Leadersel Event Driven

Investment Objective

The fund aims to reach an absolute yearly return of 3% to 5%, with limited volatility (3-5%) over a 3-5 year time horizon, maintaining a low correlation with traditional asset classes. The fund employs a bottom-up research process to identify Event Driven opportunities across three core verticals: Risk Arbitrage (60%+ of the book), Relative Value and Special situations.

Latest Meeting Note

Meeting 17 Feb 2021

The Leadersel Event Driven fund is managed by the experienced team of Giorgio Nicola, Riccardo Costa and Alessandro Moretti who manage $900m across the strategy with $450m in the UCITS. The fund aims to take advantage of corporate events... Read more

The Leadersel Event Driven fund is managed by the experienced team of Giorgio Nicola, Riccardo Costa and Alessandro Moretti who manage $900m across the strategy with $450m in the UCITS. The fund aims to take advantage of corporate events in Europe and North America by investing across the capital structure. The team take a bottom approach to analysing investment opportunities and are agnostic of industry and asset class. Investments are divided into hard and soft catalyst buckets, with each having different position weights and risk management techniques. The portfolio is constructed from three underlying strategies; risk arbitrage, relative value and special situations. Risk arbitrage is the main component in terms of size (40-70% of fund, dependent on number of deals) and performance contribution, this segment plays hard catalyst situations including announced deals, competitive situations, rights issues and others. The relative value portfolio is typically the second largest of the book (10-30%) and focuses on soft catalyst events such as share class arbitrage, stub & holding company trades and capital structure arbitrage. Finally, special situations typically account for 10-20% of the book. Also, the team use a macro hedging overlay of equity futures and options. The fund targets an annualised mid single-digit absolute return over a 3-5 year timeframe with limited volatility, and low correlation with traditional asset classes. Further, the fund is mandated a max leverage of 400% but this is usually between 150-200%.

Performance

JAN FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC YTD
2020 0.7 0.7 0.2 0.8 0.8 0.1 0.8 0.7 0.9 0.4 0.7 0.4 1.0
2019 0.6 0.9 0.9 0.9 1.0 0.6 0.5 0.9 0.4 0.3 0.7 0.5 0.4

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Close Current Site Absolute Hedge is a market leading UCITS research database providing proprietary research on funds, themes and strategies in the UCITS space. Kepler Trust Intelligence is produced by the investment companies team at Kepler Partners and is the UK’s premier source of detailed qualitative research on investment trusts. Kepler Liquid Strategies is a Dublin domiciled UCITS fund platform featuring a number of best-of-breed fund managers. Kepler Partners is a corporate advisory and asset raising boutique specialising in the regulated funds market in Europe and investment trusts in the UK.