Asset Manager
Profiles
Disclaimer
This guide is for informational purposes only and is not and should not be construed as an offer to sell or
a solicitation to buy securities. There can be no assurance that any of the funds enclosed objectives can
be achieved or that they will not incur losses. Past performance is not indicative of future results,
including future volatility and correlation to other types of investments. The returns of individual
investors may vary because of timing of the investment and differences in management and incentive
fees, if applicable. The information contained herein is intended solely for use by the recipient hereof and
is not to be reproduced or distributed to other parties.
II and CNBC are not making any recommendation, express or implied, as to an investment with, and are
not acting as agent, promoter, underwriter, or placement agent for, any manager.
Any information contained in these materials regarding a manager has been prepared by the manager,
and the manager is solely responsible for the completeness and accuracy of that information. II has not
verified and is not liable for the completeness or accuracy of information contained in these materials.
Assets Under Management (“AUM”) are unaudited and may be estimated. This presentation is
confidential and may not be reproduced, distributed or used by any person without expressed written
consent
Actus Biotechnologies
FIRM OVERVIEW: ACTUS is working with a number of universities to explore, understand and
enter into licensing opportunities. Technology transfer is increasingly central to the mission of
universities, academic health centers and research institutes. Research and scholarship on the topic
has also advanced considerably in recent years. University technology transfer offices provide
university licensing managers a starting point as they enter into licensing discussions with
prospective licensees. The primary objective of academic technology transfer professionals is to
enable the development and commercialization of academic research findings, ensuring research
ultimately reaches and benefits the public.
Convoy Therapeutics, Inc. is a late preclinical stage biotechnology company focused on delivery of
macromolecules across the stratum corneum and into the skin. The technology was developed by
Professor Samir Mitragotri and his laboratory at University of California, Santa Barbara.
EnduRx Pharmaceuticals, Inc. is a late preclinical stage biotechnology company that uses proprietary
peptide sequences to target micro-clotting events in the vasculature. The technology is currently
under development for use in imaging and treatment of acute cardiac syndromes and tumors. This
technology was developed by Dr. Erkki Ruoslahti at the Sanford Burnham Medical Research
Institute.
CONTACT:
Name: Dr. Robert Davis
Telephone: (702) 885 – 1820
Email: rdavis@actusbiotech.com
Anchorage Capital Group
FUND NAME: Anchorage Capital Partners
AUM: $8.9 Billion (as of March 31, 2013)
INCEPTION DATE: July 1, 2003
STRATEGY: Long/Short Corporate Credit
FIRM OVERVIEW: Anchorage Capital Group, L.L.C. (“Anchorage”) is a New York-based registered
investment adviser founded in 2003 by Kevin Ulrich and Tony Davis. Anchorage manages approximately
$12 billion across several credit oriented products with 134 employees and offices in New York, London and
Sydney. The firm's 53 investment professionals evaluate companies on a fundamental basis across the capital
structure. Anchorage’s flagship funds, the Anchorage Capital Partners funds, have approximately $9.6 billion
in assets under management and are focused on investment opportunities in distressed and special situations
investments. These funds place a premium on liquidity while investing on a long and short basis primarily in
corporate issues in developed credit markets. Anchorage also manages targeted strategies such as Anchorage
Short Credit and Anchorage Illiquid Opportunities.
INVESTMENT STRATEGY: The ACP Funds invest across the capital structure on a long and short
basis primarily in North America and Europe. Over the course of an economic and credit cycle, it is
anticipated that the ACP Funds’ net exposure will fluctuate depending on the presence of attractive
directional risk opportunities.
CONTACT:
Name: Michael Charlton
Telephone: (212) 389 – 4841
Email: mcharlton@anchoragecap.com
Ares Management
AUM: $60 Billion
INCEPTION DATE: 1997
STRATEGY: Multi Strategy Credit, Structured Products
FIRM OVERVIEW: Ares Management is a global alternative asset manager and SEC registered
investment adviser (since January 31, 2005) with approximately $59 billion* of committed capital under
management and approximately 560 employees as of December 31, 2012. The firm is headquartered in Los
Angeles with offices across the United States, Europe and Asia.
INVESTMENT STRATEGY: At Ares Management, we have the ability to invest in all levels of a
company’s capital structure – from senior debt to common equity. To provide our investors an attractive
assortment of investment products, we pursue opportunities in a variety of industries in a growing number of
international markets. While participating in a diverse range of transaction types across the firm, we rigorously
maintain a consistent credit-based approach to target well-structured investments in high quality businesses.
The firm’s investment activities are managed by dedicated teams in our Private Equity, Private Debt and
Capital Markets investment platforms. Ares Management was built upon the fundamental principle that each
platform benefits from being part of the greater whole. This multi-asset class synergy provides our
professionals with insights into industry trends, access to significant deal flow and the ability to assess relative
value.
CONTACT:
Name: Pamela Speer-Weldon
Telephone: (212) 808-1153
Email: pweldon@aresmgmt.com
Arrowgrass Capital Partners LLP
FUND NAME: Arrowgrass Master Fund Ltd.
AUM: $3.9 Billion
INCEPTION DATE: February 2008
STRATEGY: Multi-Strategy (Global)
FIRM OVERVIEW: Arrowgrass Capital Partners LLP (“Arrowgrass”) is an alternative investment
manager, regulated by the FCA and SEC, which employs a non-siloed, multi-strategy approach to investing in
a broad range of asset classes on a global basis. At the core of our investment philosophy is the belief that a
dynamic allocation of capital through the economic cycle is essential to maximizing value as the opportunity
set evolves. Our investment process combines top-down and bottom-up analysis to identify idiosyncratic,
catalyst-driven opportunities, all of which is complemented by a comprehensive infrastructure and risk
management platform. Founded in February 2008, Arrowgrass currently has 103 employees located in its
London (76) and New York (27) offices and manages $3.9 billion of client capital.
INVESTMENT STRATEGY: Arrowgrass aims to deliver consistent risk-adjusted returns throughout
the economic cycle while focusing on capital preservation. Our multi-strategy investment process utilizes six
core strategies wrapped with a macro overlay and combines top-down and bottom-up analysis to identify
liquid, catalyst-driven opportunities. The strategies are split between Relative Value and Event Driven, each
specifically chosen because of the synergies they offer the broader portfolio. Our non-siloed structure
facilitates the fluid allocation of capital and resources between these strategies to optimize risk-adjusted
returns throughout the cycle.
In addition to conducting intensive bottom-up fundamental and technical research on all our investments and
identifying clear, well-defined catalysts for the unlocking of value, we utilize a top-down macro overlay to
enhance asset allocation and risk management. The macro overlay is not a stand-alone strategy, but is instead
used as a key input to the overall investment activities.
CONTACT:
Name: Matt Bassista
Telephone: (212) 584 – 1162
Email: Matt.bassista@arrowgrass.com
Arrowpoint Partners
FUND NAME: Arrowpoint Fundamental Opportunity
AUM: $2.2 Billion
INCEPTION DATE: December 2007
STRATEGY: Multi-Strategy
FIRM OVERVIEW: Arrowpoint Partners is a privately owned asset manager focused on understanding
client needs and delivering world-class human capital against those needs. The process is predicated on
detailed fundamental analysis deployed across the capital structure.
INVESTMENT STRATEGY: Arrowpoint Fundamental Opportunity is a multi-asset, opportunistic
strategy constructed to deliver absolute returns through a non-correlated portfolio of diverse securities.
We perform in-depth fundamental research to uncover and create asymmetric risk/reward opportunities
across the capital structure. Investments are primarily in niche credit strategies and individual hedged equity
structures that allow us to optimize our fundamental view.
Thoughtful asset allocation resulting in consistent risk-adjusted returns that serve to minimize drawdowns
and reduce correlation while meeting client investment objectives.
CONTACT:
Name: Chris Dunne
Telephone: (303) 398 – 2952
Email: cdunne@ap-am.com
Basso Capital Management, L.P.
FUND NAME: Basso Investors, Ltd.
AUM: $390 Million
INCEPTION DATE: 1994
STRATEGY: Convertible Securities
FIRM OVERVIEW: Basso Capital Management, L.P. ("Basso") is a private investment fund manager
based in Stamford, CT. The founding partners of Basso have been managing money for qualified individuals
and institutions since 1994. The investment team focuses on credit research, structural analysis and
underlying company fundamentals in order to identify opportunities across a company's entire capital
structure. The investment professionals at Basso seek capital preservation and the avoidance of losses
through conservative risk management processes.
INVESTMENT STRATEGY: Basso Investors Ltd.(the “Fund”) seeks capital appreciation by investing
in global convertible securities. The Fund will typically offset along position in a convertible security with the
short sale of the company’s underlying common stock in an attempt to limit total downside risk and also may
employ credit default swaps and asset swaps as hedging vehicles. The Fund typically maintains a large
number of positions and will use leverage to enhance returns. The Fund also attempts to minimize its
exposure to interest rate, equity and credit risk.
CONTACT:
Name: Brent T. Hayes
Telephone: (203) 352 – 6155
Email: bhayes@bassocap.com
Black River Asset Management LLC
FIRM OVERVIEW: Black River Asset Management is a global alternative asset management firm
providing hedge fund and private equity solutions to institutional investors. Formed in 2003, we are
an independently managed subsidiary of Cargill, one of the world’s largest providers of food,
agriculture and industrial products and services.
INVESTMENT STRATEGY: Black River's diversified platform of absolute return trading and private
equity strategies is built on our core competencies in fixed income and equity arbitrage, emerging markets,
and commodity-related trading and investing. This provides institutional investors with highly focused
investment solutions that deliver portfolio diversification and absolute returns.
Our approach leverages the full capabilities of our firm and in particular, the insights and intelligence we are
afforded from our international network and access to Cargill resources. More importantly, with an emphasis
on investment diligence and risk management scrutiny, we capitalize on market opportunities to address a
variety of investor needs and objectives.
CONTACT:
Name: Mark Mooers
Telephone: (952) 984 – 3125
Email: mark.mooers@black-river.com
BlackRock
FIRM OVERVIEW: BlackRock is a leader in investment management, risk management and advisory
services for institutional and retail clients worldwide. At March 31, 2013, BlackRock’s AUM was $3.936
trillion. BlackRock helps clients meet their goals and overcome challenges with a range of products that
include separate accounts, mutual funds, iShares® (exchange-traded funds), and other pooled investment
vehicles. BlackRock also offers risk management, advisory and enterprise investment system services to a
broad base of institutional investors through BlackRock Solutions®. Headquartered in New York City, as of
March 31, 2013, the firm has approximately 10,600 employees in 30 countries and a major presence in key
global markets, including North and South America, Europe, Asia, Australia and the Middle East and Africa.
For additional information, please visit the Company's website at www.blackrock.com.
CONTACT:
Name: Ryan Clark
Telephone: (212) 810 – 5451
Email: ryan.clark@blackrock.com
BlueMountain Capital Management LLC
FUND NAME: BlueMountain Credit Alternatives Fund
AUM: $15.6 Billion
INCEPTION DATE: November 2003
STRATEGY: Relative Value Credit Fund
FIRM OVERVIEW: BlueMountain Capital Management, LLC is a leading absolute return manager
managing $15.6bn of assets, with $12.9bn in absolute return assets and $2.7bn in CLO assets. Our large and
diverse team of professionals in New York and London are supported by our institutionalized and
proprietary infrastructure, including world-class operations and risk management technology.
INVESTMENT STRATEGY: BlueMountain Credit Alternatives is a relative value credit fund that
pursues three primary strategies in the U.S. and Europe: fundamental, structured credit, and arbitrage &
technical. We employ an alpha-centric investment philosophy that seeks to construct a portfolio with
relatively low net market exposure and leverage. We also follow a comprehensive, multi-strategy approach to
investing - allocating capital dynamically to the most compelling opportunities and harvesting multiple
sources of alpha. These capabilities are both exceedingly difficult to achieve and rare in our space.
CONTACT:
Name: Zoe Bernstein
Telephone: (212) 905 – 3966
Email: zbernstein@bluemountaincapital.com
BNR Partners LLC
FIRM OVERVIEW: BNR is a family office for less than 10 families, providing all services
including investment advisory, income and estate planning, and all tax preparation.
CONTACT:
Name: Allen C. Berg, Managing Director
Email: aberg@bnrpartners.com
Address: 20 N. Wacker Dr. Suite 2110
Chicago, Illinois 60606
Bridgewater
FUND NAME: Bridgewater Pure Alpha Strategy, Bridgewater All Weather Strategy
AUM: As of May 31, 2013, Bridgewater managed approximately $63 billion in the Pure Alpha Strategy, and
approximately $71 billion in the All Weather Strategy. 1
INCEPTION DATE: Bridgewater has managed the Pure Alpha Strategy since its inception in 1991.
Bridgewater has managed the All Weather Strategy since its inception in 1996
STRATEGY: Bridgewater Pure Alpha Strategy, Bridgewater All Weather Strategy
FIRM OVERVIEW: Bridgewater began investment operations in 1975, initially providing money
management and consulting services in the global credit and currency markets. In 1990, Bridgewater
registered with the SEC as an investment adviser and has managed assets for institutional investors ever since.
Bridgewater pioneered many innovations in the money management industry, including advocating the
separation of alpha and beta as critical to building optimal portfolios. We built our investment strategies
based on this principle: in 1991, we launched Pure Alpha, our optimal alpha strategy, and in 1996, we
launched All Weather, our optimal beta strategy and the basis for "risk parity" in the industry. Bridgewater’s
entire business is focused on developing strategic relationships and creating tailored portfolio strategies for
our clients. We count among our clients some of the largest institutional investors in the world, including:
corporate and public pension funds, university endowments, charitable foundations, supranational agencies,
foreign governments, and central banks.
INVESTMENT STRATEGY: Pure Alpha is a global active investment strategy designed to generate high
and consistent returns that are uncorrelated to markets and other managers. We achieve this objective by
trading a highly diversified set of liquid global markets with no systematic bias to be long or short any market
over time. Views expressed in the strategy are the product of 38 years of accumulated research into the
fundamental drivers of global markets, and are implemented through a systematic investment process. The
diversification across the 100+ markets we trade means no single alpha source has a disproportionate impact
on the total portfolio’s return and risk. All Weather is Bridgewater’s best strategic asset allocation mix,
offering what we believe is the highest ratio of return to risk for an asset portfolio. The strategy’s objective is
to capture the market risk premium embedded across asset classes as consistently as possible. To do this, we
recognize that while asset classes offer a risk premium that is similar once adjusting for risk, their inherent
sensitivities to shifts in the economic environment are not the same. By risk-adjusting asset classes and
balancing them so that their environmental (growth and inflation) sensitivities offset one another, the overall
portfolio is neutralized to environmental shifts and the risk premium becomes the dominant driver of returns.
As a result of its environmental balance, All Weather achieves an expected return greater than that of equities
but with significantly less risk.
CONTACT:
Name: Parag Shah
Telephone: (203) 226 – 3030
Email: parag.shah@bwater.com
1 AUM figures are estimated as of the dates shown, are in billions of US$, and are inclusive of additions and/or withdrawals made as
of the first business day of the following month.
Burgundy Asset Management, Ltd.
FIRM OVERVIEW: Founded in 1991, Burgundy Asset Management Ltd. (“Burgundy”) is an investment
manager serving U.S., Canadian and U.K. institutional investors and Canadian high-net-worth clients.
Burgundy is 100% independent and owned by its employees, and we are committed to remaining a private
firm. Burgundy manages US$14 billion in North American, international and global equity strategies.
Since the firm’s inception, Burgundy has followed a disciplined value investment philosophy with a focus on
quality companies. Our research is devoted to assessing the fundamentals and valuation of individual
companies, and not macroeconomic events that are nearly impossible to forecast. Across strategies, our
portfolios are concentrated and fully agnostic to any benchmark; our objective is to deliver strong absolute
returns in the long term while protecting capital in down markets. We believe that aligning ourselves with
like-minded investors who share the same objective is a critical element to achieving this objective.
INVESTMENT STRATEGY: Burgundy has been investing in Asia since 1998 and in Europe since
2000. Today, we manage concentrated, long-only portfolios of International, Global and Emerging Markets
equities. Our geographic investment team structure also allows us to offer regional mandates of U.S.,
Canadian, Japanese, Asian and European equities. Burgundy’s investment strategies are supported by a deep
international experience and a global bench of 24 investment professionals.
Burgundy’s entire investment team is based in Toronto to ensure a consistent and thorough investment
process. We stress the importance of developing a local perspective on the ground, engaging in the same
detailed level of fundamental research anywhere we invest. In an increasingly globalized world, our
investment team’s base location in one single office and our geographic coverage are essential aspects of our
truly global perspective.
CONTACT:
Name: Caroline Montminy, CFA
Telephone: (416) 868 – 8989
Email: cmontminy@burgundyasset.com
Calamos Investments
FUND NAME: Calamos International Growth Fund
AUM: $1.73 Billion (as of March 31, 2013)
INCEPTION DATE: April 2005
STRATEGY: Calamos International Growth Strategy
FIRM OVERVIEW: Calamos Investments is a diversified global investment firm offering innovative
investment strategies including equity, fixed income, convertible and alternative investments. The firm offers
strategies through separately managed portfolios, mutual funds, closed-end funds, private funds, and UCITS
funds. Clients include major corporations, pension funds, endowments, foundations and individuals.
Headquartered in the Chicago metropolitan area, the firm also has offices in London and New York.
INVESTMENT STRATEGY: The Calamos International Growth Strategy is a non-U.S. all-cap growth
equity strategy that invests in common stocks of growth companies. The strategy is an actively managed
growth equity strategy. Within the strategy, we strive to identify the highest relative growth opportunities in
non-U.S. markets that, in our opinion, offer the greatest potential for sustainable, above-average growth and a
high total return that is not yet reflected in the price of the common equity. The strategy typically exhibits
higher than index growth metrics such as ROIC, ROE and 5-year earnings growth. Additionally, because of
our extensive focus on balance sheet and cash flow statement quality, we typically invest in companies with
lower Debt/Capital and Debt/Equity ratios. Our portfolio construction incorporates top-down and bottomup analysis. Top-down considerations focus on the global macroeconomic environment, sectors and the
identification of long-term secular themes that we believe will influence growth opportunities for decades to
come. In our bottom-up research, we determine the intrinsic value of the company and then utilize
quantitative and qualitative analysis to value the securities within the company’s capital structure. Investment
candidates emerge from the intersection of our top-down and bottom-up considerations.
CONTACT:
Name: Dan Ryan
Telephone: (630) 362 – 6663
Email: dryan@calamos.com
Canyon Partners, LLC
FUND NAME: The Canyon Value Realization Fund (CVRF)
AUM: CVRF: $8.5 Billion, Firm: $22.7 Billion
INCEPTION DATE: January 1, 1995
STRATEGY: Multi-Strategy, Global Credit
FIRM OVERVIEW: Canyon is a leading event-driven, credit-oriented investment firm founded in 1990
by Joshua Friedman and Mitchell Julis. Building on Canyon's long history of corporate valuation expertise
and knowledge of bankruptcy law, the firm’s alternative strategies invest opportunistically across a broad
range of sub-investment grade asset classes. These include corporate senior loans (“bank debt”), bonds,
distressed and special situation securities, securitized assets, structured credit, equities, and convertibles.
Canyon has been registered with the SEC since 1994 and manages $22.7 billion in total firm assets with over
$15 billion in alternative credit strategies.
INVESTMENT STRATEGY: Canyon’s investment approach is centered on in-depth research rather
than more rapid / high-volume trading strategies. The investment team surveys the entire corporate capital
structure, investing opportunistically across senior secured leveraged loans, high yield bonds, convertibles,
equities, and credit derivatives. Additionally, Canyon looks beyond the corporate debt markets to the
structured finance space and has developed a great deal of expertise in mortgage-backed securities, aircraft
lease securitizations, CDOs/CLOs, distressed structured municipal bonds, credit derivatives, and other
niches. The ability and flexibility to invest across both corporate and structured credit allows Canyon to
avoid becoming a forced buyer of any single asset class and compile a balanced portfolio of assets with
fundamentally different drivers of return and risk. Allocations across these asset classes will shift over time in
response to evolving value propositions and risk / reward profiles. Canyon provides transparency in the
form of monthly exposure reports, monthly commentaries, and quarterly letters that allow investors to see
how its positions adapt over time.
CONTACT:
Name: Ingrid Kiefer
Telephone: (310) 272 – 1250
Email: ikiefer@canyonpartners.com
Carlson Capital, L.P.
FUND NAME: Double Black Diamond
AUM: Firm: $7.1 Billion, Fund: $4.8 Billion as of June 1, 2013
INCEPTION DATE: December 1997
STRATEGY: Multi-Strategy
FIRM OVERVIEW: Carlson Capital, L.P. is an alternative asset management firm. Founded in 1993 by
Clint Carlson, we currently manage over seven billion dollars (as of June 1, 2013). The firm rests on three
pillars: philosophy, people, and process.
INVESTMENT STRATEGY: Double Black Diamond is Carlson’s flagship multi-strategy fund,
launched in 1997. The fund has a bias towards non-directional, relative value investment strategies that seek
to identify, isolate, and exploit mispricings among related securities within industry sectors. The Fund
employs three core strategies: Equity Relative Value, Credit Relative Value, and Event-Driven.
CONTACT:
Name: Loli Viana
Telephone: (212) 994 – 8313
Email: lviana@carlsoncapital.com
Caxton Associates LP
FUND NAME: Caxton Global Investments Limited
INCEPTION DATE: 1983
STRATEGY: Global Macro
FIRM OVERVIEW: Caxton Associates LP is a New York-based trading and investment firm. Andrew E.
Law is the Chairman and Chief Executive Officer. Caxton Associates' primary business is to manage client
and proprietary capital through global macro hedge fund strategies. Assets are managed via a broad mandate
to trade in a variety of global markets and instruments. The firm was founded in 1983 by Bruce Kovner.
Caxton employs a staff of approximately 195 people, including traders, research analysts and administrative
personnel in its offices in New York, London, Sydney and Princeton, NJ.
CONTACT:
Name: Toby Young
Telephone: (212) 418 - 3765
Email: tyoung@caxton.com
Cello Capital Management, LLC
FUND NAME: Cello Fixed Income Master Fund
AUM: $350 Million
INCEPTION DATE: January 1, 2010
STRATEGY: Fixed Income
FIRM PROFILE: Cello Capital Management, LLC (“Cello”) pursues an agency Mortgage-Backed
Securities (“MBS”) strategy for the Cello Fixed Income Master Fund, LP (the “Fund”). The Fund
focuses on bonds that carry the credit guarantee of the United States government or governmentsponsored agencies: Ginnie Mae, Fannie Mae, and Freddie Mac. These bonds offer higher yields in
return for the cash flow uncertainty that results from borrowers having the option to pay off their
mortgages ahead of schedule (“prepayments”). Borrowers exercise this option most notably through
refinancings. Managing prepayment risk represents the main opportunity to generate attractive
returns.
INVESTMENT STRATEGY: The Fund takes positions in bonds offering attractive returns given the
prepayment risk of the underlying mortgages and the structures of the Collateralized Mortgage Obligations
("CMOs"). Opportunities arise from diverging views of the impact of different factors driving prepayments,
including a range of loan and borrower attributes and regulatory changes, as well as the variations in CMO
structures. The Fund may invest in the entire range of CMOs including interest-only ("IO") and principalonly ("PO") products.
Cello actively seeks to reduce interest rate and convexity risk through hedging with interest rate futures,
options, and other Agency MBS. While interest income contributes to the Fund's performance, the major
drivers of returns since inception have been portfolio positioning, security selection and active trading.
Successfully investing in this strategy requires specialized expertise, strong analytical capabilities, and
technological infrastructure, in addition to deep relationships with dealers. These requirements serve as
considerable barriers to entry in the space.
CONTACT:
Name: Martin Tornberg
Telephone: (646) 495 – 3056
Email: martin.tornberg@cellocapital.com
Citadel LLC
FUND NAME: Citadel Wellington/Citadel Kensington
AUM: ~$3.5 Billion/~$4.1 Billion
INCEPTION DATE: November 1990/July 1995
STRATEGY: Multi-Strategy
FIRM OVERVIEW: Established in 1990, Citadel is a global financial institution with a diverse business
platform built on a foundation of leadership, technology and infrastructure. For over two decades, Citadel
has deployed capital on behalf of its investors across multiple alternative investment strategies, including
Equities, Fixed Income & Macro, Commodities, Convertibles & Quantitative Credit, and Quantitative
Strategies. We develop our insights based on fundamental analysis together with quantitative screening and
access to real-time data and proprietary analytics. As of June 1, 2013, Citadel has approximately $14 billion in
investment capital, with more than $7.6 billion in its flagship multi-strategy funds, Citadel Wellington LLC
and Citadel Kensington Global Strategies Fund Ltd. As of May 31, 2013, the firm has more than 1,130
employees, including approximately 400 investment professionals. Citadel operates in the world’s major
financial centers including Chicago, New York, London, Hong Kong, San Francisco, Boston and Dallas.
INVESTMENT STRATEGY: Citadel Wellington LLC and Citadel Kensington Global Strategies Fund
Ltd. (together the “Funds”) are Citadel’s flagship multi-strategy funds for which Citadel Advisors, the Funds’
portfolio manager, deploys capital across five core areas of focus: Equities, Fixed Income & Macro,
Commodities, Convertibles & Quantitative Credit, and Quantitative Strategies. The Funds seek to achieve
consistently high risk-adjusted rates of return by utilizing proprietary investment strategies, based on
fundamental research as well as quantitative analysis, taking both long and short positions in a broad range of
securities, derivatives, and other assets. Citadel’s Portfolio Committee, which consists of the heads of each
core strategy and other senior leaders, sets the risk allocations across the businesses. On average, Portfolio
Committee members have more than 18 years of professional experience and have been at Citadel for
approximately ten years.
CONTACT:
Name: Chris Bires
Telephone: (312) 395 – 3483
Email: chris.bires@citadelgroup.com
Conatus Capital Management
FUND NAME: Conatus Capital Overseas Ltd.
AUM: $2.5 Billion
INCEPTION DATE: January 2, 2008
STRATEGY: Global Long/Short Equity
FIRM OVERVIEW: Conatus Capital Management invests long and short in publicly traded global
equities across all sectors. Stock selection is based on bottom-up, in-depth fundamental analysis. Conatus
Capital's investment objective is to generate superior risk-adjusted returns on its investors' assets on a
sustainable basis while preserving capital.
INVESTMENT STRATEGY: Conatus Capital employs a long/short global equity strategy seeking to
generate alpha on both sides of the balance sheet and performs intensive bottom-up analysis as the basis of
its investment strategy. Conatus Capital invests long and short in businesses for which the investment team’s
understanding of the central drivers is at variance with market expectations and valuation. Consideration of
the following five areas will drive the generation of investment ideas:
1. Quality of the business - returns on invested capital, competitive position and cash generation.
2. Management team - leadership, intelligence, skills, competence, ability, creativity, ownership in the
company and ethical standards.
3. Key business drivers – a sustainable competitive advantage, a discontinuous change (e.g., a new
management team, technology or business model) or the onset of a new industry cycle.
4. Variant perception - critical insight into factors (e.g., direction, duration or degree) that will cause a
business to perform at variance with Wall Street consensus.
5. Valuation - earnings and cash flow 18-24 months in the future.
When investing either long or short Conatus Capital pays strict attention to both risk and reward. To this end,
every stock has both a price target and an estimated risk of loss. Consideration is also given to
macroeconomic factors that could impact portfolio companies, or the industries in which our portfolio
companies operate.
CONTACT:
Name: Glenn Sapadin
Telephone: (203) 485 - 5230
Email: gsapadin@conatuscapital.com
CQS
FUND NAME: CQS Directional Opportunities Fund
AUM: $2.1 Billion
INCEPTION DATE: August 2005
STRATEGY: Directional High Conviction
FIRM OVERVIEW: CQS is a global, $12b Multi-strategy alternative asset management firm that was
established in 1999 by Michael Hintze. Headquartered in London, the firm has over 250 professionals and
invests across a range of strategies including asset backed securities, convertible securities, corporate credit,
distressed debt, loans and equities. CQS focuses on producing strong, long-term risk-adjusted performance
through the utilization of in-depth fundamental research supported by a robust operational and risk
management platform. CQS has adopted compensation policies that help ensure an alignment of interests
between the firm and its clients. CQS is a founding member of the Hedge Fund Standards Board and
regulated by the FSA in the UK, the SFC in Hong Kong, ASIC in Australia and registered with the SEC in
the United States.
INVESTMENT STRATEGY: Since inception, CQS' investment approach has been to identify and
exploit the best opportunities for alpha generation across multiple asset classes. CQS employs a relative value
approach where we seek uncorrelated alpha across inefficient pockets within the market. Modeled after CQS
founder Michael Hintze's experience at Salomon Brothers, Goldman Sachs and Credit Suisse, we seek to
replicate that environment opportunistically allocating capital based on the opportunity set, as well as
encouraging a team atmosphere and information sharing across related asset classes.
CQS' investment professionals utilize quantitative and qualitative methodologies combined with fundamental
research and macro inputs to balance risk between a diverse range of underlying strategies in which the firm
has a particular edge. These include: corporate credit, asset backed securities, convertible bond arbitrage,
distressed, equities, commodities, and other related strategies. CQS deploys these strategies in both single
strategy and Multi-strategy funds. We employ a global approach, with offices in London, New York and
Hong Kong, allowing us to trade 24 hours a day. CQS serves a wide range of institutional clients including
sovereign wealth funds, public and corporate pension funds, endowments, foundations, insurance companies,
fund of funds and high net worth families, both in commingled and bespoke offerings.
CONTACT:
Name: Karyn Geringer
Telephone: (212) 259 – 2619
Email: karyn.geringer@cqsus.com
Cypress Wealth Advisors
FIRM OVERVIEW: Cypress Wealth Advisors is a wealth management firm for individuals and families
who never want money to stand in the way. Cypress creates investment management, tax, and estate
planning strategies to preserve, maximize and transfer wealth. Cypress delivers superior investment solutions,
unconflicted advice, financial education and outstanding service to ensure the legacy of a client’s wealth. The
principals of Cypress believe strongly in aligning the firm's economic interests with clients' and personally
invest in the recommendations they make on behalf of those they serve. Cypress identifies investment
opportunities across all asset classes through a proven disciplined process. Founded in 2004, Cypress Wealth
Advisors is headquartered in San Francisco with offices in New York.
CONTACT:
Name: Barbara Young
Telephone: (414) 489 – 2100
Email: Byoung@cypresswealth.com
Diversified Global Asset Management
(DGAM)
FUND NAME: DGAM Diversified Strategies fund and DGAM Unique Strategies Fund
AUM: Over $6.1 Billion in managed and advised assets
INCEPTION DATE: DGAM Diversified Strategies Fund was launched in August 2005, while
DGAM Unique Strategies Fund was launched in April 2007
STRATEGY: Multi-Strategy Fund of Hedge Funds
FIRM OVERVIEW: DGAM is an independent alternative investment manager with over $6.1 billion
managed and advised assets. Employee owned and founded in 2004, the firm has offices in Toronto and New
York and comprises 35 professionals. Our client base is 100% institutional and includes some of the world’s
largest pension funds, endowments and sovereign wealth funds. Our investment team has been investing in
hedge funds for over 20 years and has a strong reputation for building customized portfolios designed to
deliver superior risk adjusted returns through a disciplined approach to investment and risk management. We
excel at identifying and accessing skilled managers globally and building diversified portfolios of hedge funds
which produce steady returns and preserve capital during periods of market stress.
INVESTMENT STRATEGY: DGAM Diversified Strategies Fund is a market neutral investment
vehicle that invests in hedge fund strategies that seek to offer attractive risk adjusted returns, while being
hedged at the fund level to mitigate the impact of unknown crisis events on the performance of the fund. The
fund will generally invest in a minimum of 25 underlying funds and a minimum of 7 distinct investment
strategies.
DGAM Unique Strategies Fund invests capital opportunistically in emerging and non-traditional hedge fund
strategies that seek to offer attractive risk-adjusted returns, while being hedged at the fund level to mitigate
the impact of unknown crisis events on the performance of the fund. The fund will generally invest in a
minimum of 15 underlying funds and a minimum of 7 distinct investment strategies.
Both funds target returns of LIBOR plus 5% to 10%, net of all fees, with a volatility target of 4% to 6% and a
very low correlation to equities, fixed income and mainstream hedge fund indices.
CONTACT:
Name: James Thomas
Telephone: (416) 644 – 7587
Email: jthomas@dgam.com
Farallon Capital Management, L.L.C.
AUM: $19 Billion
INCEPTION DATE: 1986
STRATEGY: Multi-Strategy
FIRM OVERVIEW: Farallon Capital Management, L.L.C. is a global institutional asset
management firm managing approximately $19 billion from its headquarters in San Francisco and its
offices in London, Singapore, Hong Kong, Tokyo and São Paulo. Led by its Managing Partner
Andrew Spokes, Farallon pursues a diversified, multi-strategy approach developed over the 27 years
since its founding in 1986. Farallon is an investment partnership owned and operated by 18
seasoned partners with over 11 years’ average tenure. Farallon has 159 employees, 58 of whom are
investment professionals organized into nine investment teams. Farallon has been an SECregistered investment adviser since 1990.
INVESTMENT STRATEGY: Farallon employs a diversified, global, multi-strategy approach.
Farallon seeks superior risk-adjusted returns through a process of bottom-up fundamental analysis
that emphasizes capital preservation, a conservative use of leverage and flexible capital that Farallon
can allocate opportunistically among strategies, asset classes and geographies. Farallon’s core
investment strategies include credit investments (corporate and distressed credits); investments in
liquidations, asset-backed securities, convertibles and special situations; value equity investments
(long/short equity); and merger arbitrage. For investors who elect to participate, privately
negotiated debt and equity investments are made in real-estate related and corporate securities.
Farallon has invested internationally since its inception in 1986, making and managing its
investments from offices in key developed and emerging markets in the United States, Europe, Asia
and Latin America.
CONTACT:
Name: Sean Cumiskey
Telephone: (416) 616 – 6060
Email: SCumiskey@farcap.com
GoldenTree Asset Management, LP
FUND NAME: GoldenTree Master Fund
AUM: $17.8 Billion
INCEPTION DATE: July 2000
STRATEGY: Credit Strategy
CONTACT:
Name: Ted Roosevelt
Telephone: (212) 847 – 3658
Email: troosevelt@goldentree.com
Glenview Capital Management, LLC
FUND NAME: Glenview Funds and GO Funds
AUM: As of June 1, 2013: Glenview Funds are approximately $4.7 Billion and GO Funds are
approximately $1.6 Billion
INCEPTION DATE: Glenview Funds – January 1, 2001; GO Funds – July 1, 2006
STRATEGY: Glenview Funds – Long/Short Equity, Opportunistic Distressed
GO Funds – Concentrated Long/Short Equity, Highly Opportunistic Distressed
FIRM OVERVIEW: Glenview Capital Management, founded in 2000 by Larry Robbins, is a privately
held investment management firm. In its 13th year of operation, as of June 1, 2013, Glenview manages
approximately $6.3B of assets split between two products: the Glenview Funds (long/short) and the
Glenview Opportunity (“GO”) Funds (concentrated, opportunistic). Since inception, the net compounded
annualized rates of return for the Glenview and GO Funds are approximately 15% and 23%, respectively.
Glenview is focused on delivering attractive absolute returns through an intense focus on deep fundamental
research and individual security selection. Investments are primarily focused on the US, with a smaller
amount of exposure in Western Europe.
INVESTMENT STRATEGY: Glenview's primary value driver is the ability to assess the fundamental
attractiveness of industries, companies and securities based upon their growth characteristics, profit drivers,
competitive dynamics and financial attributes. Glenview combines these factors with an absolute valuation
discipline focused on economic earnings and recurring cash flow to determine the most attractive securities
on a risk reward basis. Glenview's investing style tends to focus on companies in industries that are stable and
predictable, with recurring revenue streams or entrenched market positions, that compound value over time
at a mid-teens rate or greater. Investments are evaluated against a 20% cost of capital in the Glenview Funds
and a 25% cost of capital in the GO Funds, which combines the mid-teens or greater per share growth of the
businesses they invest in with an expectation of some modest multiple expansion as they seek to invest when
the business is trading cheaply relative to its underlying fundamentals.
To diversify the portfolio and mitigate risk, Glenview opportunistically invests in distressed debt and eventdriven equities, both subject to the same cost of capital thresholds outlined above. On the short side,
Glenview evaluates opportunities based on deteriorating industry conditions, company specific factors, and
stressed liquidity conditions.
CONTACT:
Name: Elizabeth Perkins
Telephone: (212) 812 – 4723
Email: elizabeth@glenviewvapital.com
Grosvenor Capital Management, L.P.
AUM: $23 Billion
INCEPTION DATE: May 1971
FIRM OVERVIEW: Grosvenor Capital Management, L.P. is a leading provider of investment
management and advisory services for alternative investments. Our goal is to provide our clients
with attractive risk-adjusted returns across various asset classes, while focusing on capital
preservation. Since 1971, we have helped clients obtain exposure to alternative investments. Today,
we manage over $23 billion in assets and employ over 260 people. We manage assets primarily for
institutional clients, including some of the world’s largest pension funds, banks, corporations and
sovereign wealth entities. We also provide investment services for high net worth clients. We are
headquartered in Chicago and have offices in New York, London, Tokyo and Hong Kong.
CONTACT:
Name: Thomas F. Meagher
Telephone: (312) 506 – 6540
Email: tmeagher@gcmlp.com
Greenspring Associates
STRATEGY: Venture Capital Fund of Funds
AUM: $2.4 Billion
INCEPTION DATE: 2000
FIRM OVERVIEW: Greenspring Associates, founded in 2000 with offices in Maryland and California is a
global venture capital investment firm formed to provide institutional and individual investors access to the
world's top-performing venture capital and growth equity managers, many of which are unavailable to
institutions seeking to initiate or expand their own venture capital investment programs. We currently manage
$2.4 billion in committed capital for a diverse group of pension plans, insurance companies, foundations,
endowments and family offices in North America, Europe, Australia and Asia. The Firm also manages
customized venture capital investment mandates for leading institutions in the world.
INVESTMENT STRATEGY: Co-mingled early stage / late stage, secondary fund manager
CONTACT:
Name: Chris Macon
Telephone: (410) 363 - 2725
Email: cmacon@gspring.com
Guggenheim Partners
AUM: $149 Billion
INCEPTION DATE: 1999
FIRM OVERVIEW: Guggenheim Investments (“GI”) is the investment management business of
Guggenheim Partners. GI manages approximately $149 billion across asset classes with a singular mission –
to serve as superior stewards of capital and trusted advisors to our partners and clients. We serve a broad
range of institutional clients, including pensions, endowments, family offices and insurance companies, and
seek to build lasting partnerships through a deep understanding of their needs, a proactive approach to client
service and a commitment to generating strong investment results. GI’s experienced investment professionals
utilize a repeatable and scalable investment process focused on bottom-up, fundamental research with a topdown macro overlay from our Chief Investment Officer, Scott Minerd. Guggenheim Partners is a privatelyheld global financial services firm providing asset management, investment banking and capital markets
services, insurance, institutional finance and investment advisory solutions. *AUM as of 3/31/13 includes
$11.1B of leverage. Some values may be based upon prior periods.
CONTACT:
Name: Derek Zoch
Telephone: (212) 901 – 9417
Email: derek.zoch@guggenheimpartners.com
Highside Capital Management, L.P.
FUND NAME: Highside Capital Partners, L.P.
AUM: $620 Million
INCEPTION DATE: October 2003
STRATEGY: Equity Long/Short
FIRM OVERVIEW: Highside Capital Management is a private partnership employing a classic hedge-
equity model, buying and selling-short publicly traded securities on behalf of individual and institutional
investors. The Fund’s objective is to invest in long positions which outperform the market and short
positions which underperform the market over an investment horizon of one to three years.
The funds were launched in October 2003. The investment team has a structure with sector investors
conducting the fundamental research working with the portfolio manager to construct a portfolio of winners
and losers, with positions sized based on their relative upside / downside and conviction level. The
investment team consists of 6 professionals and the business team consists of 14 finance, trading, investor
services, operations and administrative professionals. Highside has its offices in Dallas.
INVESTMENT STRATEGY: Highside seeks to generate returns through alpha, with little correlation
to the equity markets. The firm invests the Fund’s assets with gross exposure of 150 - 250% and a net
exposure of 0 - 60%. Net exposure has averaged between 30-40% since inception. Highside’s research
process is based on “bottoms-up” fundamental analysis of long and short investments. The firm invests
across seven industry sectors globally: business services, consumer, healthcare, financials, industrials, media
and telecom, and technology.
CONTACT:
Name: Molly Pieroni
Telephone: (214) 855 – 2312
Email: molly.pieroni@highside.com
Hutchin Hill Capital
FUND NAME: Hutchin Hill Diversified Alpha Fund
AUM: $1.1 Billion
INCEPTION DATE: July 2008
STRATEGY: Multi-Strategy
FIRM OVERVIEW: Hutchin Hill is a global multi-disciplinary investment adviser founded by Neil
Chriss, PhD. Hutchin Hill’s Diversified Alpha Fund is a multi-strategy hedge fund focused on liquid
investments in fundamental and quantitative strategies. It seeks to generate attractive, risk-adjusted returns
with zero beta and low correlation to traditional risk assets, including other hedge funds. Diversified Alpha’s
five core investment strategies represent distinct sources of alpha: Event/Special Situations, Fundamental
L/S Equity, Fundamental L/S Credit, Macro Strategies, and Systematic & Quantitative. We actively allocate
capital within each core investment strategy across a diverse set of trading strategies to provide geographic,
asset class and trading style diversification. We seek to achieve consistent performance and balanced risk
contribution via active capital allocation, portfolio overlays and tail risk management. Hutchin Hill manages
approximately $1.1 billion and has 95 employees with 50 investment professionals. Hutchin Hill’s global
client base includes institutions, endowments, foundations, pensions, and family offices.
INVESTMENT STRATEGY: Diversified Alpha is a multi-strategy hedge fund with five core
investment strategies representing distinct sources of alpha. We seek to actively allocate capital within each
investment strategy across a diverse set of trading strategies offering geographic, asset class and trading style
diversification. Our investment approach is designed to produce attractive, risk adjusted returns with zero
beta and low correlation to traditional risk assets. Our five core investment strategies are: Event & Special
Situations Strategies, Fundamental Long/Short Equity Strategies, Fundamental Long/Short Credit Strategies,
Global Macro Strategies, and Systematic & Quantitative Strategies. In addition, there is a sixth investment
strategy area run by the partners which operates as a flexible pool of capital to provide overlays and tail
protection and the opportunity to allocate to high conviction trades the Fund is otherwise not involved in.
We manage each core investment strategy to have low correlation to traditional risk. The Diversified Alpha
Fund is a pure alpha strategy that since inception has realized consistently low beta and low correlation to
broad markets, risk assets and major hedge fund indices.
CONTACT:
Name: Deepa Sarkar
Telephone: (646) 616 – 2102
Email: deepa.sarkar@hutchinhill.com
Knighthead Capital Management
FUND NAME: Knighthead Master Fund, L.P.
AUM: $3.8 Billion
INCEPTION DATE: June 2008
STRATEGY: Long/Short Credit, Event-Driven Credit
FIRM OVERVIEW: Knighthead Capital Management is an SEC registered investment
management firm specializing in long-short, event driven, distressed credit and other special
situations across a broad array of industries. Knighthead was founded in 2008 by Ara Cohen and
Tom Wagner who have over 40 years of combined distressed credit and restructuring experience
through various market cycles.
INVESTMENT STRATEGY: The Knighthead Master Fund's investment approach is driven by
robust fundamental credit research resulting in a diversified collection of long and short credit
positions. Knighthead typically invests at or near the top of the capital structure attempting to limit
downside risk, focusing on preservation of capital. Additionally, the team looks to invest in
situations where assets are undervalued and misunderstood due to capital and organizational
structure complexity, with an identifiable catalyst for revaluation.
CONTACT:
Name: Stacia Rogers
Telephone: (212) 356 – 4357
Email: srogers@knighthead.com
Legg Mason
AUM: $650 Million
FIRM OVERVIEW: Legg Mason is a publicly traded multi-affiliate asset management company.
It manages approximately $650M in AUM diversified across equities, fixed income and alternative.
INVESTMENT STRATEGY: Multiple strategies and asset classes managed by nine independent
affiliates.
CONTACT:
Name: Allen Reed
Telephone: (410) 454 – 3094
Email: areed@leggmason.com
Lyxor Asset Management
AUM: $100 Billion
INCEPTION DATE: 1998
STRATEGY: Multiple
FIRM OVERVIEW: Lyxor Asset Management S.A., a subsidiary of Societe Generale Group, was founded
in 1998. With over 600 professionals worldwide, Lyxor manages more than $95 billion in assets (as of March
31, 2013) across four business lines: Alternative Investments, ETFs & Indexing, Multi-Asset Investments and
Structured Investments.
The firm’s investment specialists deliver asset management and advisory solutions to institutional investors
across a range of asset classes. With a strong culture of risk management and research, Lyxor is a leader in
innovative, transparent and flexible asset management.
Lyxor Asset Management Inc., a Delaware Corporation, is registered as an investment adviser with the
Securities and Exchange Commission and is the U.S.-based, wholly-owned subsidiary of Lyxor S.A.
INVESTMENT STRATEGY: Lyxor has established itself as a global player in four growing investment
specialties: alternative investments, index tracking (ETFs), quantitative investments, and structured solutions.
More than a decade of experience has provided Lyxor with in-depth knowledge and insight into asset
allocation strategy and research. Employing approximately 575 professionals globally, Lyxor is present in
strategic locations throughout the world.
Lyxor’s alternative investment business focuses on hedge fund investing for institutional investors via its
managed account platform and funds of hedge funds. The managed account platform provides investors
with a liquid, transparent, and robust investment framework with access to over 100 managers across the full
spectrum of strategies. Lyxor is also among the largest funds of hedge funds and offer investors exposure to
alternatives through a large range of global, strategy-specific, and thematic hedge fund indices. As the
industry has evolved, Lyxor has leveraged its experience and expertise in the alternatives space to serve as an
advisor to institutional clients looking to increase or build out their hedge fund allocation.
CONTACT:
Name: Johnita Mizelle
Telephone: (212) 205 – 4072
Email: johnita.mizelle@lyxor.com
Mark Asset Management
FUND NAME: Mark Partners & Mark Equity Opps
AUM: $400 Million
INCEPTION DATE: July 1985
STRATEGY: Long/Short and Long-only Equity
FIRM OVERVIEW: Mark Asset Management was founded in 1985 and is a New York based, SEC-
registered, investment management firm. The firm is seeking to maximize returns over time, through
superior stock selection and the active management of long/short and long-only equity portfolios. The Firm
seeks to invest in “quality growth” businesses with secular tailwinds and at compelling valuations. The
founder of Mark Asset Management, Morris Mark, has professionally managed assets for over 25 years. He,
and his partner, Andrew Silverberg, lead a team of 12 experienced and dedicated investment and operations
professionals. Mark Asset currently manages approximately $400 million in assets for endowments,
foundations, high net worth investors and family offices. The firm is marketing to new investors for the first
time in over 10 years.
INVESTMENT STRATEGY: The firm’s investment objective is to build value and generate capital
appreciation utilizing a fundamental, company and industry-specific research process, with an acute awareness
of macroeconomic trends. The funds seek to invest in “quality growth” businesses with secular tailwinds and
compelling valuations. The objective is to identify well-managed companies with attractive fundamental
characteristics and strong business franchises. The investment strategy has an intense focus on growth and
value fundamentals and company management. The goal is to deliver attractive returns investing in
predominantly liquid, mid to large capitalization, U.S. listed equity opportunities while employing little to no
leverage.
The firm manages two core strategies; Mark Partners, a long/short hedge fund and, Mark Equity
Opportunities, a long-only equity strategy. The Mark Partners Fund was launched in July 1985, and has a
long track record of strong performance with an annualized net return of 16.0% since inception. The firm
has managed long-only separate account portfolios for clients since 1987. The firm will be launching a longonly fund for external investors, Mark Equity Opportunities, in September. The long-only strategy is typically
fully invested, uses no leverage, and the positions are a replicate of the long equity positions in Mark Partners.
The long-only separate account composite has generated a 15.1% annualized return since its inception in
April 1987. The fund will start in September with a significant amount of capital from Morris Mark, and will
have a founder’s share class for early investors.
CONTACT:
Name: Matt Robinson
Telephone: (212) 372 – 2506
Email: mrobinson@markasset.com
Marshall Wace
FUND NAME: MW Eureka Fund
AUM: $4,250 Million
INCEPTION DATE: January 1998
STRATEGY: Long/Short Equity
FIRM OVERVIEW: Marshall Wace has been dedicated to providing its clients with sophisticated
investment solutions since 1998 – combining multiple and variable sources of alpha and beta from equity
markets around the world. At the heart of the firm's success is an unrelenting commitment to excellence and
innovation, assuring strong competitive advantage through all stages of the investment management value
chain. Marshall Wace brings together two complementary approaches to equity long/short fund management.
First, traditional, fundamental long/short investing (‘fundamental’) and, secondly, process-driven strategies,
based on the unique alpha capture system, Marshall Wace TOPS (‘MW TOPS’). Both approaches draw on
the unrivalled information edge derived from the dynamic driving the relationships with those providing
investment recommendations to the firm. This has created a revolutionary and virtuous circle that aligns the
interests of investor, fund manager and service provider. Globally, Marshall Wace is committed to building a
business that will offer investors the benefits of both fundamental and process-driven strategies, extracting
alpha and beta from opportunities arising across global equity markets. Since inception, Marshall Wace has
shown a consistent commitment to the interests of investors. No gates have been imposed, nor have NAVs
been suspended by any of the Funds we manage. Within the alternative investment community, Marshall
Wace was also instrumental in the creation of the Hedge Fund Standards Board which has been set up to
establish and maintain a set of voluntary best practice standards for hedge fund managers including
disclosure, valuation, risk management, fund governance and shareholder conduct. We are a founder
signatory of the Best Practice Standards set out by the Hedge Fund Standards Board. Marshall Wace has
investment offices in London, the US (Greenwich) and Hong Kong.
INVESTMENT STRATEGY: The MW Eureka Fund (“the Fund”) is Marshall Wace’s flagship and
seeks to deliver a return stream to investors, which draws on multiple sources of alpha and beta from selected
global equities. Over its 15 year life, we have continually sought to enhance the sources of alpha available to
the MW Eureka strategy, both through our growing range of fundamental equity long/short strategies and
through our unique alpha capture system (MW TOPS). The structure of the Fund explicitly recognizes the
strength of both sides of Marshall Wace’s business and the investment process seeks to maximize returns
through a dynamic capital allocation process.
CONTACT:
Name: Tom Kanter
Telephone: (203) 625 – 3221
Email: t.kanter@mwam.com
MKP Capital Management, L.L.C.
FUND NAME: Multiple Funds
AUM: $7.6 Billion (as of June 1, 2013)
INCEPTION DATE: September 11, 1995 (Firm inception)
STRATEGY: Global Macro, Credit and FI Rel. Value
FIRM OVERVIEW: MKP Capital Management, L.L.C. ("MKP" or the "Firm") is a diversified alternative
investment manager with over $7 billion in assets under management. The Firm has operated with a longterm approach to alternative investing since its founding in 1995. MKP invests across global markets,
including U.S. and global rates, currencies, credit, equities and commodities through its discretionary global
macro, credit and fixed income relative value strategies. Each investment strategy shares the objective of
producing high risk-adjusted returns over the long term in a risk-controlled manner. MKP believes that
business integrity and transparency are an essential and uncompromising part of our business model. With
over 80 employees in New York and London, MKP operates with a full institutional infrastructure across risk
management, marketing, technology, operations, legal and support.
INVESTMENT STRATEGY: MKP Opportunity is a discretionary global macro fund that uses a topdown fundamental approach to identify and exploit imbalances in global economies and asset classes. The
fund's investment objective is to produce high risk-adjusted returns over the long term in a risk-controlled
manner. The fund seeks to achieve its investment objective by assessing investment and trading
opportunities across global asset classes and allocating capital to strategies that offer the most attractive riskadjusted returns.
MKP Credit invests in a broad range of credit-sensitive securities including, but not limited to, the entire
universe of structured fixed income securities, backed by residential mortgages, consumer or corporate loans,
commercial mortgages or other types of loans and receivables, as well as corporate credit securities (both
investment grade and below investment grade).
MKP Partners is a fixed income relative value strategy fund with a concentration in U.S. high credit-quality
fixed income instruments. The fund seeks to achieve its objective by employing a disciplined and balanced
arbitrage investment process utilizing quantitative risk management systems. MKP attempts to identify and
purchase undervalued securities that are expected to appreciate over time, as well as construct cash flow
arbitrages combining different securities.
CONTACT:
Investor Relations
Telephone: (212) 303 – 7100
Email: investorrelations@mkpcap.com
NFI Advisors, Inc.
FUND NAME: NFI Capital Partners LP
AUM: $18 Million
INCEPTION DATE: January 1, 2011
STRATEGY: Long/Short Derivatives
FIRM OVERVIEW: NFI Advisors, Inc. is a comprehensive investment advisory firm committed to
helping our clients improve their long-term financial success. We believe that an effective wealth management
strategy goes much deeper than traditional investment concepts. Drawing on a team of experienced
professionals, we are able to help you develop, manage, and achieve your financial goals, while giving you the
peace of mind and the freedom to focus on what is important in your life.
CONTACT:
Name: Thomas P. Norris
Telephone: (800) 972 – 0371
Email: tnorris@nfiadvisors.com
Och-Ziff Capital Management Group
Please note that the responses provided below may only be accurate as of June 19, 2013, or such other date as indicated herein. Facts and
practices at the Firm change over time and some of the responses made as of such date may, and likely will, change. Unless you specifically
request updated information in writing, the Firm does not intend to, and generally will not, provide you with updated information even if that
information is materially different than the responses provided below.
FUND NAME: OZ Master Fund, Ltd.
AUM: $36.3 Billion (As of June 1, 2013)
INCEPTION DATE: January 1, 1998
STRATEGY: Multi-Strategy
FIRM OVERVIEW: Och-Ziff Capital Management Group (“Och-Ziff”) is a global institutional asset
management firm that presently manages approximately $36.3 billion (as of June 1, 2013). Och-Ziff was
founded in February 1994 by Daniel S. Och, Chief Executive Officer and an Executive Managing Director, in
partnership with Ziff Brothers Investments. Och-Ziff’s corporate headquarters is in New York City with
offices in London, Hong Kong, Mumbai and Beijing. The firm’s global multi-strategy approach seeks to
achieve consistent, positive absolute returns through investments in merger arbitrage, long/short equity
special situations, corporate credit, structured credit, convertible/derivative arbitrage and private investments.
The firm has approximately 495 employees worldwide, including approximately 135 investment professionals.
INVESTMENT STRATEGY: OZ Master Fund, Ltd. (“The Fund”) seeks to deliver consistent, positive,
absolute returns throughout market cycles, with a focus on risk management and capital preservation. The
Fund’s diversified, multi‐strategy approach combines global investment strategies, including convertible and
derivative arbitrage, corporate credit, long/short equity special situations, merger arbitrage, private
investments and structured credit. The Fund focuses on investing in value opportunities based on detailed,
research‐based analysis and thorough due diligence. The Fund’s capital allocations across strategies and
geographies change dynamically and opportunistically based on market conditions and opportunities.
CONTACT:
Name: Marc Gonyea, Managing Director
Telephone: (212) 790 - 0191
Email: marc.gonyea@ozcap.com
OFI Global Asset Management
FUND NAME: Multiple Funds
AUM: $195 Billion (Firm AUM)
INCEPTION DATE: 1960 (Firm inception date)
STRATEGY: Multiple
FIRM OVERVIEW: OFI Global Asset Management consists of OppenheimerFunds, Inc. and certain of
its advisory subsidiaries, including OFI Global Asset Management, Inc., OFI Global Institutional, Inc., OFI
SteelPath, Inc. and OFI Global Trust Company. The firm offers a full range of investment solutions across
equity, fixed income and alternative asset classes. As of December 31, 2012, we managed over $195 billion in
assets. OFI Global serves a broad range of clients from around the world, including corporations, public and
private pension and retirement plans, foundations and endowments, as well as individual mutual fund
investors.
INVESTMENT STRATEGY: OFI Global Asset Management consists of OppenheimerFunds, Inc.
and certain of its advisory subsidiaries, including OFI Global Asset Management, Inc., OFI Global
Institutional, Inc., OFI SteelPath, Inc. and OFI Global Trust Company. The firm offers a full range of
investment solutions across equity, fixed income and alternative asset classes. As of December 31, 2012, we
managed over $195 billion in assets. OFI Global serves a broad range of clients from around the world,
including corporations, public and private pension and retirement plans, foundations and endowments, as
well as individual mutual fund investors.
CONTACT:
Name: Jeffrey D. Sharon, CFP, CIMA
Telephone: (212) 323 – 4923
Email: jsharon@ofiglobal.com
Omega Advisors, Inc.
FUND NAME:
1.
2.
3.
4.
5.
Omega Capital Partners, L.P.
Omega Capital Investors, L.P.
Omega Equity Investors, L.P.
Omega Overseas Partners, Ltd.
Omega Credit Opportunities Master Fund, L.P.
AUM: $8.4 Billion
INCEPTION DATE: 1992
STRATEGY: Long/Short
FIRM OVERVIEW: Omega Advisors, Inc. is an SEC registered investment advisor whose principal
investment strategy is long/short large/mid-cap equity. The firm was founded in 1991 by Lee Cooperman,
Omega’s Chairman and CEO. Prior to founding Omega, Lee held various titles during his 25 year tenure at
Goldman Sachs & Co, including Chairman and CEO of Goldman Sachs Asset Management. Omega Vice
Chairman Steve Einhorn joined Lee at Omega in 1999 from Goldman Sachs, where he was partner-in-charge
of the Global Investment Research Department and Co-Chairman of the Investment Policy Committee.
Omega is headquartered in New York City.
INVESTMENT STRATEGY: Omega’s investment strategy is driven by deep fundamental research and
has a value orientation, generally with a long side bias. Omega focuses on large/mid-cap equities in developed
countries against a macro backdrop. The team of approximately 18 experienced investment professionals
pursues a rigorous, “bottoms-up” approach to stock selection, with particular emphasis on the critical
distinction between a company’s business value and its market value. Some of the key factors analysts
consider in their analyses include: management, earnings power and cash flow generation, return on invested
capital and equity, capital allocation, the condition and replacement value of a company’s assets, and risks to
the company’s fundamentals.
CONTACT:
Name: Paige Robertson
Telephone: (212) 495 - 5402
Email: paige@omega-advisors.com
Perella Weinberg Partners
FIRM OVERVIEW: Perella Weinberg Partners is an independent, client-focused financial services
firm providing advisory and asset management services to a global client base, including
corporations, institutions and governments. The Advisory business advises clients on mergers,
acquisitions, defense advisory, financial restructuring, and private capital raising. The Asset
Management business includes hedge fund strategies, private investment funds and outsourced CIO
solutions. The Asset Management business has capital commitments and managed assets of
approximately $9.3 billion. With more than 400 employees, Perella Weinberg Partners maintains
offices in New York, London, Abu Dhabi, Austin, Beijing, Denver, Dubai, and San Francisco. For
more information please visit http://www.pwpartners.com. .
CONTACT:
Name: Susan Soh
Telephone: (212) 287 – 3247
Email: ssoh@pwpartners.com
Perry Capital, LLC
FUND NAME: Perry Partners International
AUM: $8.8 Billion
INCEPTION DATE: 1988
STRATEGY: Multi-Strategy, Event-Driven
FIRM OVERVIEW: Perry Capital is a private investment firm founded in 1988 by Richard Perry and
Paul Leff. The firm currently manages approximately $8.8 billion with a multi-strategy, event driven focus
across all asset classes and geographies. Perry Capital’s goal is to invest in companies and markets that are
experiencing significant change and the firm focuses on achieving long term equity market returns with low
correlation. It employs 104 professionals with offices in New York and London. Perry Capital has a diverse
client base consisting predominantly of institutional investors and the firm’s partners and employees are
collectively amongst the largest investors in funds managed by Perry Capital.
INVESTMENT STRATEGY: Perry Capital's ultimate objective is to generate long-term equity market
returns with low volatility and correlation. The firm's investment professionals are generalists who perform
comprehensive financial analysis and work collaboratively to analyze opportunities across all asset classes and
regions. The team searches for market dislocations and mispriced securities where there is an identifiable
catalyst or event that may help unlock value. Positions may be hedged on an individual basis, however the
investment team implements overlay portfolio level hedges to eliminate unwanted systematic risk.
CONTACT:
Name: Doreen Mochrie
Telephone: (212) 583 – 4149
Email: dmochrie@perrycap.com
Pine River Capital Management, L.P.
FUND NAME: Pine River Fund
AUM: $2.7 Billion
INCEPTION DATE: June 2002
STRATEGY: Global Multi-Strategy Relative Value
FIRM OVERVIEW: Pine River Capital Management L.P. is a global registered investment advisor that
offers a set of relative value investment strategies. Founded in 2002, Pine River currently manages
approximately $14.3 billion across three actively managed platforms: hedge funds, separate accounts and
listed investment vehicles. The firm is led by a team of 16 partners who have an average of 20 years of
relevant experience. Pine River is committed to building and maintaining an institutional infrastructure, which
includes several registrations, proprietary systems and a dedication to client service. The headquarters are in
Minnesota with additional offices in New York, London, Beijing, Hong Kong, Shenzhen, San Francisco and
Austin.
INVESTMENT STRATEGY: The Pine River Fund is our flagship multi-strategy fund, and was
launched at the Firm’s inception in 2002. The objective of the Fund is to provide attractive risk-adjusted
absolute returns by taking a relative value approach to investing in global markets. The Fund seeks to achieve
this through a combination of long and short investments primarily in the Mortgage, Credit, Equity,
Convertible, Municipal, and Rate markets, where Pine River has extensive expertise. By allocating assets
across a varied set of strategies, the Fund attempts to achieve its investment objective with a higher Sharpe
ratio than any one single-strategy investment. Inter-strategy correlations are closely monitored, and the
portfolio construction process emphasizes market neutrality through the combination of quantitative
modeling and qualitative insight. The Fund employs an active tail hedging overlay strategy to protect the
portfolio in the event of unforeseen market disruptions. Capital is dynamically allocated by the Portfolio
Manager on a daily basis, and the Investment Committee evaluates the Fund’s portfolio and strategic
positioning monthly. The Fund invests in tradable securities and OTC instruments. This Fund was formerly
known as the Nisswa Fund.
CONTACT:
Name: Kalina Ranguelova
Telephone: (212) 364 – 3668
Email: kalina.ranguelova@prcm.com
Ramius LLC
AUM: $9.3 Billion as of May 1, 2013
INCEPTION DATE: 1994
STRATEGY: 7 Distinct Investment Capabilities
FIRM OVERVIEW: Ramius is a $9.3 billion* contemporary investment management firm focused on
providing alpha and solutions through a range of high quality, differentiated strategy offerings. Ramius'
Founding Managing Members and CEO have decades of experience in prior positions at the most senior
levels in global capital markets and investment management. With a proven ability to identify talented
investment professionals in a wide range of strategies, Ramius has assembled a strong group of portfolio
managers and sales / distribution channels that are supported by institutional-quality operational and
technology infrastructure. A significant portion of Cowen’s proprietary capital is managed by Ramius in
strategies alongside our clients. A Registered Investment Adviser with the U.S. Securities and Exchange
Commission since 1997, Ramius' investment strategies are designed to address the needs of both institutions
and private clients to preserve and grow allocated capital. *as of 5/1/13
INVESTMENT STRATEGY: Ramius offers 7 investment capabilities on its platform:
1. Starboard Value: U.S. small cap activist strategy with 10 year exceptional track record; legacy fund
closed to new investors
2. HealthCare Royalty Partners: One of the largest healthcare royalty players in the market founded in
2007; uncorrelated return stream; limited competition due to significant barriers to entry; $1.5
billion* under management
3. Ramius Alternative Solutions: Alternative solutions platform with $3.2bn* distributed across
customized hedge fund portfolios, hedging overlays, customized replication and rule-based
alternative beta algorithms; established in 1998
4. RCG Longview: Real estate strategy with extensive experience and built in operating capability to
protect on the downside; launched in 1999 with $1.7 billion* under management; proven capability
to invest in any market climate
5. Ramius Merger Fund: Focused and levered merger arbitrage fund launched with significant
proprietary capital
6. Orchard Square Partners: Global long / short credit hedge fund strategy launched in 2008; one of
the few true non-directional, relative value players in the credit hedge fund space.
7. Ramius Trading Strategies: Proprietary managed account platform focused on managed futures and
liquid global macro alternatives investing; institutional terms and liquidity negotiated with managers
passed on to investors
* As of May 1, 2013
CONTACT:
Name: Keyuri Patel
Telephone: (212) 845 – 7926
Email: kpatel@ramius.com
Rangeley Capital
FUND NAME: Rangeley Capital Partners, LP
AUM: $65 Million
INCEPTION DATE: January 1, 2008
STRATEGY: Event-Driven Fundamental Value
FIRM OVERVIEW: Rangeley Capital manages a value-oriented, event-driven strategy that seeks to
exploit durable inefficiencies in the financial markets and invest with a wide margin of safety. We invest in
businesses that trade at an attractive price with respect to intrinsic value. We look to corporate events (i.e.
mergers, spin-offs, restructurings, etc.) to unlock value for shareholders regardless of the direction of the
markets. We focus on identifying inefficiencies in the market that cause a security’s market price to diverge
from its value. Our firm leverages the investment team’s complementary skills and experience through a
cohesive process designed to combine fundamental valuation analysis with in-depth corporate event research.
INVESTMENT STRATEGY: Rangeley Capital manages a value-oriented, event driven strategy that
seeks to exploit durable inefficiencies in the financial markets and invest with a wide margin of safety. We
invest in businesses that trade at an attractive price with respect to intrinsic value. We look to corporate
events (i.e. mergers, spin-offs, restructurings, etc.) to unlock value for shareholders regardless of the direction
of the markets. We focus on identifying inefficiencies in the market that cause a security’s market price to
diverge from its value. Our firm leverages the investment team’s complementary skills and experience
through a cohesive process designed to combine fundamental valuation analysis with in-depth corporate
event research.
CONTACT:
Name: Robert Sterner
Telephone: (203) 801 – 9976
Email: resterner@rangelelycapital.com
Saiers Capital, LLC
FUND NAME: Alphabet Offshore Master, L.P.
AUM: $640 Million (as of June 1, 2013)
INCEPTION DATE: October 2007
STRATEGY: Multi-Strategy Derivatives/Volatility
FIRM OVERVIEW: Saiers Capital, LLC is a multi-strategy derivatives and volatility-focused manager
established in 2007. The firm trades equities, commodities, credit and FX in a relative value manner across
markets globally. Saiers combines a quantitative approach utilizing proprietary pricing models with a
qualitative overlay. Saiers aims to generate returns uncorrelated to the broader markets.
INVESTMENT STRATEGY: Saiers Capital’s investment process takes a three-pronged approach
combining quantitative, qualitative and execution acumen. The quantitative component utilizes multi-factor
proprietary models that create a volatility forecast for a large universe of derivative instruments across
numerous asset classes and geographies. A qualitative analysis is then performed to vet outputs and capture
factors that models cannot foresee, such as world events, corporate actions and structural imbalances in the
market. Patterns or themes derived from the model outputs are also assessed for emergent macro themes.
Execution strategies are then determined by the Chief Investment Officer based on risk/reward, timing and
conviction level. Execution of trades is managed by a team of seasoned traders comprised of former market
makers and senior investment professionals with a strong command of natural market order flow, behavioral
patterns and the best sources of liquidity. Risk management is incorporated into the entire investment process
from idea generation through execution and the monitoring of positions.
CONTACT:
Name: Ashley Q. Burkert
Telephone: (212) 659 – 3868
Email: aburkert@saierscapital.com
Samena Capital
FUND NAME: Samena Asia Credit Fund
AUM: $59 Million
INCEPTION DATE: February 2010
STRATEGY: Asian Credit
FIRM OVERVIEW: Samena Capital is a principal investment group focusing on investments
across multiple asset classes in the Subcontinent, Asia, Middle East and North Africa, collectively
known as the SAMENA region. Samena Capital was established in 2008 by some of the most
prominent valuepreneurs from the SAMENA region and is today uniquely capitalized with equity of
US$80 million. Samena Capital currently manages total capital commitments in excess of US$795
million across a range of open ended and closed-ended fund structures and is a Cayman Islands
exempted company. It has three regulated investment advisors based in London (FCA), Dubai
(DFSA) and Hong Kong (SFC).
CONTACT:
Name: Sagari Kunzru
Telephone: +852 3583 6088
Email: skunzru@samenacapital.com
Silver Creek Capital Management, LLC
FUND NAME: Silver Creed Credit Opportunities Fund 4
INCEPTION DATE: September 2013
STRATEGY: Private Credit
FIRM OVERVIEW: Silver Creek is a privately held, $5.5 billion institutional alternatives firm with
investment expertise in private credit and hedge funds. Silver Creek is based in Seattle with
additional offices in New York and London. We have deployed over $3 billion in private credit
since our inception in 1994 and believe that the attractiveness of private credit as an asset class has
never been higher in our careers.
CONTACT:
Name: Carter Weil
Telephone: (212) 310 – 5540
Email: carter@silvercreekcapital.com
Standard Life Investments
FUND NAME: Global Absolute Return Strategies (GARS)
AUM: $40.6 Billion (As of March 31, 2013)
INCEPTION DATE: July 1, 2006
FIRM OVERVIEW: Standard Life Investments is a leading asset manager with an expanding global
reach. Our wide range of investment solutions is backed by our distinctive Focus on Change investment
philosophy, disciplined risk management and shared commitment to a culture of investment excellence. As
active managers, we place significant emphasis on rigorous research and a strong collaborative ethos. We
constantly think ahead and strive to anticipate change before it happens, ensuring that our clients can look to
the future with confidence.
Standard Life Investments manages $272.0 billion* on behalf of clients worldwide. Our investment
capabilities span equities, bonds, real estate, private equity, multi-asset solutions, fund-of-funds and absolute
return strategies.
Standard Life Investments (USA) has provided investment management services in the US since 2002
following the establishment of our Boston office. Our US team is a key part of our global network, providing
a crucial local presence, analyzing domestic markets and managing US equity portfolios.
*assets under management as at 03/31/13
The exchange rate on this day was £1=$1.5185
INVESTMENT STRATEGY: GARS is a dynamic, multi-asset solution that aims to provide positive
investment returns in all market conditions. It uses traditional and non-traditional sources of return to target a
cash* plus 5% annualized return over rolling 3-year periods. GARS is expected to meet this target with onethird to one-half of the investment risk associated with equities markets. GARS adopts a truly active approach
to diversified asset allocation, utilizing a wide range of asset class exposures. Alongside dynamic allocations to
traditional assets such as equities, fixed income and listed real estate, GARS exploits advanced sources of
market, relative value and directional returns. GARS is able to select positions freely across geographies and
markets, investing where its managers see the best return prospects within robust risk constraints.
GARS was initially developed to address the investment return and volatility needs of the defined-benefit
Standard Life Staff Pension Scheme in 2005. The core requirement was to achieve a specified target return
and minimize funding risk while also reducing the funding gap that had developed in the wake of increased
market volatility – delivering good returns but with less volatility than traditional investment positions. GARS'
track record since 2005 has been a key driver in its adoption by an increasing number of investors around the
world.
* Cash is measured as 1-month US LIBID
CONTACT:
Name: Jack Boyce
Telephone: (617) 720 – 7976
Email: jack_boyce@standardlife.com
Symphony Asset Management LLC
FUND NAME: Symphony Long-Short Credit
AUM: $216.9 Million
INCEPTION DATE: September 1999
STRATEGY: Long/Short Individual Names HY Bonds
FIRM OVERVIEW: Symphony Asset Management is a boutique alternative investment firm
headquartered in San Francisco, with an office in New York. An SEC Registered Investment Advisor since
inception, the firm actively manages more than $13B in assets for a diverse base of institutional and high net
worth investors. Symphony’s mission is to preserve capital, manage volatility and maximize risk-adjusted
returns for client portfolios in all market cycles. The team invests opportunistically across the capital
structure, offering bespoke investment solutions and hedged strategies in separate accounts and commingled
funds. The firm’s integrated platform of hedge funds, long-only strategies and structured products delivers
access to investments in high yield and convertible bonds, senior bank loans and equities. The firm builds
long-term strategic relationships as an information resource and value-added investment manager and
ultimately, a trusted advisor.
INVESTMENT STRATEGY: The Long-Short Credit strategy seeks to generate positive absolute
returns using the best risk-adjusted security to represent the thesis while actively managing risk and volatility.
The portfolio holds high conviction positions possessing a short-term catalyst to drive alpha. Using real-time
relative value information, the PM rotates between assets to exploit market dislocations and mispricings, to
optimize security and portfolio risk and ultimately generate alpha. The portfolio typically invests in U.S.
denominated, single name high yield bonds and CDS with catalyst-driven positions and may hold busted
convertible bonds, investment grade corporate bonds, and post-reorg equity. Symphony’s skill shorting
individual names creates a competitive advantage and analysts’ deep single-sector knowledge enhances views
of relative value, producing a pipeline of short ideas. Ongoing dialogue outside of meetings enables
immediate knowledge transfer, nimble decision-making and the opportunistic execution of ideas.
CONTACT:
Name: Cheryl B. King
Telephone:
Work: (415) 676 – 4138
Cell: (415) 265 – 9702
Email: Cheryl.king@symphonyasset.com
Taconic Capital Advisors LP
FUND NAME: Taconic Opportunity Fund
AUM: $7.7 Billion (Firm-wide approximation)
INCEPTION DATE: June 1999
STRATEGY: Multi-Strategy
FIRM OVERVIEW: Taconic Capital Advisors L.P. has offices in New York, London and Hong Kong,
and focuses on event investing. The firm was founded in 1999 by former Goldman, Sachs & Co. partners,
Ken Brody and Frank Brosens. It currently has 121 employees (inclusive of 42 investment professionals).
Taconic currently manages approximately $7.7 billion in assets.
INVESTMENT STRATEGY: Taconic employs a bottom-up, research-driven, distributed decisionmaking approach to probabilistic investing. Probabilistic investing involves developing judgments about
probabilities and prices of possible outcomes, then using expected value and risk analysis to determine if the
expected return justifies the risk. We believe our edge comes from this in-depth probabilistic analysis of
complex event-driven situations – particularly situations that involve litigation, change of control, and
regulatory or legislative changes. In the Opportunity Fund, “events” are defined as both announced events or
events which we believe to be imminent based on our research efforts.
CONTACT:
Name: Laura Rose
Telephone: (212) 209 – 3121
Email: lrose@taconiccap.com
Tilden Park Capital Management L.P
FUND NAME: Tilden Park Capital
AUM: $1.7 Billion
INCEPTION DATE: January 2011
STRATEGY: Multi-Strategy Fixed Income
FIRM OVERVIEW: Tilden Park is a multi-strategy fixed-income-focused alternative asset manager led by
Josh Birnbaum. Prior to founding Tilden Park, Mr. Birnbaum co-headed the Structured Products Group at
Goldman Sachs and played a considerable role in generating large profits for the bank during 2007 from
trading the ABX, other RMBS and financial equities. Tilden Park’s strategies include structured products and
mortgages, fixed income relative value and related corporate credit and equity strategies. Mr. Birnbaum
founded Tilden Park in mid-2008 along with Jeremy Primer, who worked closely with Mr. Birnbaum at
Goldman Sachs, and Sam Alcoff, a former Director at BlackRock. Together, they spent the first year and a
half developing research and technology and built Tilden Park’s infrastructure to take advantage of
opportunities in the mortgage and structured products markets in a highly systematic and scalable way.
INVESTMENT STRATEGY: Tilden Park's investment strategy is to generate attractive risk-adjusted
returns by identifying asymmetric risk/return profiles. Capital preservation is a central focus with a rigorous
emphasis on hedging. From a top-down perspective, Mr. Birnbaum and the investment team think about
broader themes, trends and risks in the market, and regularly discuss technical dynamics. Macroeconomic
views are formed through internal discussions and consultations with economists.
If the investment team identifies a scenario/theme which they want to hedge or gain exposure to, the traders
will work on identifying potential trade opportunities around that scenario/theme. To support this process,
the Manager uses a proprietary market surveillance system to filter available investments and identify those
with attractive yields and other favorable characteristics. This system is complemented by proprietary
collateral analysis tools. Once an investment has been selected, proprietary scenario analysis models quickly
run over two dozen scenarios to stress test individual investments. Portfolio construction is the result of a
collaborative effort amongst Mr. Birnbaum and Mr. Primer, the Firm’s CRO. The Manager uses a proprietary
risk monitoring engine to understand the exposures of the portfolio and to appropriately size positions and
assess what risks to hedge.
CONTACT:
Name: Federico Persico
Telephone: (212) 754 – 1704
Email: fpersico@tildenparkcapital.com
The Children’s Investment Fund (TCI)
FUND NAME: The Children’s Investment Master Fund
AUM: TCI Master Fund: $6 Billion, Firm: $10 Billion
INCEPTION DATE: June 3, 2003
STRATEGY: Global Equity – Event/Activism
FIRM OVERVIEW: The Children's Investment Fund (TCI) was established by Christopher Hohn in
2003. The Children’s Investment Master Fund is a concentrated long-biased, value, opportunistic fund that
looks for businesses in three situations: 1) under-researched and undervalued; 2) those waiting for a catalyst
or an event to happen or 3) those where there is a belief activism can add value. These businesses are typically
in sectors where there are monopolies, oligopolies, franchise or high barriers to entry. They are often hard
asset businesses that tend to have strong pricing power. TCI identifies strong business franchises with solid
fundamentals in the expectation of realizing absolute returns over time. TCI aims to bring a long-term,
owner-oriented investing philosophy to the public markets. TCI actively engages company managements via
constructive engagement and in some cases public activist campaigns.
CONTACT:
Name: Bronwyn Owen, CFA
Telephone: (212) 829 - 4320
Email: bowen@tcifund.com
The Permal Group
FUND NAME: Permal Fixed Income Holdings
AUM: $4.9 Billion as of May 31, 2013
INCEPTION DATE: December 31, 2013
STRATEGY: Multi-Manager, Multi-Strategy, FOHF
FIRM OVERVIEW: Permal is a leader in multi-manager, multi-strategy alternative investments, launching
its first fund of hedge funds in 1973, and today offers investors an extensive range of region and strategy
focused multi-manager and single-manager portfolios, as well as tailor-made portfolios. Permal has a marketleading hedge fund separate managed account platform, a business that has been developed over the past
decade and stands at approximately $6.7bn as of May 31, 2013. With ten offices around the world, Permal has
a global investor base and is an investment provider to major international private banks and institutional
investors, including large pension and sovereign wealth funds. Permal manages approximately $23.3bn as of
May 31, 2013.
INVESTMENT STRATEGY: Permal Fixed Income Holdings (PFIH) is a multi-manager absolute
return fund with a global fixed income focus employing long, trading, event driven and global macro
strategies. PFIH consists of two main strategies: credit spread related and non-credit spread related. Permal
dynamically allocates between strategies as fundamental conditions in the marketplace change the
attractiveness of the risk/reward profile of different asset classes.
CONTACT:
Name: Shane Clifford
Telephone: (212) 418 – 6556
Email: sclifford@permal.com
Visium Asset Management
FUND NAME: Visium Global Fund
AUM: $750MM+
INCEPTION DATE: October 2007
STRATEGY: Multi-Strategy, Long/Short
FIRM OVERVIEW: Visium traces its roots to 2001, when Jacob Gottlieb joined BAM as that firm's first
fundamental equity portfolio manager. It was there that Jacob assembled the group of professionals who
would become the nucleus of the investment team when Visium was launched as a standalone firm in 2005.
Initially focused on a broad-based healthcare investment mandate, Visium quickly branched out and has gone
on to grow by adding talent and infrastructure, using its proven investment management and business
processes as a platform for prudent expansion into other sectors and strategies.
Today Visium has a staff of more than 100 individuals and manages over $4.5 billion in long/short equity,
credit, event-driven and multi-strategy funds for a range of clients. Sectors and strategies where the firm is
currently active include: Industrials, TMT, utilities, financials, energy, consumer, credit, special situations,
distressed, risk arbitrage, convertible bond arbitrage, volatility arbitrage, macro and quantitative investment.
INVESTMENT STRATEGY: Visium Global Fund is a multi-strategy fund that seeks to aggregate
alpha across a range of individually managed portfolios in a variety of strategies, including: sector specific
long/short equity (TMT, utilities, financials, industrials, energy, consumer); distressed and special situations;
credit; convertible bond arbitrage; global macro; volatility and quantitative strategies. Visium Global
emphasizes value-added through active risk management, effective asset allocation, talent acquisition and
development, and business and operational excellence.
CONTACT:
Name: Josh Hamilton, Marketing
Telephone: (212) 474 8817
Email: jhamilton@visiumfunds.com
Watershed Asset Management, LLC
FUND NAME: Watershed Capital Institutional Partners
AUM: $1.2 Billion
INCEPTION DATE: July 1, 2002
STRATEGY: Credit Long/Short, Event Driven
FIRM OVERVIEW: Watershed is a credit-focused, value-oriented asset management firm that was founded
by Meridee Moore in July 2002, after ten years of credit, real estate and direct investment experience as a
partner and portfolio manager at Farallon Capital Management, LLC. The Firm is operated by an experienced
team of investment, trading, accounting, legal and administrative professionals. Ms. Moore is the Senior
Managing Member and Chief Investment Officer of Watershed and Munir Alam is a Managing Member and
Co-Portfolio Manager of Watershed. Ms. Moore and Mr. Alam oversee Watershed’s investment activities,
with Ms. Moore retaining the final authority over all investment and operating decisions. Watershed is based
in San Francisco, California. The firm has been a registered investment adviser with the United States
Securities and Exchange Commission since 2006.
Investment Strategy: Watershed invests in value-oriented and event driven debt and equity securities while
emphasizing current income and capital preservation. Watershed targets a return of 5-10% over the risk free
rate, with 4-6% volatility. Watershed seeks to capitalize on pricing inefficiencies inherent in industries,
companies and other assets affected by change. Many of Watershed’s investments are expected to be in
companies that are undergoing changes such as a crisis of confidence, business misstep, major litigation,
legislative or regulatory change, merger or consolidation, change in business model, cyclical business trough,
deleveraging, corporate reorganization, recapitalization, bankruptcy, restructuring or liquidation. In addition,
Watershed may take advantage of major market dislocations caused by leverage unwinds or other forced
selling. The Firm prefers to invest in companies and situations that are less well followed by Wall Street
analysts, and therefore less well known by larger institutional investors. Watershed has one investment
portfolio, and regardless of industry or security, each investment falls into one of three broad categories:
1. Contractual Cash Flows: Watershed invests in the discounted or high yielding debt of high quality,
misunderstood businesses, senior secured debt of overleveraged or distressed businesses, lease debt
and mortgage securities that trade at a discount to Watershed’s projected value.
2. Event Driven: Watershed invests in debt and equity securities where it believes its downside risk is
limited, but in which a catalyst, such as a refinancing, call option, leveraged recapitalization or buyout,
spinoff, covenant breach, liquidation, merger, acquisition or divestiture, IPO, or regulatory change
will unlock value.
3. Shorts/Hedges: Watershed sells debt short or buys credit protection in companies in which its
research identifies a risk or vulnerability that is misunderstood by the market.
Watershed does not use portfolio leverage to enhance returns, thereby reducing risk.
CONTACT:
Name: Liz Tennican
Telephone: (415) 391 – 8900
Email: investorrelations@wcap.com
Wellington Management Company
FIRM OVERVIEW: Tracing our roots to 1928, Wellington Management is one of the largest
independent investment management firms in the world. We serve as a trusted adviser for
institutions, including family offices, in over 50 countries. Our innovative investment solutions are
built on the strength of proprietary research and span nearly all sectors of the liquid, global securities
markets. As a private firm whose sole business is investment management, our long-term view is
aligned with that of our clients.
CONTACT:
Name: Lisa Thors
Telephone: (617) 951 – 5704
Email: lthors@wellington.com
Whitebox Advisors LLC
FUND NAME: Whitebox Multi-Strategy Partners, LP
AUM: $1,009,218,000.00 (as of 5/31/2013)
INCEPTION DATE: January 1, 2002
STRATEGY: Multi-Strategy
FIRM OVERVIEW: Whitebox is a $2.3 billion investment advisor headquartered in Minneapolis with
additional offices in Austin, London, and Sydney. The defining attributes of the firm are its 1) culture of
collaboration, 2) principle-based and idea-driven investment approach, and 3) dynamic, opportunity-based,
asset allocation. Whitebox has a 12 -year history of delivering skill-based returns based on a deep
understanding of markets and investment complexities.
INVESTMENT STRATEGY: Whitebox Multi-Strategy Partners, LP’s investment objective is to
provide superior capital appreciation. The Fund pursues this investment objective by dynamically allocating
its assets among a variety of proprietary investment strategies that seek to capture alpha from systematic
inefficiencies and idiosyncratic opportunities across asset classes and market cycles. The investment strategies
employed by the Fund may include the following: relative value, event driven, long/short equity and macro.
In employing these strategies, the Fund typically focuses on arbitrage opportunities between markets and
capital structures created by different objectives, skills and systems of dominant players in the market. The
Fund utilizes a combination of proprietary quantitative modeling and fundamental analysis to identify
mispricings and arbitrage opportunities.
CONTACT:
Name: Kyle McDaniel
Telephone: (612) 253 – 6093
Email: kmcdaniel@whiteboxadvisors.com