Cheyne Capital Management LLP
Last Updated: 12/3/2020
Cheyne Capital Management LLP is a Limited Liability Partnership that started in 2000 and is primarily owned and controlled by Jonathan Lourie.
Cheyne is a London-based alternative investment fund manager. Cheyne is known for its innovative approach and has been early and successful at delivering value to investors from important dislocations in the market place.
Cheyne Capital Management LLP operates out of an office in London, UK. Based on the Form ADV filed on 2020-06-26 00:00:00, the investment firm is comprised of 144 employees, only 57 of whom performs investment advisory functions.
Fact Sheet
- Name: Cheyne Capital Management LLP
- CRD No: 158991
- Filing Recorded: 2020-06-26 00:00:00
- Year of Origin: 2000
- Employees: 144
- Clients: 43
- AUM: 23,360,222,581
- Management Fee: 1 to 2 Percent
- Performance Fee: 10 to 20 Percent
- Client Type: Pooled Investment Vehicles, Other
- Assets Traded: Exchange-Traded Equity Securities, Derivatives, Securities Issued by Pooled Investment Vehicles, Other
Contact
- Website: https://www.cheynecapital.com/splash
- Email: [email protected]
- Telephone: 44-0-207-968-7450
- Address: Stornoway House, 13 Cleveland Row, London UK SW1A 1DH
Investment Strategy
According to the brochure submitted to IAPD, Cheyne Capitals investment strategy is as follows:
The Cheyne Funds will generally participate in one or more of the following investment strategies:
Investment Grade Corporate Credit: The Corporate Credit team specialise in Investment Grade and Crossover corporate credit on a global basis. CCM(UK)LLP manages both long-only and long/short strategies investing in corporate credit through credit default swaps and bonds. The team determines relative value in credits using rigorous fundamental analysis in order to avoid defaults and generate trading gains.
Strategic Value Credit: The SVC team employ a value-orientated, opportunistic strategy that seeks to capitalise on the mis-pricing of risk in European sub-investment grade credit.
Event Driven: The Event Driven team invests in predominantly-European, liquid, event driven situations with defined short-term catalysts.
Global Equities: The Global Equity team combines fundamental investing in researchdriven opportunities and undervalued companies with a pro-active approach to trading. The team manages a global equity long/short strategy.
Convertible Bonds: The Convertible Bond team aims to capitalise on the compelling combination of downside protection and upside participation inherent in convertible securities. The team manages global absolute return and long-only strategies.
Real Estate Debt: The Real Estate Debt team capitalises on opportunities in securitised European real estate debt (CMBS and RMBS), direct mezzanine real estate lending and real estate investments with equity characteristics. The investment approach combines a rigorous valuation of the underlying residential or commercial property and a detailed analysis of the debt structure in order to identify investments offering attractive yields and robust downside protection.
Social Property Impact: The UK has a structural shortage of social housing; working with UK councils, local authorities, housing associations and social sector organisations, the Social Property team focus on the provision of affordable homes whilst generating positive social outcomes.
Methods of Analysis
In addition, Cheyne Capitals methods of analysis include:
Subject to the investment guidelines and restrictions, if any, of the relevant Cheyne Funds as disclosed in the applicable Offering Documents, the Cheyne Funds will invest, directly or indirectly, in a wide variety of investments and instruments, including, without limitation, equities, equity-related instruments, fixed income and fixed income-related instruments, securities issued by public and private issuers, futures, commodities, currencies and derivative instruments, including, without limitation, credit derivatives such as credit default swaps referencing single credits or portfolios of credits, swaps, repurchase and reverse repurchase agreements and forward contracts, interests in secured senior loans made to corporations or other business entities, unsecured loans, subordinated loans, corporate debt securities, loans made to, or debt securities issued by, corporations or other business entities, equity securities incidental to investment in loans, asset swaps, collateralised debt obligations, collateralised loan obligations, and contracts for differences. The Cheyne Funds and other clients will invest in the foregoing for speculative or hedging purposes in accordance with their respective investment objectives.
Top 10 Holdings from Form 13F
Reporting Period: 09/30/2020
| Issuer | Share | Value(1000s) | Put/Call |
|---|---|---|---|
| YUM CHINA HLDGS INC | 75,000 | 29,850 | |
| SEA LTD | 126,550 | 19,494 | |
| SPDR GOLD TR | 77,500 | 13,727 | |
| AMAZON COM INC | 2,797 | 8,807 | |
| FARFETCH LTD | 295,182 | 7,427 | |
| NUANCE COMMUNICATIONS INC | 176,612 | 5,862 | |
| DELL TECHNOLOGIES INC | 86,407 | 5,849 | |
| WARNER MUSIC GROUP CORP | 193,116 | 5,550 | |
| JD.COM INC | 65,000 | 5,045 | |
| AKAMAI TECHNOLOGIES INC | 4,340,000 | 5,020 |
Historical 13F Filings
EdgeGiant has compiled all 13F filings since Q2 2013 for your convenience. You can view historical portfolio position forCheyne Capital Management LLPin our 13F section HERE.
To get the comprehensive list of holdings that fall under 13F regulatory guidelines, check out our write up on how to access and use 13Fs in your personal investment decisions.