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Bailey McCann, Opalesque New York:

By almost any measure 2015 was a record year for merger and acquisition volume, and investment banks weren't the only players cashing in. $65 million Paris-based niche merger arbitrage firm Puzzle Capital has had one of its best years on record. Puzzle Capital founder Jean-Louis Juchault and portfolio manager Xavier Robinson recently sat down with Opalesque TV to discuss what made this year so special.

"This year was a very positive year for us. We are up 21% on a year to date basis," explains Robinson. While markets were in turmoil during August on news of a devaluation in China's currency, Puzzle took on a sizable position. "We took this opportunity as an investment trigger for our strategy and we managed to lock up spread at very attractive level," Robinson says. He used what worked in August to capitalize on October's volatility as well, netting a 7.5% return for that month alone. Coupled with August's strong performance, the fund had its best year yet.

Through its niche merger arbitrage strategy, Puzzle invests in approximately 120 transactions per year. According to Robinson, Puzzle has takes a very risk averse approach to its investments, only going for the sure thing. "We invest only into merger agreement transactions - friendly deals - and we size and calibrate the position according to the timing to completion, and......................

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