A fundamental,
catalyst-driven approach.
We invest in companies undergoing transformational corporate actions — spin-offs, mergers, management changes, and shareholder activism — where a definable catalyst can unlock value the market has yet to price. Deep, bottoms-up research defines our edge; disciplined risk management isolates the catalyst from the noise.
Fundamental Catalyst
Our core public-equity discipline: identify transformational change, define where the market is mispricing it, and own the outcome through a definable catalyst.
Idea Generation
Corporate actions and catalysts surfaced across a broad coverage universe.
Research
Bottoms-up due diligence on the three to five drivers and risks that move the stock.
Trade Construction
Position sizing driven by risk and reward, with hedges to isolate the catalyst.
Portfolio Monitoring
Continuous reassessment of risk, catalysts, and the market environment.
Where opportunity comes from
- Spin-offs, split-offs, and carve-outs
- Pro-forma mergers and acquisitions
- Management and board changes
- Shareholder activism
- Corporate reorganizations and post-reorg equity
- Asset sales and restructurings
Sources of upside
- Pure-play entities that reveal hidden value
- Sharper management focus and incentives
- Improved capital allocation and transparency
- Re-rating as the market understands the change
Merger Arbitrage
Capturing the spread between price and certainty.
Within public equities, we invest in announced mergers and acquisitions — earning the spread between a target's market price and the agreed deal terms as transactions move to completion. Rigorous assessment of deal certainty and disciplined position sizing make this a source of steady, low-correlation returns.
What we assess
- Regulatory and antitrust approval
- Financing certainty
- Shareholder and board approval
- Timeline, downside, and break risk