Cvc Capital Partners Plc · EURONEXT:CVC
Cvc Capital Partners — CVC Income & Growth — Investor Presentation (September 2024)
26 slides from Cvc Capital Partners's investor presentation, Sep 11, 2024
Slide 1: CVC Income & Growth Limited Investor Update
quarter / year, date CVC Income & Growth Limited Investor Update 11 September 2024 Pieter Staelens & Mitchell Glynn Marketing Material For Qualified, Professional and Institutional Investors Only. Strictly Private, Confidential and Not For Redistribution.
Slide 2: Call informational purposes notice
This call is for informational purposes only and is being made available to existing and certain approved prospective investors and does not constitute an offer to purchase any security. There is no assurance that any of the trends depicted or described herein will continue. Unless otherwise indicat
Slide 3: Executive Summary
Executive Summary
Slide 4: Executive Summary
Executive Summary ECB and BoE have started cutting CVC Credit has a long and proven interest rates in line with expectations. track record of outperformance through Further, gradual rate cuts likely to come various cycles in H2 Loans as an asset class generate strong income in today’s environment as
Slide 5: Overview of H1'24
Overview of H1’24
Slide 6: Performance Update
Performance Update CVCIG 2024 Monthly Fund NAV Total Return Performance1 Jan. 2024 Feb. 2024 Mar. 2024 Apr. 2024 May 2024 Jun. 2024 Jul. 2024 YTD 2024 LTM CVC (£ Return) 2.67% 1.53% 1.00% 0.46% 2.17% 1.19% 1.29% 10.76% 19.52% CVC (€ Return) 2.66% 1.43% 0.83% 0.46% 2.07% 1.11% 1.27% 10.25% 18.39% CS
Slide 7: Performance Update: Allocation, Return & Attribution comparison
Performance Update Allocation, Return & Attribution comparison1,2,3 Asset Allocation by Strategy Gross Return by Strategy Attribution by Strategy 12.0% 9.4% 0% Net Return 8% 10.0% Performing Credit 8.0% H1 20244 5.9% 49% 6.0% 51% 4.0% 12% 2.0% 4.0% Credit Opportunities 0.0% -0.1% -0.4% -2.0% 12.0% 9
Slide 8: Portfolio Overview
Portfolio Overview
Slide 9: Portfolio Positioning
Portfolio Positioning Snapshot as at 30 June 2024 Portfolio Statistics1 Asset Class Exposure Geographic Exposure3 Loans (1st Lien) 1% 51.2% / 48.8% Senior Secured Bonds (Fixed Rate) UK 9% Performing Credit / Credit Opportunities 6% 3% Loans (2nd Lien) U.S. 6% 5% 24% Strategy % Senior Secured Bonds 6
Slide 10: Dividend Outlook
Dividend Outlook
Slide 11: Dividends Outlook
Dividends Outlook £ Share Dividends € Share Dividends 4.50p 4.50¢ 4.00p 4.00¢ 3.50p 3.50¢ 3.00p 3.00¢ Dividend Dividend 2.50p Guidance1 2.50¢ Guidance1 2.25p 0.475¢ 2.00p 2.00¢ 1.00p 0.25¢ 1.50p 1.50¢ 1.00p 1.00¢ 2.0625p 2.0625p 2.0625p 2.0625p 1.8125¢ 1.8125¢ 1.8125¢ 1.8125¢ 0.50p 0.50¢ 1.125p 1.12
Slide 12: Fund NAV & Discount
Fund NAV & Discount
Slide 13: Fund NAV & Discount
Fund NAV & Discount CVC Income & Growth GBP NAV & Discount EUR NAV & Discount 30 June 2024 30 June 2024 GBP Discount: -0.7% EUR Discount: -4.6% 1.2 GBP NAV: 1.15 10% 1.2 EUR NAV: 1.05 10% 5% 5% 1.1 0% 1.1 0% -5% -5% 1 -10% 1 -10% Discount Discount NAV NAV -15% -15% 0.9 -20% 0.9 -20% -25% -25% 0.8 -3
Slide 14: CVC Overview
CVC Overview
Slide 15: CVC: One Integrated Platform
CVC: One Integrated Platform Managing €193bn of AUM1 across six complementary investment strategies Private Equity Europe / Asia StratOps Growth Secondaries Credit Infrastructure5 Americas Strategy Global leader – ability Complementary Highly scalable, lower Complementary Providing tailored Top 3 pu
Slide 16: Global CVC Performing Credit Investment Team
Global CVC Performing Credit Investment Team Deep institutional knowledge to harness CVC Credit’s presence across North America and Europe CVC I&G Portfolio Global Performing Credit Team Management Team Pieter Staelens Managing Director, Portfolio Manager 22 Years’ Experience 6 Years at CVC Mitchell
Slide 17: Credit Opportunities Case Study
Credit Opportunities Case Study
Slide 18: Case Study: Doncasters
Case Study: Doncasters Doncasters is a vertically integrated global Credit Opportunities Case Study – Doncasters manufacturer of high-quality engineered precision components for aero engines, › Having known the business and investment opportunity since 2013, CVC Credit first industrial gas turbines,
Slide 19: Conclusion
Conclusion
Slide 20: Summary
Summary High income on the portfolio ensures the Strong performance on the credit opportunities Macro outlook remains uncertain dividend is covered has resulted in capital appreciation across the › Geopolitical risks in Middle East and Russia portfolio on top of income › Slowdown in US economy › Upc
Slide 21: Questions & Answers
Q&A Questions & Answers 21
Slide 22: Footnotes & Disclosures
Footnotes & Disclosures
Slide 23: Disclosure Information
Disclosure Information This presentation (the “communication”) is being provided to a limited number of investors solely as a respective affiliates or any of their respective directors, officers, employees, members, partners or basis for discussion about CVC Credit Partners. This communication is co
Slide 24: Additional Footnotes
Additional Footnotes Performance Update: Allocation, Returns & Attribution Comparison (slide 7) 1. CVC Credit Partners adopted the categorisation of investment strategies described above in September 2011 and accordingly the attribution of investment returns as between strategies above in respect of
Slide 25: Performance Endnotes & Disclosures
Performance Endnotes & Disclosures Indices The Credit Suisse Leveraged Loan Index is an unmanaged market value-weighted index representing the investable universe of the U.S. dollar-denominated leverage loan market. The index reflects reinvestment of all distributions and changes in market prices. T
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