By Daniel Lanyon on Tuesday 2 January 2018
The alternative credit portfolio has seen a tough 12 months.
The alternative credit portfolio has seen a tough 12 months as it grappled with the collapse of the Argon Credit platform.
One of the largest investors in the £226m Ranger Direct Lending fund has sold nearly half its stake in the troubled portfolio in the past few weeks.
The investor, the Bank of Montreal (BMO) Asset Management, has sold 5.19 per cent of the total share capital of the closed ended fund bring its holding from 11.43 per cent to 6.24 per cent. This reduces its stake from £25.8m to £13.9m.
BMO is the ultimate owner of the shares through its ownership of F&C Asset Management – which in turn owns Thames River Capital LLP which owns the trust in multi asset portfolios.
Ranger saw its share price fall dramatically in 2017 as its largest holding, another fund, saw its own substantial holding in US lending platform Argon Credit hit by the collapse of the platform.
Ranger Direct Lending's share price over 1 year
Since the sale by BMO two weeks ago Christopher Waldron, a non-executive director of the fund bought 1500 shares at 705p, ie £10.5k.