Alcentra European Floating Rate Income Fund has published some figures for the period ended 30 September 2016. NAV per share increased from 103.04p as at 31 March 2016 to 103.88p as at 30 September 2016. They declared dividends of 2.94p.
The manager says that the NAV of the company has remained relatively stable over the period, although there was some short term volatility through the Brexit vote at the end of June until early July. However, this volatility proved to be short lived as confidence quickly returned to the loan market and appetite has been robust through the remainder of third quarter.
At 30 September 2016, the portfolio was invested in 87 issuers/borrowers across 25 different industry sectors. They say that the weighted average yield on the portfolio remains healthy at 5.84%. New issue spreads increased in the first half of 2016 and they have seen a subsequent tightening of spreads in Q3 2016. They believe this is due to a weak post-Brexit new issue pipeline resulting in excess demand for new issue loans and an opportunity for borrowers to extract tighter pricing. The weighted average yield to maturity remains within the target range.
Portfolio Statistics as at 30 September 2016
Weighted Average Mark 98.83
Weighted Average Maturity 5.00
Weighted Average YTM* 6.30%
Weighted Average Current Yield 5.84%
Floating Rate Assets(in cash) 90.98%
No. of Issuers 87
No of Investments 108
No. of Industries 25
Weighted Average Coupon** 7.54%
Weighted Average Floating
Rate Plus Margin 5.48%
AEFS : Alcentra say market regains confidence post Brexit