Overview

Assets

$33.1 million

As of June 30, 2020

Inception Date

January 1, 2010

Holdings

20-25

Turnover

Typically 50-150%

Latest Commentary

Fact Sheet

Body

Philosophy

The Special Situations Strategy (“the Strategy”) is designed to capitalize on stock market inefficiencies. We define “special situations” as opportunities that have uncommonly favorable risk/reward characteristics, including spinoffs, turnarounds, deep value, reorganizations, transformative acquisitions, overreactions, underfollowed securities, event-driven circumstances, and capital structure changes. These situations can arise for a variety of reasons and can create confusion about the true value of a particular stock.

Process

Utilizing a bottom-up, fundamental approach, we search for catalyst or event-driven investments trading at attractive valuation levels. We believe the Strategy’s process is distinguished by three key attributes:

Opportunistic Approach

  • Seek to exploit pockets of inefficiency that generally occur when limited information is available
  • Seek catalyst- and/or event-driven anomalies
  • Utilize variable time horizons
  • Hold cash when opportunities are not abundant

Strong Contrarian View

  • Out-of-favor and/or misunderstood stories where our fundamental research gives us confidence to invest
  • Undervalued companies with significant upside potential that is mispriced by the market
  • Often underfollowed companies given their idiosyncratic profiles

Concentrated Portfolio

  • Reflects our deep conviction in holdings
  • Ensures our clients’ assets are focused in our best ideas
  • Enables us to conduct rigorous, fundamental research on every holding

Team

Commentary