The now suspended £33m 7IM Absolute Return Portfolio (formerly VT Tcam Absolute Return Portfolio) and £20m 7IM Income Portfolio (formerly VT Tcam Income Portfolio) both hold significant allocations to a collapsed securitised debt vehicle, which was taken on when the firm bought TCAM Asset Management in 2018.
The Xenfin Securitised Debt fund represents 11.1% and 9.3% of the Absolute Return and Income Portfolios respectively, according to FE fundinfo. They are the sole funds in the Investment Association universe to hold it within top ten holdings. Both sub funds of the 7IM Funds ICVC, the funds had been suspended until further notice, according to a letter to investors, dated 17 March. Investors were told that "given the ongoing uncertainty around the continued illiquidity" of two particular assets, "which cannot currently be sold", the funds must be suspended. Managed by London-based a...
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