LONDON (Alliance News) - Alcentra European Floating Rate Income Fund Ltd on Thursday said it performed well in September as its telecommunications investment made a recovery.
The fund, which invests primarily in senior secured loans and senior secured bonds, said it was up by 0.73% gross for the month, outperforming the Credit Suisse Western European Leveraged Loan Index which was up 0.67% in September.
According to Alcentra, loan issuance volumes of EUR11.7 billion for September made it the third busiest month so far in 2018.
The Alcentra fund's top performing credit was an unnamed telecommunications company, whose shares recovered 2.6% following an August decline.
A utility company, also unnamed, was the second best performer in September, with shares up 2.4% after a contract loss proved less impactful than anticipated.
Drags in the fund's performance included an unnamed retailer which was down 5.7% and a financial services business down 2.1%.
Shares in Alcentra European Floating Rate Income Fund were down 0.2% at 98.60 pence on Thursday afternoon.