Symfonie P2P Lending Fund - January Update
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Symfonie P2P Lending Fund - January Update

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Symfonie Capital presents the latest facts and figures for the Symfonie Lending Fund. Professionally managed, this fund invests in consumer and business loans offered by industry leading platforms in ...

Symfonie Capital presents the latest facts and figures for the Symfonie Lending Fund. Professionally managed, this fund invests in consumer and business loans offered by industry leading platforms in the US and Europe.

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Symfonie P2P Lending Fund - January Update Symfonie P2P Lending Fund - January Update Document Transcript

  • Symfonie Lending Fund, LP Peer to Peer Loans Selected for High Income and Principal Stability Fund Overview January 2014 The Symfonie Lending Fund is designed for investors who seek high income by investing in an internationally diversified portfolio of consumer and business loans. The loan portfolio may be supplemented with high income corporate bonds, which from time to time offer better risk-adjusted returns and are more liquid than loans. The fund offers various classes of partnership capital, allowing investors to select an investment profile that matches their return and risk requirements. The 3 Year Class holds loans that mature within 3 years. The 5 Year Class holds loans that mature within 5 years. The Tailored Class enables investors to further specify risk ratings of loans in which they would like to invest. Investors can also opt to have quarterly distributions of income and principal. While no investment is guaranteed, the rating and maturity structure of peer to peer loans provides some predictability of investment performance. Loans with higher ratings should offer lower overall risk than loans with lower ratings. The maturity structure also provides investors a concrete point in time by which they can expect the return of capital invested. The fund avoids foreign exchange risk by hedging its investments into the investor’s chosen base currency. Peer to peer loan platforms provide credit scores that offer an estimated loan-loss rate across groups of loans in each ratings category. Symfonie selects loans based in part on the ratings categories assigned by the Peer to Peer lending platforms. Symfonie also uses its proprietary risk models to select loans within each ratings category that Symfonie believes more likely to produce better risk adjusted returns. Symfonie’s leading investment principal, Michael Sonenshine, has a proven track record of success and more than 15 years of experience analysing and investing in bonds and credit instruments. Monthly Comment (January 2014) – The fund is invested in 140 loans. The portfolio has not experienced any losses due to defaults. This month we are adding a new platform to the portfolio – Isepankur, based in Estonia. Allocation will be about 5%. Portfolio Statistics Key Portfolio Statistics Number of Loans Average Gross Yield to Maturity Expected Net Yield to Maturity Average T ime to Maturity (years) Overall Average Rating Site Allocation Prosper Lending Club Funding Circle Site Prosper Lending Club Funding Circle Loan Grades 140 13.0% 9.5% 3.8 B- Total 39.2% 39.7% 21.1% E, 4.4% G, 0.0% A, 18.4% D, 5.1% B, 45.6% C, 26.5% Allocation Breakdown Per Site Number Avg. Int. Avg. Mat. of Loans Rate (yrs) A B C 66 14.5% 3.8 42.2% 26.7% 17.6% 76 13.1% 4.0 4.8% 68.3% 16.5% 37 10.2% 3.5 0.0% 38.0% 62.0% 3 yrs. 50.4% 42.7% 23.7% 5 yrs. 49.6% 51.8% 36.0% Source: Symfonie Capital. The portfolio presented reflects the overall mix of loans selected across investment strategies. performance may differ from estimated performance. Actual results among investors in the partnership will vary depending on Partnership Class specifications. Grading systems among P2P sites vary and are not directly comparable. This document contains confidential, proprietary information. Transmission or distribution in any way, manner, shape or form is prohibited without the express consent of its authors, Symfonie Capital, LLC (“Symfonie”). Symfonie is solely responsible for the information and content of this document. This document is not a solicitation for the purchase or sale of any financial instrument. Symfonie has taken reasonable care to ensure the information stated is factually true. However, Symfonie makes no representation or warranties that is accurate or complete. Symfonie is registered with the US SEC as an Investment Advisor. © Copyright 2013, Symfonie Capital, LLC. All rights protected. No copies may be made without express written consent and approval.
  • Symfonie Lending Fund, LP Peer to Peer Loans Selected for High Income and Principal Stability Site Summaries LendingClub - US based peer to peer platform operating since 2007, focused on consumer loans. Issuance is about US$2.7 billion and 150,000 loans facilitate to date. Loans are graded A (lowest risk) through HR (high risk). Loans are issued with three and five year tenor, principal and interest paid monthly. Prosper – US based peer to peer platform operating since 2005, focused on consumer loans. Issuance is about US$250 million and 37,000 loans to date. Loans are graded AA (lowest risk) through E (high risk). Loans are issued with three and five year tenor, principal and interest paid monthly. FundingCircle. – UK based peer to peer platform operating since 2010, focused on loans to small and medium sized enterprises. About US $250 millon loans funded to date, 57,000 registered investors. Loans are graded A (lowest risk) through C. Borrowers transparently report their income statements and balance sheet and general business information. Many of the loans are guaranteed by company Directors. Fund Structure Limited Partnership (Delaware, US file number 5302629, SEC Private Fund 805-817332970) Fund Accountant – Liccar & Co (www.liccar.com) General Partner – Symfonie P2P Investments, LLC Investment Manager – Symfonie Capital, LLC, SEC Number 801-78142, IARD Number 164566 Investors can select from among Partnership Classes of loans maturing in 3 years or 5 years. Investors can also select Tailored Classes designed to meet their specific risk and maturity preferences. Symfonie – Investment Process Research Driven – quantitative models and direct contact with peer to peer platforms and bond issuers. Proprietary Screening and Credit Scoring Tools – designed to assess relative value and reward vs. risk Active Risk Management - based on continual credit assessment and loss tolerance Investment Manager Biography Michael Sonenshine, CFA (CEO, Investment Principal) 2012 - Present – Symfonie Capital, LLC, managing partner 2003 - 2012 MT Thaler, primarily responsible for security selection and credit risk analysis. 2000 – 2003 CSFB – High Yield analyst. 1994 - 2000 ING – High Yield analyst, CEO/CIO ING Investment Management, Czech Republic, CEE Equity analyst.  Ranked among the top analysts in Institutional Investor, EuroMoney and Credit Magazine.  MBA, University of Rochester, B.A. Tufts University. Further Information & Contacts S:ymfonie Capital - London +44 20 8616 7311 Prague: +420 222 191 008 info@symfoniecapital.com www.symfoniecapital.com This document contains confidential, proprietary information. Transmission or distribution in any way, manner, shape or form is prohibited without the express consent of its authors, Symfonie Capital, LLC (“Symfonie”). Symfonie is solely responsible for the information and content of this document. This document is not a solicitation for the purchase or sale of any financial instrument. Symfonie has taken reasonable care to ensure the information stated is factually true. However, Symfonie makes no representation or warranties that is accurate or complete. Symfonie is registered with the US SEC as an Investment Advisor. © Copyright 2013, Symfonie Capital, LLC. All rights protected. No copies may be made without express written consent and approval.