The Cheyne Global Credit Enhanced Fund is an actively managed long biased corporate credit strategy. The Fund invests predominantly through CDS as a means of minimising interest rate duration and achieving efficient leverage and liquidity. The Fund positions investment grade and crossover credit positions across a wide number of sectors primarily in North America and Europe and employs a downside protection strategy to manage spread sensitivity and reduce volatility. Target returns are Libor + 8-10% with monthly liquidity.