Kite Lake Event Driven UCITS

Investment Objective

The objective of the KL Event Driven UCITS Fund is to achieve long-term capital growth by investing primarily in announced equity merger and acquisition transactions while maintaining a diversified portfolio.KL Event Driven UCITS Fund is a UCITS Fund incorporated in Ireland.

Latest Meeting Note

Meeting 03 Oct 2023

The fund employs a global Event Driven strategy that allocates risk across a core book of announced merger arbitrage deals (80% of risk) alongside a smaller allocation to equity special situations. The fund is managed using an opportunis...

The fund employs a global Event Driven strategy that allocates risk across a core book of announced merger arbitrage deals (80% of risk) alongside a smaller allocation to equity special situations. The fund is managed using an opportunistic philosophy with a core focus on the wider/complex spread opportunities, with team requiring a min IRR of 10-15% above the risk-free rate for a deal to be considered. Whilst the first part of the year presented many challenges to the M&A community (primarily driven by regulatory headwinds), and the fund was not immune to this, the team is now cautiously constructive on the opportunity set for the strategy. Since July/August, the outlook for the regulatory environment has notably improved, whilst there seems to be better visibility around the path of interest rates. These factors combined should support corporate activity going forward, with the team seeing a healthy backlog of deals coming to the market in the near future.

Performance

JAN FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC YTD
2023 0.3 0.2 0.8 0.8 0.8 0.5 0.4 0.1 0.0 0.6 0.9 0.5 1.0
2022 0.3 0.2 0.9 0.5 0.1 0.8 0.2 0.4 0.2 0.2 0.0 0.9 0.3

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