TR Credit Select gets go-ahead to increase EM exposure

Shareholders in the £38.5m Thames River Credit Select fund have voted to allow the manager to increase exposure to emerging market debt by up to 40%.

The resolution was proposed in a circular on 19 July due to the deterioration of creditworthiness of a number of developed markets. At an EGM today, shareholders voted in favour of changing the investment policy to give managers Steve Drew and Mehrdad Noorani the flexibility to invest up to 40% of NAV. It was previously capped at 20%. The Dublin-listed fund is a UCITS III absolute return global credit fund which uses an overlay strategy to hedge bond risk. At the end of July, the fund had 20.4% in emerging markets, of which 12.14% was in Eastern Europe. A further 67.5% was in devel...