Investment Objective
Mygale continues the strategy employed by Neil Tofts at firms including Deephaven Capital, KBC Alternative Investment Management and Merrill Lynch, with a differentiated approach built on sceptical research, disciplined position selection and active trading. Fundamental in-house research is completed by systematic consulting of the market through deep local broker relationships and industry specialists. Trades are structured with the intention of embedding optionality and favourably skewing risk, with a preference for situations that have a fundamental value underpinning, clear rationale and potential upside catalysts. The team dislikes crowded trades and binary outcomes with heavy downsides, and avoids the 'home run' mentality.
Latest Meeting Note
Meeting 07 Jun 2023
An active trading approach to European Event Driven Equity with the fund predominantly following merger arbitrage and catalyst driven strategies. This trading approach has a three-tiered methodology designed to capture additional alpha f...
An active trading approach to European Event Driven Equity with the fund predominantly following merger arbitrage and catalyst driven strategies. This trading approach has a three-tiered methodology designed to capture additional alpha for every position. Trades are structured with the intention of embedding optionality and favorably skewing risk while the team frequently question their investment thesis and conduct fundamental in-house research with the understanding that company specialists may know more. The PM and his team are not wedded to any positions and do not believe they have the ‘information edge’, therefore, they regularly consult the market through deep local broker relationships and industry specialists. They are constantly looking for trades with fundamental value, and situations with the possibility of counter bids and bump catalysts and try to avoid the ‘home run’ mentality. The portfolio typically consists of 40-60 positions with a net exposure of up to 50% and gross of between 100% and 200%
Performance
| JAN | FEB | MAR | APR | MAY | JUN | JUL | AUG | SEP | OCT | NOV | DEC | YTD | ||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2023 | 1.0 | 0.4 | 0.8 | 0.6 | 0.2 | 0.6 | 0.6 | 0.2 | 0.9 | 0.6 | 1.0 | 0.5 | 0.7 | |
| 2022 | 0.8 | 0.3 | 0.8 | 0.1 | 0.9 | 0.5 | 0.9 | 0.7 | 0.0 | 1.0 | 0.8 | 0.8 | 0.5 |
