Event Driven. Hedge Fund Strategies. Originally Published Q4 / 2014 Updated Q2 / Customized Hedge Fund Portfolio Soutions for Advisors
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1 Hedge Fund Strategies Event Driven Originally Published Q4 / 2014 Page 1
2 Hedge Fund Strategies Event Driven Introduction What are Event Driven Funds? Event Driven Sub Strategies The Advantages of Event Driven Funds Conclusion Page 2
3 Customized Hedge Fund Portfolio Soutions for Advisors Introduction The event driven hedge fund strategy is a catalyst-driven investment approach where managers seek to profit from pricing dislocations brought about by a corporate event. Event driven investing is considered one of the more opportunistic hedge fund strategies in that managers pursuing this investment style have the flexibility to invest across a company s capital structure. As a result, the portfolios of event driven managers are fairly balanced between investments in both equities and credit; although holdings will shift somewhat depending on the stage of the economic cycle. The success of the event driven strategy is highly dependent on a manager s ability to accurately predict the potential outcome of various corporate events and, to some degree, the volume of investable corporate activity. This distinguishing factor translates into a return profile for event driven funds that is predominately idiosyncratic in nature and considerably less susceptible to directional market moves. Page 3
4 What are Event Driven Funds? Event driven hedge funds seek to capitalize on potential mispricings of securities related to specific corporate events. These events can entail such actions as mergers and acquisitions, spin-offs and asset sales, regulatory and litigation changes, as well as restructurings, recapitalizations, and bankruptcies. Event driven investing is characterized as an opportunistic investment approach that offers managers the flexibility to invest across a company s capital structure and the ability to rotate their portfolios to the most compelling risk/ reward opportunities. This fairly broad mandate allows event driven funds to exploit opportunities irrespective of the market environment. For example, during expansionary times, corporate activity tends to surge as a result of increased confidence at the executive level, which generally results in event driven managers allocating a majority of their portfolio to equities in order to capture the potential wave of deal activity. In other instances, strong market conditions have a greater tendency to expose companies who are underperforming their industry peers. This underperformance creates an opportunity for an event driven manager to initiate a position in the company and capitalize should that company undertake value enhancing actions. Such catalysts to unlock value include, among other steps, separating stable free cash flow segments from high growth, capital intensive business lines, spinning off non-core, legacy assets, or assuming incremental leverage at attractive rates in order to buyback outstanding shares in the marketplace. However, in periods of economic contraction, event driven managers often become increasingly active in distressed investments in an attempt to extract profits from the bankruptcy cycle. During these times, the aim is to invest in the debt of companies experiencing financial or operational distress. In these situations, it is not uncommon for event driven managers to act as quasi-liquidity providers whereby they convert their debt holdings into eventual equity stakes and benefit as the company emerges from the restructuring process with a much more manageable capital structure. Nonetheless, whether in expansionary or recessionary times, successful event driven managers generally possess vast deal experience, deep industry knowledge, and strong legal capabilities in order to assess the outcomes of a wide range of corporate events. Page 4
5 Event Driven Sub Strategies Merger Arbitrage Merger arbitrage, also known as risk arbitrage, is a commonly implemented event driven sub-strategy. Merger arbitrage comprises a simultaneous long and short investment in two companies involved in a merger or acquisition. When the merger is executed via a stock transaction, a risk arbitrage manager will commonly purchase the stock of the target company and sell short the equity of the acquirer. In cash tenders, the manager aims to capitalize on the difference between the price at which the target company s shares are trading and the value of the tender. Ultimately, an investor pursuing a merger arbitrage strategy seeks to exploit pricing inefficiency caused by the transaction. For obvious reasons, the success of the merger arbitrage strategy is closely tied to corporate deal flow. Another key driver of profits for risk arbitrageurs lies in capturing the deal spread. Deal spreads are influenced by several idiosyncratic factors, but always bears a close relationship to a risk free rate such as the U.S. 10 Year Treasury. In a low interest rate environment, deal spreads for plain vanilla transactions are more likely to be rather tight and unlikely to meet the return thresholds of the more institutional-quality event driven hedges funds. Merger arbitrage is not without risk, and the primary concern for managers is deal break. Arbitrageurs must gather as much data as possible in order to most accurately assess a deal s risk, reward, and probability of closing. The most common cause of deal failure is regulatory scrutiny due to antitrust concerns. Regardless of the cause, deal uncertainty is an integral factor in the market s determination of a deal spread; the higher the risk, the wider the spread. Activist Investing Activist investing is a more specialized sub-strategy of event driven investing where a manager acquires a sizeable stake in a target company and seeks to effectuate extensive change through operational improvements or capital structure enhancements. Activist investors see hidden value in a company and may work with management teams constructively to unlock it. In other cases, activist managers will push for the ouster of an entrenched management team if they believe current leadership is incapable of improving the prospects of the company. Activist investors generally rely upon highly intensive, sometimes forensic, research to identify companies suffering from poor cost structures, mismanagement, underperformance, or any other problem they believe can be remedied. Page 5
6 The Advantages of Event Driven Funds Event Driven Compared to S&P 500 (January May 2015) Attractive Absolute and Risk-Adjusted Returns Event driven managers have historically delivered attractive returns from both an absolute and risk-adjusted basis. Over the past 10+ years, the CS Event Driven Hedge Fund Index has produced annualized gains of 6.57% with a volatility of 6.24% and a Sharpe Ratio of In comparison to the S&P 500, over the same time period, the CS Event Driven Hedge Fund Index has produced over 110 basis points of outperformance while assuming less than half the risk of the broad equity markets. CS Events Driven Hedge Fund Index S&P 500 Index 6.57% 14.53% 5.45% 6.24% Annualized Return Annualized Volatility 70.40% 19.15% 62.48% % Portfolio Return Enhancer with Less Market Influence Within the context of a diversified hedge fund portfolio, the event driven strategy is commonly considered an enhancer to returns and less of a diversifier tasked with reducing overall portfolio volatility. The success of managers in the event driven space is largely predicated on the ability to take advantage of pricing discrepancies arising from corporate activity. As a result, the performance of the event driven strategy is deemed to be less dependent on the overall movements of the markets as compared to other equityfocused hedge fund strategies. This aspect of the event driven strategy can be quantified through an analysis of the strategy s beta coefficient, which over a rolling 36 month period stood at 0.28 in relation to the S&P 500. Max Drawdown % Months Positive Cumulative Value Sharpe Ratio N/A Sortino Ratio Beta to S&P 500 Page 6
7 Customized Hedge Fund Portfolio Soutions for Advisors Conclusion The event driven investment strategy seeks to capitalize on mispricings in securities linked to specific corporate events. Managers who pursue the event driven strategy benefit from an opportunistic mandate that allows them to take advantage of the most compelling opportunities across a company s capital structure. Advisors who incorporate the event driven strategy into a diversified hedge fund portfolio have the ability to potentially capture meaningful upside returns that are independent from broader market moves. Page 7
8 IMPORTANT DISCLOSURE This Document is for informational purposes only and is not an offer to sell or the solicitation of an offer to buy an interest in any of the Funds managed or advised by Crystal Capital Partners, LLC ( Crystal ). This document contains only summary information about the Funds and is qualified in its entirety by, and should be read in conjunction with, the more detailed information contained in the Offering Memorandum for each Fund. The interests in the Fund have not been registered with the SEC under the Securities Act, or under the securities laws of any state of the United States or under the securities laws of any other jurisdiction, and the Funds have not been registered as an investment company under the Investment Company Act of 1940, as amended, and are being offered and sold in reliance on exemptions from the registration requirements of such laws. The information contained in this Document has been prepared to assist interested parties in making their own evaluation of the opportunity and does not purport to be complete or to contain all of the information that a prospective investor might consider important in connection with an investment in the Fund. In all cases, interested parties should conduct their own investigation and analysis of the Fund, the data set forth in this Document and such other data as they may consider relevant to an investment decision. The information contained in this Document does not constitute legal, tax, accounting, regulatory or investment advice, and persons considering an investment in the Fund should consult their own legal and financial advisors with respect to the application of United States securities, tax or other laws and accounting and regulatory provisions to their particular, as well as any consequences arising under the laws of any other jurisdiction. The liquidity schedule constitutes the best available liquidity as of the date hereof. The liquidity terms described are for a particular exposure. From time to time, the Fund and/or the Outside Portfolio Manager may offer different liquidity terms. Best available liquidity assumes availability when soft lock terms are applicable. The pro forma results are based on simulated or hypothetical performance results that have certain inherent limitations. Unlike the results shown in an actual performance record, these results do not represent actual trading. Also, because these trades have not actually been executed, these results may have under-or over-compensated for the impact, if any, of certain market factors, such as lack of liquidity. Simulated or hypothetical trading programs in general are also subject to the fact that they are designed with the benefit of hindsight. No representation is being made that any account will or is likely to achieve profits or losses similar to these being shown. THE PRO FORMA COMPOSITE PERFORMANCE RECORD IS HYPOTHETICAL AND THESE TRADING ADVISORS HAVE NOT TRADED TOGETHER IN THE MANNER SHOWN IN THE COMPOSITE. HYPOTHETICAL PERFORMANCE RESULTS HAVE MANY INHERENT LIMITATIONS, SOME OF WHICH ARE DESCRIBED BELOW. NO REPRESENTATION IS BEING MADE THAT ANY MULTI-ADVISOR MANAGED ACCOUNT OR POOL WILL OR IS LIKELY TO ACHIEVE A COMPOSITE PERFORMANCE RECORD SIMILAR TO THAT SHOWN. IN FACT, THERE ARE FREQUENTLY SHARP DIFFERENCES BETWEEN A HYPOTHETICAL COMPOSITE PERFORMANCE RECORD AND THE ACTUAL RECORD SUBSEQUENTLY ACHIEVED. ONE OF THE LIMITATIONS OF A HYPOTHETICAL COMPOSITE PERFORMANCE RECORD IS THAT DECISIONS RELATING TO THE SELECTION OF TRADING ADVISORS AND THE ALLOCATION OF ASSETS AMONG THOSE TRADING ADVISORS WERE MADE WITH THE BENEFIT OF HINDSIGHT BASED UPON THE HISTORICAL RATES OF RETURN OF THE SELECTED TRADING ADVISORS. THEREFORE, COMPOSITE PERFORMANCE RECORDS INVARIABLY SHOW POSITIVE RATES OF RETURN. ANOTHER INHERENT LIMITATION ON THESE RESULTS IS THAT THE ALLOCATION DECISIONS REFLECTED IN THE PERFORMANCE RECORD WERE NOT MADE UNDER ACTUAL MARKET CONDITIONS AND, THEREFORE, CANNOT COMPLETELY ACCOUNT FOR THE IMPACT OF FINANCIAL RISK IN ACTUAL TRADING. FURTHERMORE, THE COMPOSITE PERFORMANCE RECORD MAY BE DISTORTED BECAUSE THE ALLOCATION OF ASSETS CHANGES FROM TIME TO TIME AND THESE ADJUSTMENTS ARE NOT REFLECTED IN THE COMPOSITE. The Fund and/or the Fund Manager use several sources of information to support the analysis in this Document, including information provided by investment managers, third party databases, and other public and non-public sources. The Fund and/or the Fund Manager will make commercially reasonable efforts to ensure the reliability of the information, but make no warranty as to the accuracy, completeness or suitability of the information. Such information is further subject to the qualifications and limitations contained in the Terms of Use Agreement and the Disclaimer made part of each fund report. The interests in the Fund are speculative, illiquid, involve substantial risk, and are a suitable investment only for a limited portion of an investor s portfolio. Investors could lose all or substantially all of their investment in the Fund. Neither the delivery of this Document nor any offers or sales hereunder shall create an implication that there has been no change since the date of this Document or the Offering Memorandum in the matters disclosed herein. Before you decide to invest, read the entire Offering Memorandum for the specific fund of interest carefully, and in particular, consider the Risk Factor section. If you, or your advisors, have questions concerning the operations, you should contact the Fund Manager at the address or phone number included in the Offering Memorandum. None of the directors, officers, employees or advisers of Crystal or its affiliates or any other person makes any promise, guarantee, representation or warranty (expressed or implied) to any person as to the fairness, accuracy or completeness of this Document or the information contained herein, or of any other information, materials or opinions, whether written or oral, that have been, or may be, prepared or furnished by any of those companies, including, without limitation, economic or financial projections, if any, or risk evaluations. The recipient acknowledges and agrees that all of the information contained herein is confidential, and if the recipient has previously accepted this Document, signed or agreed to Crystal s Terms of Use Agreement or Non-Disclosure Agreement, is subject thereto. Without limiting the generality of the foregoing: (1) the recipient will not reproduce this Document, in whole or in part; (2) if the recipient does not wish to pursue this matter or is not an Accredited Investor within the meaning of Rule 501(a) under the Securities Act of 1933 and/or a Qualified Purchaser as such term is defined in the Investment Company Act of 1940, as amended and (the Securities Act ), it must return this Document to Crystal, as soon as practicable, together with any other materials relating to the Fund, which the recipient may have received, or must destroy this Document and such other materials as soon as practicable and, in each case, must destroy, as soon as practicable, all copies of analyses, compilations, studies or other documents prepared by it in connection with any information in this Document or such other materials. Please see the Help Section of the website (? Icon) for additional disclosures and definitions of certain terms and comparison indices. Thank you for your continued support. Your feedback is always appreciated. Crystal Capital Partners, LLC 1111 Kane Concourse, Suite 404 Bay Harbor Islands, FL T. (305) F. (305)
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