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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


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
JD.COM INC 65,000 5,045

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.

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Historical Portfolio Holdings for Cheyne Capital Management LLP