Horizon Plus Strategy
We have developed a number of innovative and dynamic ways to invest, depending on your investment timeframe, growth, income and risk profile.
Horizon Plus Fund
Our investment strategy invests in the mortgage backed market, targeting the over 50 year olds moving into retirement and decumulation, with mortgages issued by LiveMore Capital, the UK’s only provider that is focused solely on later life lending.
To achieve compelling risk adjust returns, where investors benefit for capital provided to issue UK residential mortgages and a share in profits generated by the sale of mortgage pools to institutional investors looking for long term cashflow to match their obligations.
Low Loan to Average Value
Cashflow Horizon
Steady pension cash flows to secure long term payments.
Most Borrowers in Retirement
Rating Agencies
Portfolio rated by leading agencies such as S&P, Moodys, Fitch or DBRS payments.
| AAA Rated |
AA Rated |
A Rated |
BBB Rated |
Investor Protection
Affordability tests, low LTVs, reserve funds, etc.
We look to create multiple pools of various mortgage borrowers, with a varying level of credit rating
Mortgage origination
The first step is the mortgage origination, i.e. the process by which a borrower applies for new mortgages, and it is granted by the lender. It is the providers’ responsibility to ensure that the borrower meets all the affordability requirements and is given a mortgage suitable for their needs. This could be a shorter term 5-10 year mortgage or a fixed for life mortgage with the capital repaid at a life event.
During this process investors have the option of taking a dividend, which is funded by the issuance of a loan note to the mortgage originator.
Credit funding creates a nicely seasoned portfolio.
Each credit funding line can take up to 12 months to reach its peak issuance of circa £20m per month.
As an example: a pension fund that is paying its retiree’s annual annuity will seek to purchase income generating assets that can match the cashflow obligations.
Each institution will have different preferences of the type of portfolio they want to buy
£20m block sales
£40m block sales
Full sale
There are usually multiple lending pools running at once, meaning at no stage will capital be fully emptied.
Selling to institutional investors
The mortgages issued will be pooled together and over time be sold to institutional investors seeking long-term income. It is expected that these sales will be either in block sales or larger public sales.
1 & 2. Smaller block sales, these are quicker disposals of mortgage pool’s sold privately by the creating a pool of risk-rated mortgages.
3. Larger public sales, typically aggregating entire mortgage pools of £150m to £300m and will take place by selling them to an SPV that will be used as the issuing vehicle to a public securitisation.
Investor Relations |ir@mansardcapital.com Malta Head Office | 2nd Floor, Airways House, High Street, Sliema SLM 154, Malta
Mansard Capital Management Ltd are registered in Malta with registered number C50163, authorised and regulated by the MFSA. Any offering of interests in Mansard Capital Sicav p.l.c. and its sub-funds (referred to as Fund) will be made only by means of a definitive confidential offering memorandum and offering supplement (a “Memorandum”) in respect of the Fund, which Memorandum will contain a description of the material terms and risks of the Fund. Any investment by a recipient of this document in such Fund will be wholly and exclusively on the terms of any relevant Memorandum and no such investment shall be deemed to be subject to or affected in any way by any matters referred to herein. This document has been furnished on a confidential basis, following request by the person concerned and for the use of the person to whom it was delivered and may not be reproduced, in whole or in part, or delivered to any other person without the prior written consent of the Fund. This term sheet and accompanying material are directed only at persons having professional experience in matters relating to investments and who are regarded as “Professional Investor” or “Qualifying Investor” as described in terms of the applicable Investment Services Rules and who qualify as such. Transmission of this term sheet to any other person may contravene the Investment Services rules requirements and no such person shall be entitled to act upon it. The past is not a guarantee of the future and the value of the investment may go up as well as down. Reference should be made to the risks section in the Memorandum. Mansard Capital Management acts as investment manager to Mansard SICAV, in some cases, there may be situations that give rise to a conflict of interest. A conflict can arise when the Directors, Shareholders or employees have interests, ownership, and/or shareholding in the external investment companies in which the fund invests. Neither this term sheet, nor any representations made herein are approved or endorsed by the Malta Financial Services Authority. Mansard Capital Sicav p.l.c. (the “Company”) is a collective investment scheme established as a multi-fund investment company with variable share capital (SICAV) incorporated with limited liability under the laws of Malta and licensed by the MFSA under the ISA as a Professional Investor Fund targeting Qualifying Investors.
