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Alternative Market Briefing

ArbitrOption up almost 39% YTD as event driven hedge fund strategy generally enjoys positive quarter

Tuesday, April 30, 2013

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Heath Winter
Benedicte Gravrand, Opalesque Geneva:

A small U.S.-based event driven fund outperformed its peers this quarter, just as the event driven strategy generally enjoyed a positive first quarter. Furthermore, many agree that the outlook for this strategy this year is bullish.

ArbitrOption's event driven strategy rose 38.97% in the first quarter of 2013, compared to the S&P500’s 10% and the Dow Jones Credit Suisse Event-Driven Index’s return of 4.78%. ArbitrOption's strategy is up 487% since its August 2009 inception.

Heath Winter, ArbitrOption’s managing partner and portfolio manager, explains to Opalesque that the top five contributors to ArbitrOption's outperformance in Q1 were positions in Acme Packet (APKT), Focus Media (FMCN), Penn National Gaming (PENN), Heinz (HNZ), and Robbins & Myers (RBN). Each of these firms is or was in the midst of a corporate event in Q1, he notes, and ArbitrOption "profited by taking on call and put options positions that were designed to provide a better return for every dollar risked than what was available through trading the common stock in these names." The strategy’s AuM is under $10m.

Promising times The average hedge fund closed the first quarter of the year up 3.35% after long/short and event driven strategies enjoyed particularly promising periods, ......................

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