Orsay Merger

Arbitrage Fund

Fund Investment Objectives

The Fund's main investment strategy is focused on merger and acquisition arbitrage. The Fund invests in announced or public merger situations. The investment universe consists of all announced mergers and acquisitions of stocks listed in developed equity markets. Once an offer is made public, the Portfolio Managers analyse the characteristics of the deal structure, conditions of approval, type of acquirer, voluntary or mandatory, friendly or hostile, in order to assess timing, regulatory, financing, shareholder and any other risks. The team then estimates the length of time to close, and evaluates the risk / reward of the deal to determine at what price it's worth setting up a position. The investment objective is to achieve superior risk-adjusted returns while minimizing the risk of loss of capital, through an actively managed portfolio that exhibits low volatility and low correlation relative to the equity and fixed-income markets.