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Hedge Fund Test

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Top hedge fund managers score 10/10. Most “hedge fund” asset gatherers score 0/10. Do you have what it takes?1) You receive a term sheet for 20% yield AAA rated CLO cubed SPAC, SIV-lite, PIK-toggle, Venezuelan Bolivar quanto, digital Bermudan rainbow knockout spreadtion, synthetic mortgage-backed subprime CPDO, lumber correlated, rock-salt linked, orange juice variance swap, carbon credit, catastrophe reinsurance PRDC cliquet reverse floating callable convertible preferred British Peso denominated Z-tranche. You:i) Mentally price it up yourself and arbitrage the bank’s mispricing modelsii) Take all they’ve got but ask them to restructure the coupons up to 30%, reminding them of the need for mark to – your idea of a – marketiii) Pull the line, inform the SEC, change your fund’s name, email address, Bloomberg ID … [Read More...]

Catherine Berjal Long Accor: Sohn London Conference

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We’re posting up notes from the Sohn London investment conference. Next up is Catherine Berjal of CIAM who presented a long of Accor (EPA: AC).Catherine Berjal’s Sohn London Conference PresentationLong Accor (EPA: AC)CIAM is an activist but Accor is not currently an activist position.Accor is the perfect target for Private equity. PE like the travel and Tourism sectors because of the high returns on capital. In particular, they like the hotels businesses as they are: asset-light, scalable, it’s easy to bring in new management, there are often opportunities to sell off assets.Accor is a European leader in hotel management. It’s the sixth largest hospitality conglomerate worldwide with 5000 hotels and is the market leader in Europe and the Middle East.It has above average … [Read More...]

Portable alpha

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Portable alpha? Why “port” NEW sources of return onto OLD sources of return? In down markets most positive alpha gets swamped by negative beta. It also diverts attention from what investors really need: consistent absolute returns from a blended range of truly UNCONNECTED strategies. Different performance sources stand either as a return enhancer or risk reducer.The portable alpha fad originates from the high risk 60/40 stock and bond asset allocation mania. Haven’t we all evolved beyond that by now towards multi-strategy, multi-asset portfolios? Shouldn’t investors move to a 5/5/5/5…5 split among strategy classes? An investor risking 60% in public/private equity and 40% in credit/fixed-income is NOT diversified and has NO chance of being able to meet pension liabilities or retirement spending targets. Passive … [Read More...]

Jason Ader Long Playtec: Sohn London Conference

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We’re posting up notes from the Sohn London investment conference. Next up is Jason Ader of SpringOwl Asset Management who presented a long of Playtec (LON: PTEC).Jason Ader’s Sohn London Conference PresentationLong Playtec (LON: PTEC)Spring Owl’s active approach could be referred to as private equity in public markets. It acts as a sponsor and focuses on turnarounds. Jason Ader has been involved in turnarounds in the gaming industry for several years, including Lss Vegas Sands, Bwin Party and The Stars Group.SpringOwl disclosed their stake in Playtec in August 2018. Early in 2019 they were successful in getting two independent directors added to the board. They view Playtec as a technology company:a provider of gambling software. It would be hard to for another software company to duplicate … [Read More...]

James Hanbury (Odey) Long Plus500: Sohn London Conference

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We’re posting up notes from the Sohn London investment conference. Next up is James Hanbury of Odey Asset Management who presented a long of Plus500 (LONG:PLUS).James Hanbury’s Sohn London Conference PresentationLong Plus500 (LON: PLUS)Plus500 is a CFD trading business. Its main competitors are IG Group, Saxo bank, CMC. It’s a fintech business and very much a technology company. In the last 3 years: revenue 38% CAGR, EPS 58% CAGR, EBIT margin 59%. It is best in class with a very high return on equity. Cash conversion has been excellent. At the IPO in 2013 they raised £22m in primary net proceeds. Since then, they have returned nearly £850m to shareholders, mainly in dividends. Over and above this, there is £200m excess cash on the … [Read More...]

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