IAM O’Connor Event Driven UCITS

Investment Objective

UBS O’Connor Event Driven UCITS Fund is a Global Event Driven Multi-Strategy fund with a US bias and a focus on merger arbitrage. The strategy seeks to invest in securities of companies where a significant event has taken place or they believe will occur, with the fund actively allocating to M&A, capital structure arbitrages and SPACs. The investment objective of the Fund is to consistently generate long-term capital appreciation. 

Latest Meeting Note

Meeting 29 Sep 2021

IAM O’Connor Event Driven UCITS is a global event driven multi-strategy fund managed by Blake Hiltabrand (Head of Merger Arbitrage Research) and Joe Newell (Head of Merger Arbitrage), who are supported by 7 investment professionals. The ... Read more

IAM O’Connor Event Driven UCITS is a global event driven multi-strategy fund managed by Blake Hiltabrand (Head of Merger Arbitrage Research) and Joe Newell (Head of Merger Arbitrage), who are supported by 7 investment professionals. The strategy seeks to invest in securities of companies where a significant event has taken place or they believe will occur with an active allocation across three core event driven strategies: merger arbitrage, capital structure arbitrage and SPACs. While the merger arbitrage sleeve exhibits a short volatility bias, the capital structure arbitrage and SPAC sleeve counter this with an inherently long volatility bias. The bulk of the portfolio lies within merger arbitrage trades (c. 60% of risk, 50-70 positions), which are traditional hard catalyst deals where a clear timeline and payoff structure exists. Capital structure arbitrage is allocated 10-40% of risk and consists of relative value trades expressed through multiple instruments, typically involving some combination of convertibles, credit, options, and stock. SPACs take up c. 0-15% of risk, with the team looking for the opportunity to arbitrage the discount to cash or play the re-rating on acquisition. The fund has scaled rapidly since its launch in February 2021 and currently has $317m under management.

Performance

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

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