Sam Armstrong
Head of Global Investments
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Fund Overview
The Barwon Global High Income Fund was established in 2014 and provides wholesale investors with exposure to a portfolio of publicly traded private debt funds, whilst offering monthly liquidity.
The core investments are private debt funds that make senior secured, hold-to-maturity loans to middle-market businesses and loans backed by stable commercial and transitional properties.
The look through exposure is diversified across >2,000 loans.
The strategy is accessible in two unit classes:
- The Barwon Global High Income Fund – unhedged unit class
- The Barwon Global High Income Fund II – currency hedged unit class
The two classes hold the same underlying assets.
Investment Strategy
The Fund offers liquid exposure to a diversified private debt portfolio by investing in an actively managed portfolio of circa 15 publicly traded private debt funds. The look through loan exposure is diversified by borrower, industry, vintage and private debt manager. The core investments are private debt funds that make senior secured, hold-to-maturity loans to middle market businesses and loans backed by stable commercial properties.
The Fund aims to generate a high level of current income (7-8% p.a.), paid quarterly, with the potential for long-term capital appreciation (1-2% p.a.) over the market cycle.
Key Features of the Fund
Diversified private debt portfolio
High current income
Monthly liquidity and quarterly fund distributions
Return premiums generated from holding portfolios of directly originated private loans
High conviction, bottom up stock selection approach
Unit Price and Performance
31 December 2024
| Fund Name | NAV Price | 1 Month | 3 Months | 1 year | 3 years p.a. | 5 years p.a. | ITD p.a. | Fund Inception |
|---|---|---|---|---|---|---|---|---|
| Barwon Global High Income Fund - Unhedged | $1.0940 | 5.8% | 18.1% | 15.6% | 3.0% | 0.3% | 2.4% | 28-Feb-14 |
| Barwon Global High Income Fund - Hedged | $1.1582 | 1.0% | 7.1% | 12.1% | 5.3% | N/A | 10.8% | 18-Nov-20 |
Distributions
| Class | 31/12/24 | 30/09/24 | 30/06/24 | 31/03/24 | Frequency |
|---|---|---|---|---|---|
| Barwon Global High Income Fund - Unhedged | $0.0281 | $0.0152 | $0.0169 | $0.0211 | Quarterly |
| Barwon Global High Income Fund - Hedged | $0.0328 | $0.0176 | $0.0230 | $0.0171 | Quarterly |
Disclaimer
Investment Team
News & Insights
Barwon Investment Partners is pleased to announce a new partnership with Cadarn Capital to relaunch our Luxembourg domiciled UCITS fund, Pareturn Barwon Listed Private Equity Fund, in the UK and Europe. Cadarn Capital is an independent distribution and investor relations company founded in 2023. Their team has extensive experience and has helped raise over £10bn […]
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In an interview with ausbiz, Bob Liu, Portfolio Manager of the Barwon Global Private Equity Fund, discusses the current slowdown in private equity (PE) transaction activity. This slowdown, which began in late 2021, is attributed to a divergence in buyer and seller price expectations due to rising interest rates and changing market conditions. Liu notes […]
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Inside Adviser Staff Writer An enduring structural feature of Barwon’s PE fund is that it doesn’t invest in the companies that require capital, it invests in the companies that provide it. For advisers, that means exposure to the fabled PE illiquidity premium, but with access to daily redemptions. The rise of private capital has been […]
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Emma Wallis, News editor, Trustnet Private equity investment trusts could deliver returns in the mid-to-high teens if their discounts of around 30% to normalise, Barwon Investment Partners asserts. Private equity investment trusts are trading on wide discounts and should benefit once interest rates come down – potentially giving investors strong returns should they be willing […]
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Investors can expect an upswing in the private equity market over the next 12 to 18 months, with particular opportunities borne from buyouts, according to a top private equity specialist. Investors will benefit from a ramping up in (M&A) activity within the private equity space as well as the continued narrowing between public and private […]
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Bob Liu (Portfolio Manager at Barwon of the Barwon Global Listed Private Equity Fund) recently hosted a webinar. In the webinar, he discussed the current private equity landscape, the impact of higher interest rates, the outlook for exits, and private equity valuations with Alan Gauld (Senior Investment Director at abrdn). A recording is available via […]
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The Barwon Global High Income Fund invests in private credit investments delivering a defensive, high level of income. Its portfolio is primarily exposed to directly originated, floating rate loans to private companies. Bob Liu (Portfolio Manager at Barwon) recently hosted a webinar in which he provided an update on the Fund’s recent performance, shared market […]
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Private Credit covers a range of different lending activities (direct lending; distressed credit; mezzanine debt; opportunistic credit; real estate; real estate and infrastructure credit). This note focuses on direct lending to middle-market corporates, an area of investing which is new to many Australian investors whose portfolios, if they’ve included direct lending at all, have typically […]
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Barwon is hosting an informative and engaging webinar on Wednesday, 13 September at 4:00pm (AEST) which will be covering an update on the Barwon Global Listed Private Equity Fund, the listed private equity sector, and the opportunity offered by the wide discounts to net asset value (NAV) on which the sector trades. Join Bob Liu, […]
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Research ratings house Zenith has maintained its rating of “Recommended” for the Barwon Global Listed Private Equity Fund AF following its most recent research review.
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In our recent webinar, Bob Liu provided an update on the Barwon Global Listed Private Equity Fund, trends in the listed private equity sector, and the current portfolio positioning.
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