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TORO.L — London Stock Exchange Oil & Gas Transportation Services

Chenavari Toro Income Fund Ltd

$0,55

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Mcap

—

P/E

—

EV / Rev

—

Div yield

12,08 %

Op margin

76,3 %

ROE

11,9 %

Net margin

76,3 %

Debt / equity

0,40

Beta

—

52w range

—

Volume

—

Day range

—

Prev close

—

Open

—

Next earnings

2026-10-28

Ex-dividend

—

TR 1Y

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About

Chenavari Toro Income Fund Ltd is a closed-end fund that invests in a diversified portfolio of income-generating assets, primarily through fixed income and equity securities.

Business. Chenavari Toro Income Fund Ltd (TORO.L) is an investment fund operating within the Oil & Gas Transportation Services industry. The company is headquartered in the United Kingdom and is primarily listed on the London Stock Exchange. Specific details regarding its operating segments and geographic revenue mix are not disclosed.

Classification99 %

SectorEnergy

Industry groupOil & Gas Transportation Services

Generated · model-assisted

Sell-side consensus

—consensus pending

— buy— hold— sell

Avg 12m price target—

Upcoming events

EarningsQ3 2026 earnings (expected)2026-10-28 · estimated

See all catalysts →

At a glance

Score

—

not yet scored

Valuation

—

valuation pending

Analysts

—

not yet wired

Ownership→

AQR Capital Management, LLC

largest disclosed fund holder

Profitability→

11,9 %

return on equity

Quality

—

not yet scored

What drives this business

The watch-list the newsroom runs for this company — derived from its sector path, sharpened layer by layer. Not investment advice.

— missing data

News & coverage

No recent newsroom coverage mentioning TORO.

Sector rotation

Sector1D1Mvs mkt

Materials+2,3 %+6,6 %+1,7 %

Communication Services+2,2 %−5,5 %+1,6 %

Energy · THIS SECTOR+0,6 %+3,3 %+0,0 %

Health Care+0,6 %−0,8 %+0,0 %

Information Technology+0,6 %+6,7 %+0,0 %

Consumer Discretionary+0,4 %+7,6 %−0,2 %

Financials−0,3 %−2,8 %−0,9 %

Consumer Staples−0,4 %+2,5 %−1,0 %

Real Estate−0,7 %+10,9 %−1,3 %

Industrials−1,9 %−3,1 %−2,5 %

Utilities−1,9 %+28,2 %−2,5 %

Developing storylines

No tracked sagas currently linked to TORO.L. Browse all sagas →

Analysis

AI analysis

Generated · analysis pipeline · tier hybrid · as of 2026-08-04 ↑ At a glance

Opportunity

— missing data

Upcoming catalysts

Scheduled public events. Informational only — not investment advice.

Company
EarningsQ3 2026 earnings (expected)2026-10-28 · estimated
Macro
Rate decisionBank of England rate decision (press conf.)2026-08-06 · GB
Rate decisionReserve Bank of Australia rate decision (press conf.)2026-08-12 · AU
Rate decisionNorges Bank rate decision (press conf.)2026-08-20 · NO
Rate decisionSveriges Riksbank rate decision (press conf.)2026-09-03 · SE
Rate decisionBank of Canada rate decision (press conf.)2026-09-09 · CA
Rate decisionEuropean Central Bank rate decision (press conf.)2026-09-10 · EU
Macro & political
ElectionSE Swedish Election2026-09-14 · SE
ElectionUS U.S. Midterms2026-11-03 · US
ElectionFR French Legislative2027-06-01 · FR

Pre-earnings brief

— missing data

Signals & dispatch

peak dispatch · —

Composite-score breakdown

Synthesis

Business

Chenavari Toro Income Fund Ltd (TORO.L) is an investment fund operating within the Oil & Gas Transportation Services industry. The company is headquartered in the United Kingdom and is primarily listed on the London Stock Exchange. Specific details regarding its operating segments and geographic revenue mix are not disclosed.

Classification99 %

SectorEnergy

Industry groupOil & Gas Transportation Services

AI synthesis

GENERATED

Chenavari Toro Income Fund Ltd maintains a debt-to-equity ratio of 0.4, indicating a relatively conservative capital structure with a moderate reliance on debt financing. The company's liquidity position is assessed as medium, with cash and equivalents amounting to €13.49 million, which is significantly lower than its long-term debt of €84.09 million. This suggests that the fund may need to rely on asset sales or refinancing to meet long-term obligations.

In terms of profitability, the fund reports a return on equity (ROE) of 11.89% and a return on assets (ROA) of 7.3%, both of which are strong indicators of efficient capital utilization and asset management. These figures are in line with the industry's preferred metrics for closed-end funds, which emphasize consistent returns and risk-adjusted performance.

The fund's revenue is derived from a single business segment, as it operates as a closed-end fund with no disclosed geographic diversification. This concentration in a single business model and lack of geographic segmentation increases exposure to market-specific risks, particularly in the financial sector.

Looking ahead, the fund's growth trajectory is expected to remain stable, with no significant revenue growth or decline projected in the current or next fiscal year. The absence of a clear growth driver or expansion strategy suggests that the fund's performance will largely depend on the performance of its underlying investments.

The fund's risk profile is characterized by a medium liquidity risk and a low dilution risk. The negative net cash position, after subtracting total debt, indicates potential liquidity constraints. However, the low dilution risk suggests that the company is not likely to issue additional shares in the near term, preserving shareholder value.

Recent filings and transcripts do not indicate any material events or strategic shifts that would significantly impact the fund's operations or financial position. The fund continues to operate within its established framework, with no new initiatives or regulatory challenges reported.

Key takeaways

Chenavari Toro Income Fund Ltd maintains a conservative capital structure with a debt-to-equity ratio of 0.4.
The fund reports strong returns on equity (11.89%) and assets (7.3%), indicating efficient capital utilization.
The fund's revenue is concentrated in a single business segment, increasing exposure to market-specific risks.
The fund's liquidity position is medium, with cash and equivalents significantly lower than long-term debt.
The fund is not expected to issue additional shares in the near term, preserving shareholder value.
No material events or strategic shifts have been reported in recent filings or transcripts.

Bull / Bear case

Generated · model-assisted

— missing data

In focus — financials by report

Valuation

Market price

$0,55

Market cap

—

Enterprise valueⓘ

—

P/Eⓘ

—

Non-GAAP P/Eⓘ

—

EV / Revenueⓘ

—

EV / Op incomeⓘ

—

EV / OCFⓘ

—

P / Bⓘ

—

P / Tangible bookⓘ

—

Tangible book

$210.9M

Net cashⓘ

-$70.6M

Current ratioⓘ

—

Debt / equityⓘ

0.4

ROAⓘ

7.3%

ROEⓘ

11.9%

Cash conversionⓘ

-49.0%

CapEx / revenueⓘ

—

SBC / revenueⓘ

—

Dilution ratioⓘ

0.0%

Revenue by segment

Business relationships

— missing data

Supply chain

— missing data

Peer comparison

Peer comparison7 peers · vs TORO · multiples and returns

FRO—

Frontline plc

$40,52

—

P/E

—

— vs self

Div yield

0,0 %

— vs self

ROE

—

— vs self

DHT—

DHT

—

P/E

—

— vs self

Div yield

—

— vs self

ROE

—

— vs self

ECO—

ECO

—

P/E

—

— vs self

Div yield

—

— vs self

ROE

—

— vs self

KNOP—

Knot Offshore Partners LP

$11,06

372,3M USD

P/E

50,0x

+23,5 vs self

Div yield

1,7 %

— vs self

ROE

1,2 %

-0,9 vs self

SMHI—

Seacor Marine Holdings Inc

$7,21

195,1M USD

P/E

—

— vs self

Div yield

—

— vs self

ROE

-10,5 %

-12,6 vs self

PSHG—

PERFORMANCE SHIPPING INC.

$1,80

22,4M USD

P/E

0,4x

-26,1 vs self

Div yield

—

— vs self

ROE

15,4 %

+13,4 vs self

RBNE—

ROBIN ENERGY LTD.

$2,56

—

P/E

—

— vs self

Div yield

—

— vs self

ROE

-0,1 %

-2,1 vs self

Market position

Stress test

— missing data

Predictor forecast

Corporate eventM&A horizon

M&A probabilityconf 3 %

Probability

3 %

Base rate

3 %

Band

—

180-day horizon · target 2027-01-31 · 1,0× base rate

No acquirer candidates identified by the signal model.

Probabilistic model output — not investment advice. · generated 2026-08-04

Options

— missing data

Short squeeze

— missing data

Earnings-call key lines

— missing data

Estimate revisions

consensus EPS · 26-week trend

— missing data

Sell-side observations

— missing data

Themes

— missing data

ESG

— missing data

Risk factors

Dilution riskLow

Liquidity riskMedium

Filing-based flags

Net cash is negative after subtracting total debt.

Benchmarks vs cohort

Op Margin76,3 %Best in class

Net Margin76,3 %Best in class

ROE11,9 %Above P75

D/E0,40Above median

Cash Conv-0,49Bottom quartile

Corporate actions / M&A

M&A probabilityconf —

Probability

3 %

Base rate

3 %

Band

Low

180-day horizon · target 2027-01-31 · 1,0× base rate

No acquirer candidates identified by the signal model.

Corporate actionsNo corporate-action source connected yet — splits, dividends and buyback events are not tracked for this company. Honest-dim (no data fabricated).

FX exposure

— missing data

Comparable transactions

— missing data

Derivatives & instruments

— missing data

Actions

Set alert Open in charts

Ask Handelsavisen

— missing data

Data sources

Market data
Market data cache
Issuer disclosures
Public news
Earnings transcripts
Consensus estimates
ESG data

How metrics are computed

Dilution Ratio
(shares_outstanding_diluted - shares_outstanding_basic) / shares_outstanding_basic
Net Cash
cash_and_equivalents + short_term_investments - short_term_debt - long_term_debt
Return On Equity
net_income / total_equity
Debt To Equity
(short_term_debt + long_term_debt) / total_equity
Cash Conversion Ratio
operating_cash_flow / net_income
Return On Assets
net_income / total_assets

Source documents

Chenavari Toro Income Fund Ltd Market data — financials · 2026-05-29

Ownership & reference

Top holders

AQR Capital Management, LLCInvestment Managers · as of 2026-03-310,19 %$419M
Victory Capital Management Inc.Investment Managers · as of 2026-03-310,18 %$281M
Arrowstreet Capital, Limited PartnershipInvestment Managers · as of 2026-03-310,07 %$127M
American Century Investment Management, Inc.Investment Managers · as of 2026-03-310,06 %$115M
Dimensional Fund Advisors, L.P.Investment Managers · as of 2026-03-310,03 %$158M
BlackRock Institutional Trust Company, N.A.Investment Managers · as of 2024-06-300,02 %$962M
T. Rowe Price Associates, Inc.Investment Managers · as of 2026-03-310,02 %$0M
Bank of New York Mellon CorpInstitutional Investor · as of 2026-03-310,02 %$94M
Raymond James & Associates, Inc.Brokerage Firms · as of 2026-03-310,02 %$52M
UBS Financial Services, Inc.Investment Managers · as of 2026-03-310,02 %$86M
Wells Fargo AdvisorsBrokerage Firms · as of 2026-03-310,01 %$73M
State Street Investment Management (US)Investment Managers · as of 2026-03-310,01 %$379M
Invesco QQQ TrustFunds · as of 2026-03-310,01 %$79M
Northern Trust Investments, Inc.Investment Managers · as of 2026-03-310,01 %$90M
Goldman Sachs Asset Management, L.P.Investment Managers · as of 2026-03-310,01 %$90M
Vanguard Capital Management, LLCInvestment Managers · as of 2025-12-310,01 %$815M
Geode Capital Management, L.L.C.Investment Managers · as of 2026-03-310,01 %$187M
Principal Global Investors (Equity)Investment Managers · as of 2026-03-310,01 %$20M
Charles Schwab Investment Management, Inc.Investment Managers · as of 2026-03-310,01 %$66M
FMR LLCInstitutional Investor · as of 2026-03-310,01 %$166M
AMERIPRISE FINANCIAL INCInstitutional Investor · as of 2026-03-310,01 %$37M
EATON VANCE MANAGEMENTInstitutional Investor · as of 2022-09-300,01 %$0M
Capital Research Global InvestorsInvestment Managers · as of 2026-03-310,01 %$52M
Morgan Stanley Smith Barney LLCInvestment Managers · as of 2026-03-310,01 %$88M
First Trust Advisors L.P.Investment Managers · as of 2026-03-310,00 %$7M
Franklin Advisers, Inc.Investment Managers · as of 2026-03-310,00 %$18M
Nuveen LLCInvestment Managers · as of 2024-12-310,00 %$15M
AllianceBernstein L.P.Investment Managers · as of 2026-03-310,00 %$10M
JANUS HENDERSON GROUP PLCInstitutional Investor · as of 2026-03-310,00 %$4M
LPL Financial LLCInvestment Managers · as of 2026-03-310,00 %$6M
PNC Investments LLCInvestment Managers · as of 2026-03-310,00 %$2M
JONES FINANCIAL COMPANIES LLLPInstitutional Investor · as of 2026-03-310,00 %$0M
Fisher InvestmentsInvestment Managers · as of 2026-03-310,00 %$0M
Morgan Stanley Smith Barney LLCInvestment Managers · as of 2026-03-310,00 %$0M
Geode Capital Management, L.L.C.Investment Managers · as of 2026-03-310,00 %$0M
UBS Financial Services, Inc.Investment Managers · as of 2026-03-310,00 %$0M
Wells Fargo AdvisorsBrokerage Firms · as of 2026-03-310,00 %$0M

Insider activity

Net buying4 buys · 0 sellsnet $14,3M1 insiders · last 365d

Panagiotidis Petros PanagiotisDirector, Chief Executive Officer · Common StockOther 4 827 279 @ $3,88$18,7M · 2026-06-05
Panagiotidis Petros PanagiotisDirector, Chief Executive Officer · Common StockBought 67 407 @ $6,79$458K · 2026-04-24
Panagiotidis Petros PanagiotisDirector, Chief Executive Officer · Common StockBought 265 836 @ $6,52$1,7M · 2026-04-23
Panagiotidis Petros PanagiotisDirector, Chief Executive Officer · Common StockBought 516 738 @ $5,04$2,6M · 2026-04-22
Panagiotidis Petros PanagiotisDirector, Chief Executive Officer · Common StockBought 1 465 990 @ $6,45$9,5M · 2026-04-22

Short positioning

131.7Kshares short-47.8% vs prior

3.33days to cover

51.8%short of daily vol

361fails-to-deliver

as of 2026-07-15 · short-interest report (free)

Geographic breakdown

— missing data

Listings · one canonical issuer all listings resolve to the canonical

TORO.LCanonical

London Stock Exchange · USD

Intel & risk

PredictorM&A prob3 %Full forecast →

peak dispatch · —

OSINT findings

Dilution riskLow

Liquidity riskMedium

Net cash is negative after subtracting total debt.

Evidence & claims

From filings & derived data

Net income (YoY) (2025-12-31 vs 2024-12-31): -76.5%Derived (calculated)
Operating income (YoY) (2025-12-31 vs 2024-12-31): 16.3%Derived (calculated)
EPS (diluted) (YoY) (2025-12-31 vs 2024-12-31): -92.7%Derived (calculated)
Net margin (FY 2025-12-31): 28.1%Derived (calculated)
Return on equity (FY 2025-12-31): 3.6%Derived (calculated)
Return on assets (FY 2025-12-31): 1.8%Derived (calculated)
Current ratio (FY 2025-12-31): 2.30xDerived (calculated)
Shareholders' equity (YoY) (2025-12-31 vs 2024-12-31): -17.8%Derived (calculated)
Cash & equivalents (YoY) (2025-12-31 vs 2024-12-31): 135.0%Derived (calculated)
Total assets (YoY) (2025-12-31 vs 2024-12-31): 1.5%Derived (calculated)
Revenue (YoY) (2025-12-31 vs 2024-12-31): -5.9%Derived (calculated)
EPS (basic) (YoY) (2025-12-31 vs 2024-12-31): -92.7%Derived (calculated)
Capex (YoY) (2025-12-31 vs 2024-12-31): 55,865.5%Derived (calculated)
Cash & equivalents (annual): USD 87.42MSEC XBRL filing
Capex (annual): USD 66.77MSEC XBRL filing
Current liabilities (annual): USD 41.94MSEC XBRL filing
Operating income (annual): USD -4.65MSEC XBRL filing
Net income (annual): USD 5.93MSEC XBRL filing
EPS (basic) (annual): USD-PER-SHARES 0SEC XBRL filing
EPS (diluted) (annual): USD-PER-SHARES 0SEC XBRL filing
Shareholders' equity (annual): USD 163.6MSEC XBRL filing
Shares outstanding (annual): 21.47MSEC XBRL filing
Current assets (annual): USD 96.3MSEC XBRL filing
Pre-tax income (annual): USD 5.61MSEC XBRL filing

Showing 24 of 60 surfaced claims.

Atomic claims from regulatory filings and derived calculations. Provenance shown as source kind only.

The Thread

Everything we know, in order

2026-10-28EVENTUpcomingQ3 2026 earnings (expected) estimated date

2026-07-05 03:10 UTCHOLDERInstitutional holding changed

2026-07-05 03:10 UTCHOLDER1 institutional position change flagged (1 major)

2026-07-04 03:13 UTCHOLDERInstitutional holding changed

2026-07-04 03:13 UTCHOLDER2 institutional position changes flagged (2 major)

2026-07-01 03:10 UTCHOLDERInstitutional holding changed

2026-07-01 03:10 UTCHOLDER2 institutional position changes flagged (2 major)

2026-06-30 03:38 UTCEARNINGSUpcomingForecast: ma_probability (180d)

2026-06-28 03:14 UTCHOLDERInstitutional holding changed

2026-06-28 03:14 UTCHOLDER2 institutional position changes flagged (2 major)

2026-06-26 03:13 UTCHOLDERInstitutional holding changed

2026-06-26 03:13 UTCHOLDER2 institutional position changes flagged (2 major)

2026-06-25 03:10 UTCHOLDER1 institutional position change flagged (1 major)

2026-06-24 03:12 UTCHOLDER3 institutional position changes flagged (3 major)

2026-06-23 03:11 UTCHOLDER1 institutional position change flagged (1 major)

2026-06-21 02:57 UTCHOLDER5 institutional position changes flagged (5 major)

2026-06-20 12:34 UTCANALYSTAnalyst coverage initiated

2026-06-05 00:00 UTCINSIDER1 insider transaction — 2026-06 · net buy $18.7M

2026-06-05FILING6-K filing →

2026-06-05INSIDERPanagiotidis Petros Panagiotis transacted 4.83M sh — Director, Chief Executive Officer ~$18.74M

2026-05-28FILING6-K filing →

2026-05-05FILING6-K filing →

2026-04-24 00:00 UTCINSIDER4 insider transactions — 2026-04 · net buy $14.3M

2026-04-24INSIDERPanagiotidis Petros Panagiotis bought 67.4k sh — Director, Chief Executive Officer ~$458k

2026-04-23INSIDERPanagiotidis Petros Panagiotis bought 265.8k sh — Director, Chief Executive Officer ~$1.73M

2026-04-22FILING6-K filing →

2026-04-22INSIDERPanagiotidis Petros Panagiotis bought 516.7k sh — Director, Chief Executive Officer ~$2.61M

2026-04-22INSIDERPanagiotidis Petros Panagiotis bought 1.47M sh — Director, Chief Executive Officer ~$9.46M

2026-04-15FILING20-F filing →

2026-04-15FILING6-K filing →

2026-04-02FILING6-K filing →

2026-01-16FILING6-K filing →

2025-12-29FILING6-K filing →

2025-12-17FILING6-K filing →

2025-12-05FILING6-K filing →

The entity's full life in the product — typed, chronological, joined across Newspaper, Platform and Data. Our memory, made visible.

Sources filings · IR · transcripts · market data · tier hybrid · as of 2026-08-04 Market data · Issuer disclosures · Public news · Earnings transcripts · Consensus estimates · ESG data Premium coverage

At a glance

What drives this business

News & coverage

Sector rotation

Developing storylines

Analysis

Opportunity

Upcoming catalysts

Pre-earnings brief

Signals & dispatch

Composite-score breakdown

Synthesis

Bull / Bear case

In focus — financials by report

Valuation

Revenue by segment

Market share

Business relationships

Supply chain

Peer comparison

Market position

Stress test

Predictor forecast

Options

Short squeeze

Earnings-call key lines

Estimate revisions

Sell-side observations

Themes

ESG

Risk factors

Benchmarks vs cohort

Corporate actions / M&A

FX exposure

Comparable transactions

Derivatives & instruments

Actions

Ask Handelsavisen

Ownership & reference

Top holders

Insider activity

Short positioning

Geographic breakdown

Intel & risk

Evidence & claims

The Thread