The Driehaus alternatives team manages the Driehaus Active Income strategy and the Driehaus Event Driven strategy. The Active Income strategy is an unconstrained multi-asset credit strategy that seeks to deliver superior risk adjusted returns, relative to traditional credit fixed income indices. The strategy is led by portfolio managers Thomas McCauley and Yoav Sharon. The Event Driven strategy employs an array of trade strategies that seek to deliver superior risk adjusted returns, while exhibiting low correlation and less volatility relative to major asset classes/event driven indices. The strategy is led by portfolio managers Michael Caldwell, Thomas McCauley and Yoav Sharon.
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The strategy seeks to provide current income & capital appreciation. Its objective is to generate absolute return with low volatility and limited correlation to the Barclays U.S. Aggregate Index.
The strategy seeks to provide superior risk adjusted returns with low correlations to major asset classes (below 0.65) and lower volatility than the S&P 500 Index (less than 66%).
We believe credit markets frequently exhibit price inefficiencies which provide consistent opportunities to generate compelling risk adjusted returns. The strategy seeks to exploit asymmetric risk/return profiles through the disciplined application of deep fundamental research. The strategy invests across the capital structure in both long and short positions. The portfolio managers increase the probability of consistent investment success by applying a framework that is built on the tenets of absolute return investing: value-driven decision making, understanding and opportunistically using all classes of securities, prudent deployment of capital, and emphasizing downside risk mitigation.
We believe attractive event-driven investments exist in the global equity and credit markets due to the highly idiosyncratic nature of event-driven situations. Traditional market participants are often unwilling or unable to navigate the capital structure, legal, and regulatory complexity of event driven situations and/or may have discomfort with binary outcomes. The strategy seeks to exploit these market inefficiencies by applying a highly specialized event driven investing framework which enables us to identify the most attractive risk adjusted return opportunity for a given situation.
The trend of contentious, high profile deals, facing litigious twists and turns on the public stage has become an increasingly frequent part of the merger arbitrage process in the past few years.
Driehaus Active Income April 2019 Commentary and Attribution