A serene winter scene unfolds at the edge of a forest, with trees beautifully capped in ice, creating a tranquil and frosty landscape. Transactions Mentioned In This Letter: None. YEAR-END RESULTS Our track record is now going on three years and it’s becoming clear how this strategy can perform over time. Although we have a conservative target, we ended our year up +14.79%, following a return of +1.29% for the 4th quarter of 2025. From the time we started in July 2023, $100 i

A tranquil lakefront mirrors the clear image of a snow-covered mountain, surrounded by autumn leaves gradually turning into winter. Transactions Mentioned In This Letter: None. QUARTERLY RESULTS For the 3rd quarter, we had net returns of +5.77%, bringing our year-to-date net returns to +13.33%, as of September 30. This has been a good year for investing in our merger arbitrage strategy, relative to our long-term target of a 3%-5% spread over the risk-free rate. There are some

A vast field of vibrant sunflowers stretches to the horizon under a clear blue sky, bordered by lush trees, creating a serene and...

The Monthly Letter, with all data as of March 31, 2025. Transactions mentioned in this letter: DFS/COF.

The Monthly Letter, with all data as of December 31, 2024. Transactions mentioned in this letter: CPRI.

The Monthly Letter, with all data as of September 30, 2024. Transactions mentioned in this letter: ESGR, CPRI, MGRC.

The Monthly Letter, with all data as of August 31, 2024. Transactions mentioned in this letter: CPRI, HA.

The Monthly Letter, with all data as of July 31, 2024

The Monthly Letter, with all data as of June 30, 2024

The Monthly Letter, with all data as of May 31, 2024

The Monthly Letter, with all data as of April 30, 2024

The Monthly Letter, with all data as of March 31, 2024

The Monthly Letter, with all data as of February 29, 2024

The Monthly Letter, with all data as of January 31, 2024

The Monthly Letter, with all data as of December 31, 2023

The Monthly Letter, with all data as of November 30, 2023

The Monthly Letter, with all data as of October 31, 2023

The Monthly Letter, with all data as of September 30, 2023

The Monthly Report, with all data as of August 31, 2023.

The Monthly Report, with all data as of July 31, 2023.