Neil Servis; CEO of Serone Capital Management, speaks at HFI European Summit 2017 in Paris

Summary of panel:

Continued value in European corporate credit

Express this view through tranched risk

It remains an overlooked and misunderstood part of the credit market

We are finding value through structural features in securitisations

Broader markets are generally overvalued

Default risk very low in Europe

Stable backdrop likely to persist

 

Since the crisis liquidity in our markets shifts from generally being highly, to a semi-liquid state

Need to position in front of events and themes

 

UCITS funds in credit markets with daily liquidity may be overreaching (in terms of liquidity)

Combined with tourist capital from investors that aren’t specialists in the space, but trade into it occasionally it increases trading opportunities

 

Have noticed increasing interest from allocators in:

European assets, at the expense of US

From vanilla to non-vanilla

 

The HFI Summit is a key fixture in the annual hedge fund calendar – regularly attended by some 750 high-level managers, investors, counterparties, intermediaries, consultants and service providers from the hedge fund and wider investment worlds to discuss the opportunities, risks, changes and challenges for the alternative asset management industry as a whole and across a wide range of specific investment and business management topics.

Note: these comments reflect Serone’s own views.

For a more detailed summary please visit: https://www.hedgefundintelligence.com/Article/3720762/Creditalternative-credit-opportunities-for-growth.html

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