Symphony Asset Management Provides Senior Loan Update
11 Janvier 2019 - 8:55PM
(TSX: SSF.UN) Investors and investment advisors
are invited to listen to a recorded update call, hosted by Larry
Holzenthaler, Investment Strategist, of Symphony Asset Management
(“Symphony”). Symphony discusses some of the recent trends in
the U.S. senior loan and high yield markets and explains why they
believe loan fundamentals remain strong. The presentation,
recorded on January 9, 2019, has been posted to the Brompton Funds
website at the following link:
https://www.bromptongroup.com/ssf_update_jan2019/
Symphony Floating Rate Senior Loan Fund (the
“Fund”) invests primarily in floating-rate senior loans, which are
the most senior corporate obligations of a borrower, and are
secured by the borrower’s assets. Senior loans have a
first-priority secured claim on repayment, ahead of bonds and
equity. Senior Loans offer a high level of income and low interest
rate risk compared to traditional fixed income asset classes.
Symphony believes that senior loan credit fundamentals remain
strong as U.S. economic growth remains intact and corporate default
rates are expected to remain low.
The Fund offers a $0.60 per unit per annum
distribution, paid monthly, which represents a cash distribution
rate of 7.2% per annum based on the January 10, 2019 TSX closing
price. The Fund is available for purchase on the Toronto Stock
Exchange under the ticker symbol SSF.UN.
About Brompton Funds Brompton
Funds, a division of Brompton Group which was founded in 2000, is
an experienced investment fund manager with approximately $2
billion in assets under management. Brompton’s investment solutions
include TSX traded funds, mutual funds and flow-through limited
partnerships. For further information, please contact your
investment advisor, call Brompton’s investor relations line at
416-642-6000 (toll-free at 1-866-642-6001), email
info@bromptongroup.com or visit our website at
www.bromptongroup.com.
About Symphony Symphony Asset
Management LLC is the investment manager of Symphony Floating Rate
Senior Loan Fund. Backed by an institutional-calibre integrated
credit platform and supported by a 19-member team of experienced
credit investment professionals, Symphony manages approximately
US$14.8 billion in senior loans and has approximately US$17.5
billion in total assets under management, as at December 31, 2018.
Symphony is an indirect wholly-owned subsidiary of Nuveen LLC,
which is a subsidiary of Teachers Insurance and Annuity Association
of America.
|
Annual
Performance1 |
1-Yr |
3-Yr |
5-Yr |
S.I.2 |
|
|
Symphony Floating Rate Senior Loan Fund – Class A |
-0.8% |
6.3% |
2.6% |
5.3% |
|
|
Symphony Floating Rate Senior Loan Fund – Class U |
-0.6% |
6.0% |
2.4% |
4.9% |
|
|
Credit Suisse Leveraged Loan Index |
1.1% |
5.0% |
3.3% |
4.5% |
|
(1) Returns are for the periods ended December
31, 2018. The table shows the Fund’s compound returns for each
period indicated compared with the Credit Suisse Leveraged Loan
Index. The Credit Suisse Leveraged Loan Index (“Loan Index”) is an
appropriate benchmark as it is designed to mirror the investable
universe of the US dollar denominated leveraged loan market in
which the Fund also invests. The Loan Index is unleveraged and its
returns are calculated without the deduction of fees and Fund
expenses, whereas the performance of the Fund includes the impact
of leverage and is calculated after deducting fees and Fund
expenses. Since the Fund is actively managed, the sector weightings
may differ from those of the Loan Index.(2) Inception Date:
November 1, 2011
You will usually pay brokerage fees to your
dealer if you purchase or sell units of the investment fund on the
Toronto Stock Exchange or other alternative Canadian trading system
(an “exchange”). If the units are purchased or sold on an
exchange, investors may pay more than the current net asset value
when buying units of the investment fund and may receive less than
the current net asset value when selling them.
There are ongoing fees and expenses associated
with owning units of an investment fund. An investment fund
must prepare disclosure documents that contain key information
about the Fund. You can find more detailed information about
the Fund in the public filings available at www.sedar.com.
Investment funds are not guaranteed, their values change frequently
and past performance may not be repeated. The indicated rates of
return are the historical annual compounded total returns including
changes in the unit value and reinvestment of all distributions and
do not take into account certain fees such as redemption costs or
income taxes payable by any securityholder that would have reduced
returns. Investment funds are not guaranteed, their values
change frequently and past performance may not be repeated. The
amount of distributions may fluctuate from month to month and there
can be no assurance that the Fund will make any distribution in any
particular month.
Certain statements contained in this news
release constitute forward-looking information within the meaning
of Canadian securities laws. Forward-looking information may relate
to matters disclosed in this press release and to other matters
identified in public filings relating to the Fund, to the future
outlook of the Fund and anticipated events or results and may
include statements regarding the future financial performance of
the Fund. In some cases, forward-looking information can be
identified by terms such as “may”, “will”, “should”, “expect”,
“plan”, “anticipate”, “believe”, “intend”, “estimate”, “predict”,
“potential”, “continue” or other similar expressions concerning
matters that are not historical facts. Actual results may
vary from such forward-looking information. Investors should
not place undue reliance on forward-looking statements. These
forward-looking statements are made as of the date hereof and we
assume no obligation to update or revise them to reflect new events
or circumstances.
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