CVC Credit Partners European Opportunities (CCPEOL) has delivered a 22.23% NAV per share total return (CCPG shares) over the last 12 months, outperforming the high-yield debt indices. The shares have returned 30% as the discount to NAV narrowed to 5%. The manager has stayed positive on the market with a focus on the upper CCC and lower B segments and this seems to have paid off. CCPEOL remains optimistic but more cautious; it has cut its credit opportunistic basket from 67% of gross assets in February to 55% at the end of July. The portfolio performance and improved market outlook has led CCPEOL to raise its annual dividend to 5p/5c per share in April after a 0.5p/0.5c hike in September 2020.