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Hurricanes hit P2P fund portfolio

By Daniel Lanyon on 31st October 2017

The alternative credit focused fund is undergoing a period of transition away from the US consumer exposure.


The recent onslaught from hurricanes Harvey, Irma, and Maria in the US pushed up delinquencies for loans held by the £808m P2P Global Investments fund, the firm has said in a recent filing.


The closed ended fund has been reducing its exposure to the US consumer loans of late but it still holds enough to see an uptick in delinquencies from those affected states such as Texas and Florida.


Hurricanes Harvey, Irma, and Maria have battered Texas and Florida and Puerto Rico over recent months. The fund said in a statement: “Hurricanes occurring during the [third] quarter also impacted the US portfolio by raising delinquencies in affected states such as Texas and Florida.”


P2P GI returned 0.77 per cent of NAV growth in the third quarter of 2017 making the inception to date return for shareholders 17.68 per cent, although its share price has is broadly flat since the level it was at at the beginning of 2017.


Total exposure to US consumer loans stands at 33.8 per cent of NAV as of September month end.


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