Catalyst-driven ideas where a corporate event, restructure or dislocation creates asymmetric risk/reward.
These are the areas we actually research. Outside them, we're happy to say we don't have an edge.
Situations where the announced structure of a transaction creates a mispriced leg — post-spin orphans, merger arbs, or stubs after a strategic sale.
Companies emerging from recapitalisations, debt-for-equity swaps, or operational turnarounds where capital structure is the catalyst.
New CEO, new strategy, divestiture of non-core units, or private-to-public pathway — each creates a window to enter before consensus forms.
Fund liquidations, employee-shareholder secondaries, or securities that dropped out of index coverage — supply-driven mispricings, not fundamentals-driven.
If a setup can't be mapped to this, we don't trade it. Simple is defensible.
A filing, an announcement, or a structural dislocation catches our screens.
Written view: what must be true, what breaks it, and where the pricing sits.
Sized against downside. No position larger than what the thesis can support.
The pre-identified event plays out — or it doesn't, and the thesis is retired.
Realise, rotate, or redeploy. Every exit is documented in a post-mortem.
Special situations only work if downside is bounded. We underwrite each idea with explicit upside, downside and expected-case outcomes before any capital is committed.
The goal is not to win every trade — it is to make sure the winners pay for the losers several times over.
Indicative ranges observed across our research universe; not a guarantee of any particular trade outcome.
Single-name exposure limits enforced independently of thesis conviction.
If the catalyst window closes without playing out, the position is reviewed and usually retired.
Every IC memo quantifies the worst realistic case before the upside is discussed.
Every exit — good or bad — is written up and circulated internally before the next trade.
Short enquiry, no obligation. Our team reviews every submission and arranges a private conversation before anything moves forward.
