by obligor and industry with 77 issuers/borrowers across 27 different industry sectors and no individual borrower representing an exposure of more than 5 % of the portfolio. The Weighted Average Mid-Price increased from 95.47p on 5 April 2012 (the date on which the net proceeds of the IPO were fully invested), to 99.95p as at 30 September 2014 and 100.04p as at 31 March 2015. The Company believes that this was due to the robust performance of the underlying sub-investment grade corporate debt market.
The managers’ emphasis is on stronger credits – they have reduced exposure to France, in light of the weaker economic outlook there, and intend to avoid positions in Irish, Italian, Greek and Portuguese borrowers and restrict Spanish borrowers due to concerns about the lack of growth in these jurisdictions.
AEFS : Alcentra sticking to stronger EU countries