CAPITAL FOUR MANAGEMENT

Velstand Capital  is authorized to distribute shares in Capital Four Invest European Loan & Bond Fund and Capital Four Invest Credit Opportunities Fund to well informed investors in Hungary, Poland, Greece and Cyprus.

Capital Four Invest is a Luxembourg SICAV–SIF. The Fund is a public limited liability company with variable share capital (SICAV), established as a specialized investment fund (SIF). The Fund is one single legal entity and has an umbrella structure consisting of several sub-funds, including the European Loan & Bond Fund (Sub-Fund C) and the Credit Opportunities Fund (Sub-fund C).

Capital Four AIFM A/S is the manager for Capital Four Invest. Capital Four AIFM A/S is based in Copenhagen and is one of the largest European sub-investment grade credit managers. The PM-team has been together and invested in European credit since 2001, and has, as a focused independent credit manager boutique, grown with the market and built a sizable business.

The company’s investment professionals have been engaged in the European Leveraged Finance markets since 1999 and its Portfolio Managers have on average more than 15 years of experience. 

Capital Four team won many international awards including Lipper Fund Awards that honored funds and fund management firms that have excelled in providing consistently strong risk-adjusted performance relative to their peers.


MEET THE PARTNER & CO-FOUNDER


SANDRO NÄF, PORTFOLIO MANAGER, CEO

Partner, Co-Founder

Sandro is a Co-Founder of Capital Four Management. He joined from Nordea Investment Management, where he was responsible for the European High Yield business, which he initiated in 1999. Prior to that, Sandro worked with Credit Suisse in New York (f/k/a BEA Associates), London (CS-FirstBoston) and Zürich in various roles in Fixed Income and Corporate Finance / Mergers & Acquisitions. 

 He holds an MBA from the Tepper School of Business at Carnegie Mellon University and a BS in Computer Science from ITR Rapperswil.


STRATEGIES


Capital Four’s investment philosophy is based on believe that fundamental research and a well-designed process lead to superior long-term performance.

By focusing on a single asset class, sub-investment grade credit, and by preserving an independent partnership heritage Capital Four has developed an organizational culture which supports team-work and rewards overall performance delivered to clients.

Capital Four believes that optimal results from team-work can best be achieved through a clearly structured and consistently applied investment process built around empowered employees with significant ownership in the company and a flat corporate structure.

Throughout their managed strategies Capital Four operates with a medium-term investment horizon (3-4 years) coupled with disciplined portfolio monitoring and risk management.

 

Loan & Bond Fund:

This strategy focuses on Senior Secured Loans and Senior Secured High Yield Bonds of corporate obligors with focus on Core Europe. It has an absolute return target of Euribor +3% over a full credit cycle.

The strategy offers strong downsideprotection against both credit and interest rate risk due to:

1) Seniority in the borrower's capital structure and first-priority pledge in the borrowers' assets

2) Diversified credit exposure to a growing investment universe with loan and bond issues

3) Low duration and Low correlation to other asset classes with attractive yield

 

Credit Opportunities Fund:

This strategy aims to capitalize on dislocations in the credit markets with a focus on undervalued securities across various credit instruments including but not limited to high yield bonds, loans, bank capital and structured credit. It has the ability to short market indices and single names but has a long bias. The strategy has a return target of 8-12% per annum net of fees over a full credit cycle and employs a top-down framework and risk management aimed to minimize downside risk.

The fund has been able to generate more than 13% per annum in return since inception in 2010, as we from our investments of more than €10bn in the leveraged finance universe concentrate the allocation and harvest alpha on some of our best ideas.

 

SERVICES     ⇲ Capital Four Management