PrivilEdge – Amber Event Europe

Investment Objective

The objective of the fund is to construct a diversified portfolio of uncorrelated event-driven situations by investing predominantly in equities and equity related securities of companies having their registered office or carrying out their primary activity in Europe. The fund aims to generate consistent high-single to low double-digit returns across market cycles with contained volatility below 7% and low correlation to underlying equity markets. The fund is generally managed with a gross exposure of less than 150% of NAV and a net exposure ranging from 20% to 40% of NAV.

Latest Meeting Note

Meeting 22 Jan 2021

Amber Capital was founded in 2005 by Joseph Oughourlian and today manages approximately $1.1bn (20% of which is internal capital) in European focused event-driven strategies, with offices in London, New York and Milan. Central to Amber C... Read more

Amber Capital was founded in 2005 by Joseph Oughourlian and today manages approximately $1.1bn (20% of which is internal capital) in European focused event-driven strategies, with offices in London, New York and Milan. Central to Amber Capital’s investment methodology is the combination of bottom-up fundamental analysis to identify mispriced securities, shareholder engagement and a focus on catalyst-driven situations. The PrivilEdge – Amber Event Europe fund launched in June 2018 and is managed by Olivier Fortesa (PM and managing partner). The strategy focuses on corporate event-driven opportunities and special situations in Europe, and applies a fundamentally driven contrarian approach seeking to identify companies where a defined corporate catalyst or sector event can unlock value. The portfolio is typically split across three sub-strategies: special situations (60-80% of NAV), relative value (0-30%, e.g. holding company discounts, share class arbitrage, stub, etc.) and risk arbitrage (0-30%, merger arbitrage, LBO, etc.). The final portfolio is relatively concentrated with 40-80 positions split between longs and shorts. These are dynamically assessed throughout the lifecycle of the investment and opportunistically sized by the PM based on valuations, materialisation of catalysts. The fund target consistent, lowly correlated high-single digits returns over the cycle with a volatility of 4-7%.

Performance

JAN FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC YTD
2020 0.4 0.8 0.1 0.8 0.7 0.8 0.3 0.2 0.7 0.4 0.7 0.4 0.0
2019 1.0 0.6 0.2 0.6 0.6 0.9 0.7 0.7 0.1 0.8 0.2 0.3 0.6

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