Absolute Hedge Bronze Award Winner 2015 Event Driven Laffitte Risk Arbitrage


Fund Strategy Event Driven
Fund Geography Global
Investment Advisor Laffitte Capital Management
Portfolio Manager Arnaud Yvinec, Gabriel Teodorescu
Fund Currency EUR
Fund AUM €283m
Fund AUM (GBP) £260m
Fund AUM as of 30 June 2017
Max Gearing / Exposure Gross exposure may be > 200% (avg 150%)
Fund Inception 11 December 2007
Fund Indices AH Event Driven UCITS Index
Sub Index - Merger Arbitrage

Fund Objective

Laffitte Risk Arbitrage Ucits’ objective in the medium term is to reach an
absolute performance which is uncorrelated to the stock market,
with volatility below 5% and by using leverage within the framework of the rules set forth by the French AMF. Laffitte Risk Arbitrage Ucits is an
absolute performance fund dedicated to Merger Arbitrage on announced deals in Europe and in the United States. In practice, the position is to buy or sell the stocks (or other equities) which are the targets of a takeover deal (in cash, stocks or mixed cash and stocks) or a squeeze out. The common position is to buy the target company at a price below the implied value of the offer (merger spread) and to keep the position till the merger settlement. If the merger is a stock deal (or if the offer is mixed cash and stocks), a selling position on the buying company is put in place to capture the spread between the implied price of the offer and the price of the target company on the market. When the probability of success looks to be too tight, an opposite position can be set up (selling the target in the case of a cash deal or selling the target company and buying the Purchasing company in the case of a stock deal).


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Absolute Hedge Bronze Award Winner 2015 Event Driven