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Monthly Comment 
October was a good month, with no default charge-offs. The fund is invested in 496 loans. Gross yield is ...
Symfonie Lending Fund, LP 
Peer to Peer Loans Selected for High 
Income and Principal Stability 
Manager’s Coment Continue...
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P2 p fund peformance 1411

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Symfonie Lending Fund, LP - November 2014 Monthly Update. Gross yield is 13.3%. Estimated net yield is 9.4%. Default losses continue to be below our expectations.

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P2 p fund peformance 1411

  1. 1. Monthly Comment October was a good month, with no default charge-offs. The fund is invested in 496 loans. Gross yield is 13.3%. Allowing for loan losses of 4% per annum our estimated net yield to maturity is 9.4%. This said, during the last 12 months 7 loans totaling about 1% of the portfolio have defaulted. In this context we are performing ahead of our expectations. Our biggest allocation is to Lending Club (41.5%) of the portfolio. We find Lending Club loans to be highly consistent performers. The case in point is that over the past year we have had no loan losses at Lending Club. Over the past year across all the portfolios we run we’ve purchased more than 500 loans at Lending Club. At present 2 loans are past due. These loans are both more than 10 months old. Conventional wisdom dictates that missed payments and charge-offs accelerate after the first 10 months, so we are not surprised. We maintain a 25% allocation to Prosper.com. Loans at Prosper tend to be higher yielding than those at Lending Club. We purchased more than 400 loans at Prosper across the accounts we manage. Our Lending Fund holds 114 Prosper originated loans at present. Loan performance at Prosper has certainly been good this past year. We charged off 1 loan early this year. This particular loan was in the high risk category. The borrower made only the first payment. It’s unusual to have a default so early in the life of the loan. Recently we’ve noticed some deterioration among our Prosper loans. Two high risk loans accounting for about 0.5% of the portfolio are more than 60 days past due. These loans were purchased late last year and have interest rates in excess of 20%. Funding Circle, based in the UK, accounts for about 28% of our Lending Fund. We’ve purchased more then 400 loans over the past year for the accounts we manage and our experience has been good. Across the book our losses have been less than 1%. In contrast to Lending Fund and Prosper, which focus on consumer loans, Funding Circle is a business loan platform. Moreover, Funding Circle runs a collection and recovery process that benefits lenders. We charged off a loan earlier this year. However, as the credit recovery process unfolds it appears we will start receiving payments in respect of this loan beginning January. (Continued on page 2) November 2014 Symfonie Lending Fund, LP Peer to Peer Loans Selected for High Income and Principal Stability Portfolio Statistics Key Portfolio Statistics Number of Active Loans 496 Average Gross Yield to Maturity 13.3% Expected Net Yield to Maturity 9.4% Average Time to Maturity (years) 3.3 Average age (years) 0.70 Number of loans defaulted to date 7 Loan loss impact on portfolio 0.98% Overall Average Rating B-Site Allocation Prosper 25.7% Lending Club 41.5% Funding Circle 28.5% Bondora 4.2% Loan Grades B, 32.5% A, 15.1% E, 3.1% D, 9.7% C, 37.5% Site Number of Loans Avg. Int. Rate Allocation Breakdown Per Site Avg. Mat. (yrs) A B C 0-3 yrs. 4-5 yrs. Prosper 114 14.4% 3.3 30.8% 20.2% 10.5% 33.9% 35.2% Lending Club 183 13.2% 3.8 11.6% 45.9% 20.5% 36.9% 63.1% Funding Circle 146 10.6% 2.7 4.1% 17.6% 74.5% 62.2% 37.8% Bondora 54 25.0% 2.4 0.0% 0.0% 91.8% 67.7% 32.3% 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. For purposes of comparison we have adjusted loan made by Bondora down by two notches, reflecting our view that Bondora’s “A” rated loans should have similar default rates as B and C rated loans issued at Prosper and Lending Club. 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 2014, Symfonie Capital, LLC. All rights protected. No copies may be made without express written consent and approval.
  2. 2. Symfonie Lending Fund, LP Peer to Peer Loans Selected for High Income and Principal Stability Manager’s Coment Continued) The smallest allocation among our porftolio is Bondora (4.5%). Loans at Bondora yield in excess of 20%. However, the delinquency rates we have observed are substantially higher than those we have experienced at other sites. Approximately 18% of our loan book at Bondora (0.7% of our portfolio) are classified as overdue. We opened our Bondora acount by purchasing 19 loans. Three of these original 19 are classed as overdue but in value terms account for nearly all our overdue loans in the Bondora portfolio. Three of initial loans have since been repaid in full. Interest earned to date from the loans we initially purchased is about 22% annuallised. The relatively short tenor of the portfolio (2.4 years), combined with high interest rates, translates into fast return of principal, which we are continually reinvesting into new loans. Our loan portfolio at Bondora started with 20 loans and now has grown to nearly 70 loans. What makes Bondora unique is its treatment of overdue consumer loans. Bondora manages its own collection process and takes advantage of creditor friendly laws that enable Bondora to seek legal recourse quickly. In the normal course of events defaulted debtors repay their loans in the context of court approved repayment schedules. If this process bears out in the long term return on our Bondora portfolio can approach 20%. 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 Symfonie 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 2014, Symfonie Capital, LLC. All rights protected. No copies may be made without express written consent and approval.

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