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Maglan Capital’s distressed fund ends 2012 up 41.03% (+9.39% in December)

Thursday, January 17, 2013

From Komfie Manalo, Opalesque Asia:

Maglan Capital LP reported that their distressed master fund had gained 41.03% in 2012 (and +9.39% in December). The fund focuses on identifying liquid instruments of corporations either in or approaching bankruptcy, restructuring or other value-unlocking events.

Maglan Capital LP manages the investments of Maglan Distressed Fund and Maglan Distressed Offshore Fund Ltd, which invest substantially all of their assets in Maglan Distressed Master Fund.

The master fund’s benchmarks did not do as well: the S&P 500 Total-Return Index returned only 0.91% in December (15.99% YTD) and the Credit Suisse High-Yield Total-Return Index gained 1.50% (14.72% YTD).

"This past year has seen considerable appreciation in our investment positions; however, we’ve got lots of room to run," Maglan co-founders and portfolio managers Steven Azarbad and Davi D. Tawil told investors in a monthly letter. They confirmed that they are focused on "deep-value situations that are out-of-favor with large funds, either because of the small investment size or because the positions are orphaned."

Despite the huge success in 2012, Maglan said the year also taught them some lessons. First, the fund learned from its investment in Philadelphia Media, that they should leave resuscitation of the newsprint industry to Warren Buffett, who in 2012 spent a small portion of Berkshire’s capital buying loca......................

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