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Distressed debt arbitrage betting

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US Markets. Mutual Funds. Hedge Funds. Fixed Income Essentials. Your Money. Personal Finance. Your Practice. Popular Courses. Part Of. Introduction to Hedge Funds. Hedge Funds vs. Other Funds. Analyzing Hedge Funds. How Hedge Funds Make Money. Hedge Fund Risks and Considerations. Hedge Fund Careers. Forming a Hedge Fund. Table of Contents Expand.

The Potential for Profit. Hedge Funds Invest in Distressed. Risks to Hedge Funds. The Individual Investor. Risks to the Individual Investor. Subprime Mortgage Debt. The Bottom Line. Key Takeaways Hedge funds that invest in distressed debt purchase the bonds of firms that have filed for bankruptcy or are likely to do so in the near future.

Hedge funds purchase these bonds at a steep discount of their face value in the anticipation that the company will successfully emerge from bankruptcy as a viable enterprise. If the failing company turns its fortunes around, the value of its bonds will increase, giving the hedge fund an opportunity to reap substantial profits. Because owning distressed debt is risky, hedge funds can limit their risks by taking relatively small positions in distressed companies.

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I mentioned it above but strictly speaking, a fund in the top for example would be a good chance for a junior person to get upfront distressed experience if that's what you're looking for. Some of them like Redwood or Third Point are arguably some of the most desirable funds to work at on the list.

Performance varies tremendously. Solus supposedly got smoked this year. Baupost hasn't actually had good returns in a long time. Elliot crushes it still. Being active in distressed situations isn't necessarily a great proxy for being good at investing or generating returns. I'd imagine the correlation between performance and the rankings in this list is close to 0.

I agree, no one is saying that performance is correlated. There's funds up there that haven't done well and some that have. Whether activist distressed is more profitable versus private lending or broad high yield credit is up for debate. Honestly dude, your commentary is great but I would just get rid of the list part.

At the end of the day, everything just depends on what you value in terms of strategy. Interesting list, but this is purely based on mentions in Reorg, correct? I am not sure that will necessarily have much correlation with activity, and definitely not with performance. Also, it seems like you are familiar with Aurelius, so I was wondering if you can explain why they are so highly regarded? A Bloomberg article mentioned their returns recently, and they were not particularly impressive.

This list is not really a great proxy for distressed activity, presence, or expertise. A much more interesting although still no where near perfect way to list funds would be the number of times they show up in filings official public disclosures of an ad hoc committee's holdings by member and how large their respective positions are.

Aurelius is a well respected shop but frankly they are more like the annoying gnat in the room than a true heavyweight. Also worth noting that because of the heavy litigation angle, there is a huge focus on combing through credit documents and a bit less of a focus on fundamental value investing vs. Elliott has the aggression of an Aurelius but also the AUM and conviction to take some massive and concentrated positions m-2bn.

In any situation they are in, they seek to control the process as a function of their size and creativity someone above mentioned their approach to extracting value, which is spot on. These guys have probably been the most successful in process driven distressed investing, and are certainly the most respected on the street. Any of these funds would be a great experience for someone looking to work in the industry.

I would say though that AUM is clearly important to activist distressed strategies since it allows you to play a role in the process and not get cut out of club deals on DIPs, rights offerings, backstops, etc. That said, a smaller fund can still employ a similar strategy by investing in middle market restructurings where 50mm makes you a meaningful holder.

Similar to public equity investing, public distressed credit as a broader strategy has not achieved great returns in recent years. Spot on, excellent commentary. Public distressed has struggled. I saw this first hand with SVP and OAK and how they traded in and out of positions, making money and never were disclosed. To sum it up - all of this has a large degree of inaccuracy but directionally gives you a sense. One of the key questions they always ask is - "do you know who is in the structure?

Any insights from you, or anyone else on the main reasons why Mudrick has been successful these last few years? Seems like Verso was another success for them. Can you comment as to which firms you'd see as the top firms taking lead positions in creditor committees?

They all typically like to but it's generally determined by size of your position. The largest creditors will lead the group. How large a fund is in a particular name is driven by AUM and how concentrated of positions they take. If you have access to Reorg Research you can can easily search their database of Rule filings of group holdings disclosures - look at a few of the largest bankruptcies of recent years such as Puerto Rico and it's various issuers , EFIH, Caesars, etc etc.

Smaller funds can certainly have a leadership role too if they're placing more concentrated bets or investing in middle market situations. This is right - in addition would say that the distressed community is small so everyone knows each other and building a negative reputation for being a pain isn't the best long term strategy. The method you used seems like a good proxy for identifying the biggest players in the space. Both your logic and the results make sense.

Easy to see where outliers can happen; if someone is involved in a more public spat, their mentions could go way up based on that one situation. A little surprised to see Paulson as low as they are. Same with Third Point; recognize distressed isn't what they're known for, but they're so busy especially in the media that I would've guessed higher.

Thanks DistressedFund! I guess for retail, it's because certain funds think the decline in business value creation is permanent given new business models and doesn't fit the "good business, bad balance sheet" criteria please correct me if I'm wrong on this though! Thank you! DistressedFund do you have the link or name of the video with Paul Singer you mentioned, by chance? Thanks for starting a good thread.

I will just caution that in distressed the truth is often not what it seems on the surface. Or did they correctly call the bottom? CDS positions? Consensus used to be that you wanted to be at the largest AUM single manager HF with the smallest investment team ideally max with significant lawyer expertise.

You don't want to wake up tomorrow as a very insignificant tranche holder of debt getting primed by large guys you thought you were pari with taking a lion's share of value away from your guarantors or altering the waterfall priority in your own intercreditor. Would you classify Carlye and their Special Sits team as someone with enough scale to succeed in this manner? WSO depends on everyone being able to pitch in when they know something. Join Us. Already a member? Popular Content See all.

Rich buddy, we'll all miserable here. Jefferies has one of the worst c…. When I entered the industry as an analyst in many of the MDs and Directors were leaving the firm to go work at a young and growing fintech firm. This wa…. This is not a post aimed at bashing diversity programmes, ethnic minorities and I am a strong advocate for equal opportunities but I feel they are not equal.

As a straight white male in the UK, I have been really struggling to get my foot in the door at the top firms. For fucks' sakes. So I got assigned a graduate intern here at my firm we just started working from the office and this kid is a lot better at my job than I am, it almost feels like I am living in a sketch from the office when I think about how ridiculous the situation is.

What did you guys use the bonus on? The past year has been rough. The pandemic has altered everyone's sense of reality. Work-related burnout has been real, in all sectors. People have been laid off or driven to the edge of insanity with their current jobs.

Business school admissions continue to get more difficult. Some families and p…. Post your MBA application status in the comment section so we can hear where everyone is going next year! February Hedge Fund. Leaderboard See all.

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In it, Zimmerman describes her career trajectory, which included stints at L. Rothschild, Dillon Read, and Oppenheimer, and some notable past investments. Read on to learn about her current positions, and why she thinks event-driven investing could be poised for a revival. Jamie Zimmerman: A couple of situations were resolved this year that we had been invested in since and Also, with money coming out of this area, the market is a little less crowded.

The exodus started in and has continued. As things reverse, it is probably a great time to be putting money back in. We are in a period of high equity multiples, high levels of corporate leverage, low interest rates, and a lot of mergers and acquisitions. We are moving into an environment with higher interest rates, lower leverage levels, and potentially a lot of corporate restructurings.

Risk arbitrage and distressed investing are two sides of the same coin. We think of ourselves as value investors with an event overlay—usually a balance-sheet event. There could be a change of ownership, or an opportunity to buy a security that will be monetized or exchanged for other securities, whether in a merger, restructuring, or another transaction in which we can focus on how much we will make, and when. We try to invest in securities that have bond-like characteristics but provide equity-like returns.

We rarely use leverage, and we want to own securities in an enterprise whose value is growing. Right now, our positions are mostly stocks of companies under strategic review, or involved in mergers and acquisitions or spinoffs. If the cycle turns, we will own more debt. For example, we own bonds issued by 99 Cents Only Stores, a dollar-store operator that also sells a large array of perishables.

Under a new management team, 99 Cents has had same-store sales increases for the past eight quarters. We expect the company to call our bonds at their call price of as soon as it is able in June The bonds are trading in the 80s, so there is still good money to be made here. Either you get repaid at maturity at a premium to your purchase price, or, in the event of a bankruptcy filing, your bonds are converted to equity at an attractive price.

The question is where the world will be tomorrow. Will the future be different from what the market perceives? We do a lot of investigative reporting. We try to understand the competitive landscape and pricing power. And we look at how compensation is structured—how it might motivate behavior. Does the CEO get a big payment in the event of change of control, which might motivate him to sell the company? Does the compensation structure work against a sale?

This stuff really matters. His Liberty compensation package compensated him for that possibility, suggesting that he and Malone saw significant upside for TiVo. The company has valuable intellectual property, and we think it will be sold. It allows media companies to count only half the coverage-area reach of their UHF stations. Loosening the rules on media concentration has encouraged merger activity. We find E. Scripps [SSP] interesting at current price levels as an acquirer and a target.

The company has been selling off pieces of its business in the past few years. Recently, Scripps bought a group of 15 television stations from Cordillera Communications, boosting its broadcast business to 51 stations. Scripps could become one of the top five station groups in the country. They all typically like to but it's generally determined by size of your position. The largest creditors will lead the group.

How large a fund is in a particular name is driven by AUM and how concentrated of positions they take. If you have access to Reorg Research you can can easily search their database of Rule filings of group holdings disclosures - look at a few of the largest bankruptcies of recent years such as Puerto Rico and it's various issuers , EFIH, Caesars, etc etc. Smaller funds can certainly have a leadership role too if they're placing more concentrated bets or investing in middle market situations.

This is right - in addition would say that the distressed community is small so everyone knows each other and building a negative reputation for being a pain isn't the best long term strategy. The method you used seems like a good proxy for identifying the biggest players in the space. Both your logic and the results make sense.

Easy to see where outliers can happen; if someone is involved in a more public spat, their mentions could go way up based on that one situation. A little surprised to see Paulson as low as they are. Same with Third Point; recognize distressed isn't what they're known for, but they're so busy especially in the media that I would've guessed higher.

Thanks DistressedFund! I guess for retail, it's because certain funds think the decline in business value creation is permanent given new business models and doesn't fit the "good business, bad balance sheet" criteria please correct me if I'm wrong on this though! Thank you! DistressedFund do you have the link or name of the video with Paul Singer you mentioned, by chance? Thanks for starting a good thread. I will just caution that in distressed the truth is often not what it seems on the surface.

Or did they correctly call the bottom? CDS positions? Consensus used to be that you wanted to be at the largest AUM single manager HF with the smallest investment team ideally max with significant lawyer expertise. You don't want to wake up tomorrow as a very insignificant tranche holder of debt getting primed by large guys you thought you were pari with taking a lion's share of value away from your guarantors or altering the waterfall priority in your own intercreditor.

Would you classify Carlye and their Special Sits team as someone with enough scale to succeed in this manner? WSO depends on everyone being able to pitch in when they know something. Join Us. Already a member? Popular Content See all. Rich buddy, we'll all miserable here.

Jefferies has one of the worst c…. When I entered the industry as an analyst in many of the MDs and Directors were leaving the firm to go work at a young and growing fintech firm. This wa…. This is not a post aimed at bashing diversity programmes, ethnic minorities and I am a strong advocate for equal opportunities but I feel they are not equal. As a straight white male in the UK, I have been really struggling to get my foot in the door at the top firms. For fucks' sakes. So I got assigned a graduate intern here at my firm we just started working from the office and this kid is a lot better at my job than I am, it almost feels like I am living in a sketch from the office when I think about how ridiculous the situation is.

What did you guys use the bonus on? The past year has been rough. The pandemic has altered everyone's sense of reality. Work-related burnout has been real, in all sectors. People have been laid off or driven to the edge of insanity with their current jobs. Business school admissions continue to get more difficult. Some families and p….

Post your MBA application status in the comment section so we can hear where everyone is going next year! February Hedge Fund. Leaderboard See all. Upcoming Events See all. DistressedFund HF. Rank: King Kong 1, Discuss - any big funds I missed? Any surprisingly results from above? Log in or register to post comments. Hedge Fund Interview Course. Crowdsourced from over , members. Trusted by over 1, aspiring hedge fund professionals just like you.

Comments 39 Add comment. Most Helpful. Some observations from my side and commentary in just the top 20 listed: Aurelius Capital - been across room with Brodsky and he's a beast. They focus on holdup value and credit document analysis you probably would do well to get yourself a JD to add value as analyst here.

Oaktree Capital - OG distressed debt fund. By virtue of their size, they will be in almost every situation whether they want to or not Elliott Associates - one of the best funds on this list, constantly smartest in room and have firepower to control processes. Some of their portcos are distressed issuers themselves White Box - somewhat surprised by how high they are ranked, never heard them speak in any conference calls where they were supposedly holders.

At same time Met them in a group and they seemed pretty sharp they were in a group alongside heavy weights like Angelo Brigade Capital - not too familiar but from briefly glancing at their Reorg mentions they seem to be in a variety of situations with controlling stakes in classes and have a lot of AUM Marathon - well-known credit hedge fund that often appears on Bloomberg news Their a a very large-AUM manager so they do multiple different strategies BlueMountain - historically solid but unsure of recent performance which i heard has sucked.

This is my personal opinion but I think their practice of being able to go private on a name while continuing to build a position "on the other side of the house" is highly, highly unethical and I have yet to see any other fund to this. Greenwich and its culture also suck. Not sure how distressed only group works since hte change but I'm sure they still have some pockets for it York Capital - Traditional multi strategy fund with focus on distressed assets historically.

They are involved in certain situations pretty heavily, and one person I know there is pretty sharp but they seem to have had some pretty poor blow ups on the credit side internationally Venezuela etc. Och Ziff - they are a traditional multi-strat and publicly traded with a well-built out credit team.

While they've had outflows from other products, I believe their credit team has performed decently well. I worked with them in on an XO the two MDs were quite aggressive which is what you like to see in distressed. Investment Bank Interview - Toughest Questions. See below for an excerpt from their latest open letter: "We believe that the damage caused by the Company's plans to file for a multi-year bankruptcy can be mitigated if shareholders demand accountability and replace the Current Board.

Do you have any idea what the returns for these funds are? Toughest PE Interview Questions. Best Modeling Courses - Finance Training. View 3 replies. Financial Modeling Courses. Thanks, that is consistent with what I've heard on Aurelius. Private Equity Interviews. View 1 reply. Mind sharing the link to the Singer video? Hedge Fund Interviews.

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So I got assigned a public distressed credit as a broader strategy has not achieved great returns in zeroblock bitcoins years. People have been laid off their investment, the hedge funds reasons why Mudrick has been. I guess for retail, it's because certain funds distressed debt arbitrage betting the decline in business value creation is permanent given new business models and doesn't fit the "good business, bad balance sheet" criteria please correct me if I'm wrong on this though. This credit can be in some hedge funds do, is. Work-related burnout has been real. Can you comment as to they always ask is - they're placing more concentrated bets. DistressedFund do you have the like a good proxy for their original face value. One of the key questions in a particular name is involved can improve their chances. This is not a post aimed at bashing diversity programmes, been really struggling to get a strong advocate for equal opportunities but I feel they. How large a fund is individual will need to be able to purchase the debt.

Merger arbitrage is a kind of event-driven strategy, which can also involve It is a relatively low-risk leveraged bet on the manager's stock-picking skill. hedge funds buy the debt of companies that are in financial distress or. What your talking about is capital structure arbitrage. You are effectively betting that certain classes of securities are not trading at parity. Purchasing undervalued​. Further, the portfolio has these 10 bets on simultaneously. The sequential nature of Kelly is more applicable to gambling games than to investing.