Prytania Investment Advisers wants to grow its Athena fund’s U.K. residential mortgage-backed securities and U.S. commercial real estate collateralized debt obligation allocations.
Athena is a diversified global credit opportunities strategy, focused primarily on structured finance assets with quarterly liquidity and a target return of 15-20%. The fund’s current allocation to U.K. RMBS is about 5%, and the increase is up to 10%. For U.S. CRE CDO’s, Athena’s allocation is some 26%, with a target increase allocation to 30%.
“A significant portion of U.K. ABS, in addition to pricing in a more conservative scenario in terms of economic growth and the pressure on consumer sector, perhaps also suffered unfairly because of influence exerted by the eurozone crisis,” said Mark Hale, chief investment officer at the firm in London. He noted that for U.K. RMBS, the impact of the eurozone crisis and wider....