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Alternative Market Briefing

A concentrated portfolio pays dividends for Maglan Capital

Tuesday, October 29, 2013

amb
Steven Azarbad
Beverly Chandler, Opalesque London:

Event driven investment fund Maglan Capital saw funds increase in value by 2.51% (net of all fees) during the month of September. Over 2013, Maglan Capital has gained 34.28%, and over the most recent 12 months, Maglan Capital has gained 59.33%.

This performance is against a backdrop of September’s S&P 500 Total-Return Index being up 3.14% and the Dow Jones Credit Suisse Event-Driven Index gaining 1.45%, while over 2013, the S&P 500 Total-Return Index is up 19.79% and the Dow Jones Credit Suisse Event-Driven Index has gained 10.17%.

In a recent investor’s letter, Steven Azarbad and David D. Tawil of Maglan Capital explained their strategy, saying that a lot of things makes their firm different. "Although individual elements of our focus, strategy, portfolio and risk management and investing edges can be found in various industry participants, we think that Maglan is the only place where each of these elements (and a few elements that can’t be found anywhere) comes together" they wrote.

"We make no secret about the fact that we firmly believe that in order to outperform the general market (especially today’s equity markets; we aim for 15-20% net of fees on average over each corporate high-yield issuance and default cycle), investments must be made in a concentrated manner (we’re not shy to put on 20% positions). And, in order to have the conviction necessary to inves......................

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