KLS Athos Event Driven

Investment Objective

The investment objective of the Fund is to generate consistent risk-adjusted returns which are uncorrelated with the returns of equity markets in which it invests. The Fund will seek to achieve its investment objective by investing in event-driven opportunities being transformative corporate change events (i.e. Catalyst Events) taking place in issuers globally with anticipated exposure balanced between opportunities in the Asia Pacific region and similar risk and reward situations globally.

Latest Meeting Note

Meeting 22 Jan 2024

In 2023, there was a notable withdrawal of global event-driven capital from Asian situations, leading to increased short-term volatility in spreads and dislocations in several of Athos' special situations and Holdco trades. Despite these...

In 2023, there was a notable withdrawal of global event-driven capital from Asian situations, leading to increased short-term volatility in spreads and dislocations in several of Athos' special situations and Holdco trades. Despite these challenges, Athos capitalized on the situation by increasing exposure in conviction trades towards the end of the year, helping to support PnL. Looking forward to 2024, Athos maintains a high overall gross exposure, aiming to leverage the persistently attractive opportunities in the market. They anticipate that Asian merger spreads will stay elevated in the near to medium term due to the current market environment and beyond their core focus on mergers, a number of supplementary return drivers Athos utilise look attractive this year. Equity Capital Market activity, which was subdued in 2023, is expected to increase as companies seek funding amidst rising debt capital costs while in Japan, recent reforms in corporate governance are likely to boost event-driven situations. Furthermore, undervalued assets in China and those related to China are expected to stimulate corporate activity. This is particularly relevant in the context of companies with significant dominant shareholders, who have historically shown a tendency to privatize companies when valuations are low, as they currently are.

Performance

JAN FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC YTD
2023 0.4 0.5 0.8 0.3 0.1 0.4 0.9 0.5 0.8 0.9 0.2 0.5 0.8
2022 0.9 0.9 0.9 0.9 0.8 0.3 0.1 0.4 0.7 0.4 0.7 0.5 0.7

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