Suite of Funds and Managed Accounts

Prytania Asset Management offer a range of open ended structured credit funds with differing risk : return and liquidity profiles. Investors are also able to seek a tailored investment solution through bespoke managed accounts.


Metreta

Actively managed, senior structured credit investment fund designed to offer investors an attractive yet stable return of 125 bps p.a. over 7-day LIBOR, in a diversified, low risk liquid alternative format.

 


Galene

Investment grade structured credit fund, targeting total returns of 400bps over Euribor.


Athena

Global credit opportunities fund targeting 10% p.a. over a three-year cycle, together with quarterly distributions of interest.


Managed Accounts

Prytania offer bespoke investment strategies through managed accounts and funds-of-one to suit investor requirements.

“The core ethos of any of our funds is always capital preservation through detailed due diligence and credit processes.”

Metreta

Metreta

Actively managed, senior structured credit investment fund designed to offer investors an attractive yet stable return of 125 bps p.a. over 7-day LIBOR, in a diversified, low risk liquid alternative format.


Prytania believe Metreta offers superior reward for the risk being taken, as well as low volatility when compared to a wide range of other near cash products such as bank debt, EU sovereign debt, and corporate bonds.

Spreads on senior structured credit bonds have proved resilient to wider market concerns, supporting our rationale that such exposure adds true diversity to liquid portfolios.

Metreta has a low management fee of just 15bps p.a. and no performance fee, and is designed to Complement those investors with cash balances.

Investment Objective Low risk, low volatility fund investing in a portfolio of senior risk position in new and existing structured credit transactions
Listing Dublin
Reference currencies EUR / GBP / USD
Minimum Investment €1mm / £1mm / $1mm, with increments of €100k / £100k / $100k thereafter
Liquidity Daily Liquidity
Return Profile Target return of 7d€L+125bps p.a. or equivalent
Management fee 15bps p.a. of average NAV, calculated daily, payable monthly in arrears
Outperformance fee None
Leverage Permitted, limited to 2x
Hedging Permitted
Short positions Not permitted
Trustee HSBC

Galene

Galene

Investment grade structured credit fund, targeting total returns of 400bps over Euribor.


Galene is an actively managed global investment grade fund, designed to take advantage of attractive risk-adjusted returns of relatively senior structured credit assets through identification of mispriced risks and under-valued sectors.

Investors are offered exposure to structured credit in a cost-effective and relatively liquid fund format, without the need to develop expensive in-house infrastructure.

Diversified by asset class, currency and jurisdiction, Galene is designed to protect principal through limiting credit risk whilst offering steady returns of 1m EURIBOR+400bps.

Galene only invests in investment grade tranches. The majority of investments are from the “upper mezzanine” part of the capital structure, i.e. notes rated AA – A at origination. We believe this represents a pool of assets that can offer greater risk-adjusted returns than other tranches in the same transaction.

Liquidity and returns will be enhanced by investment in notes from the senior tranches of new issues, with some lower mezzanine investment being added to the portfolio where we see exceptional value.

Investment Objective Medium risk profile fund, investing in a portfolio of investment grade bonds of new and existing structured credit transactions.
Listing Dublin
Reference currencies EUR / GBP / USD
Minimum Investment €1mm / £1mm / $1mm, with increments of €100k / £100k / $100k thereafter
Liquidity Weekly liquidity
Return Profile Target return of 1m EURIBOR+400bps p.a. or equivalent
Management fee 75bps p.a. of average NAV, calculated weekly, payable monthly in arrears
Outperformance fee Applicable. 20% over hurdle rate of 1m EURIBOR+450bps p.a., calculated and paid monthly in arrears, subject to high water mark
High water mark Yes
Leverage Permitted, limited to 2x
Hedging Permitted
Short positions Not permitted
Trustee HSBC

Athena

Athena

Prytania’s global credit opportunities fund, Athena targets returns of 10% p.a. over a three year cycle, together with quarterly distributions of interest.


Athena’s investment strategy is to identify compelling opportunities across the structured credit universe in order to create exceptional returns for investors.

Investments are judged on their own merits and always considered on the longer term perspective, rather than current conditions or expectations of a short-term market exit.

Athena is not a market return play. Idiosyncratic content ensures returns will deviate from the market average, with a low correlation with other leading asset classes, such as investment grade and high-yield credit or equities.

Investments are selective in line with Athena’s mandate – to target returns of 10% p.a. over a three-year time horizon, together with quarterly distributions of interest.

Athena has a successful track record since its launch in 2008, with no defaults and no distressed sales.

Investment Objective Global credit opportunities fund, targeting 10% p.a. over three years.
Listing Dublin
Reference currencies EUR / GBP / USD
Liquidity Quarterly, with thirty days’ notice
Management fee 1.5% of average NAV, payable quarterly in arrears
Outperformance fee 20% over the threshold amount (equivalent to 8% p.a., calculated quarterly)
High water mark Yes
Leverage Permitted, limited to 1x
Exit ratio to NAV 96, rising to 100 after twelve months for new investors
Hedging Permitted
Trustee Bank of New York Mellon

Managed Accounts

Managed Accounts

Prytania offers bespoke investment strategies through managed accounts or funds-of-one to suit investor requirements.


Portfolio Example: Diversified Asset- Backed Securities (DABS)

Actively managed Fund of One designed to offer investors an attractive return over 1 month GBP LIBOR, in a diversified, currency hedged, distributing format.

The content of this website is neither an offer to sell nor a solicitation of an offer to buy an interest in any investment product or advisory service from Prytania Asset Management or any of its subsidiaries. This website should be read in conjunction with the important disclaimer.

Prytania Investment Advisors LLP, a limited liability partnership registered in England and Wales with registered number OC305343, is authorised and regulated by the Financial Conduct Authority and registered as an Investment Advisor with U.S. Securities and Exchange Commission.

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