We are event-driven value investors.  We invest opportunistically across corporate asset classes, including event-driven equities, high yield and distressed securities, and bank debt.  Our goal is to generate attractive returns that are significantly in excess of, and uncorrelated to, the major indices with moderate volatility.

Our approach is systemic, risk averse, and event-driven.  Our funds make investments based on systemic screening of corporate dislocation events, with a focus on cash flow generation and sustainable value creation.  Our process seeks to identify the best risk/reward relationships within a capital structure for long positions and the worst risk/reward relationships for short positions.  We bring a disciplined, cash flow, and credit-focused approach to investing across a given capital structure to achieve the best risk-adjusted return.

Our portfolio is diversified.  Value at risk per position is low, our typical position is usually 4 - 6% of total assets under management and we employ modest leverage.  Our largest positions rarely account for more than 10% of total assets and would generally be at least partially hedged with options protection. The portfolio typically holds 30-40 positions, including event-driven equities (40-60% net), and high yield and distressed securities (30-50%). Liquidity requirements, limits on leverage and portfolio concentration, and use of options to protect positions are key risk management tools employed.  The manager's competitive advantage is an understanding of credit markets that has evolved from experience in the high yield and distressed securities market since 1984.