The Driehaus alternatives team manages the Driehaus Event Driven strategy. 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 superior risk adjusted returns with low correlations to major asset classes and lower volatility than the S&P 500 Index.
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.
With the recent merger arbitrage litigation settlement in the REIT sector, the event driven space has closed the books on one of the most unique times to invest in Risk Arbitrage. In this piece, we discuss Driehaus Event Driven Strategy’s approach to risk arbitrage investing.
The global economy is still grappling with an historic pandemic that has rippled through all facets of our lives; work, school, leisure, care, and so much more. While certain aspects of this ‘new normal’ are becoming more routine, other aspects are as jarring today as they were at the onset of the COVID 19 crisis. These continuous twists and turns have driven wild swings in sentiment and valuations that are perhaps best summarized by the classic Beatles song “The Long and Winding Road.”