Products

MS PSAM Global Event UCITS Fund (2)

The MS PSAM Global Event UCITS Fund (the “Fund”) seeks to provide shareholders with access to a Global Event-Driven investment strategy (the "PSAM Investment Strategy"). The strategy seeks to achieve superior risk adjusted returns associated with exposure to the equity, debt and other securities (including, without limitation, convertible or preferred stock and bonds) of companies which, in the opinion of the Investment Manager, are mispriced relative to their inherent or embedded value. As Investment Manager, P. Schoenfeld Asset Management LP ("PSAM") will also gain exposure to such securities through the use of financial derivative instruments in relation to such securities. PSAM further believes that the mispricings are generally attributable to a corporate action or corporate event including, but not limited to: merger activities, credit activities and special situation activities.

PSAM was founded in 1997 by Peter Schoenfeld who has over 30 years of experience managing global event driven portfolios. PSAM, which managed $2.0 billion of assets as of 1 April 2017, has offices in New York and London and has a long tenured and highly skilled team which has managed money through multiple market cycles (42 employees, including 20 investment professionals of which 4 Portfolio Managers). PSAM's focus is on global event driven investments composed of both equity and credit instruments. PSAM's international expertise uniquely positions itself to be able to achieve attractive absolute returns by investing in international consolidations, corporate restructurings, spin-offs and bankruptcies.

 

MS PSAM Global Event UCITS Fund Strategy Overview

  • Focus on capital preservation: history of investing successfully through various market cycles
  • Acute focus on event opportunities
  • Experience investing throughout the capital structure and allocating among equity and credit investments: opportunistic approach provides the ability to source event driven investments across a variety of market conditions
  • Allocation amongst 3 buckets:
    • Merger Arbitrage
    • Special Situations
    • Distressed and Stressed Credit

Details

STRATEGY
  • Global Event-Driven allocating across Merger Arbitrage, Credit Opportunities (e.g., Distressed and Stressed), Special Situations
PHILOSOPHY
  • Belief that the mispricings are generally attributable to a corporate action or corporate event including, but not limited to, mergers activities, credit activities and special situations activities
GENERAL FUND GUIDELINES
  • Low volatility, low correlation to equity and credit indices
  • Combine bottom up and top down analysis to create a portfolio with strong risk-reward dynamics
  • Number of positions : generally 50 to 80 situations
  • Risk tolerance: target maximum potential loss of 1.5% of capital per situation
INSTRUMENTS & GEOGRAPHY
  • Exposure to a variety of equity and credit instruments
  • Up to 100% in the U.S., 75% in Europe and 20% in Asia

Managers

Peter M. Schoenfeld – Founder, CEO and CIO

Mr. Schoenfeld is the Founder, Chief Executive Officer and Chief Investment Officer of the Investment Manager and the General Partner. He served as Vice Chairman of Schroder & Co. Inc. (together with its predecessors, including Wertheim & Co. Inc., “Schroder”) from 1989 to 1996 and as a Managing Director of Schroder from 1986 to 1989. During Mr. Schoenfeld’s career at Schroder, beginning in 1978, he managed proprietary trading activities and oversaw the arbitrage and convertible securities area, which included asset management for outside capital. Mr. Schoenfeld was also a member of Schroder’s Executive Committee and Risk Management Committee. Prior to joining Schroder, Mr. Schoenfeld managed the arbitrage department of White Weld & Co. for six years as First Vice President. He received a B.A. from New York University in 1966, an M.B.A. from New York University’s school of business in 1968, and pursued post-graduate studies at the school of business from 1969 to 1973. Mr. Schoenfeld is a Member of the Board of Overseers at New York University’s Stern School of Business.

Peter M. Faulkner – Portfolio Manager, Credit

Mr. Faulkner joined PSAM in 2002 and is currently a Portfolio Manager for Credit. Mr. Faulkner has been investing in the distressed securities and special situations arena since 1983. Prior to joining the firm, Mr. Faulkner worked for M.J. Whitman from 1994 to 2001 where he was a Senior Managing Director and Portfolio Manager. From 1992 to 1994, he was the Head of Distressed Debt Trading at Alex Brown & Sons. Mr. Faulkner began his career at Herzog, Heine Geduld/Mutual Shares in 1983. Mr. Faulkner is a graduate of Georgetown University’s School of Foreign Service and International Finance and Commerce.

Richard Bilotti – Portfolio Manager, Special Situations

Mr. Bilotti joined PSAM in July 2010. Prior to joining PSAM, Richard was a Managing Director with GSO Capital Partners where he focused on public and private investments in the media and telecom sectors. From 1994 to 2006 Mr. Bilotti worked at Morgan Stanley where he held positions as an equity research analyst, Executive Director and most recently Managing Director, focusing on the communications and entertainment industries. Mr. Bilotti also held positions at Prudential Bache Securities, L.F. Rothschild and Kidder, Peabody. Mr. Bilotti holds a BS in Economics from the Wharton School of the University of Pennsylvania.

Omar Sayed – Portfolio Manager, Asian and European Equity

Mr. Sayed joined PSAM’s London office in April 2011 and is currently a Portfolio Manager for Asian and European Equities. Prior to joining the firm, Mr. Sayed worked for Ramius LLC for 11 years, where he was most recently the portfolio manager responsible for Asian and European event driven investments. Mr. Sayed began his career in Ramius’ New York office as Head of Event Driven Research before moving to London in 2002 to research and manage European and Asian event driven investments. Mr. Sayed began his career in 1996 as an M&A analyst at BT Wolfensohn and then as a risk arbitrage research associate at Bankers Trust's proprietary trading desk and an event driven research associate at Seneca Capital. Mr. Sayed received a B.A. in Economics and Political Science from Columbia College of Arts and Sciences and received departmental honors.

Rick Weber – Portfolio Manager, U.S. M&A

Mr. Weber joined PSAM in 2008 as Chief Risk Officer and is currently Portfolio Manager for U.S. M&A investments. Prior to joining PSAM, Mr. Weber was the Founder and Managing Principal at Buckeye Capital Partners, LP. Before that, Mr. Weber spent thirteen years at Angelo Gordon, where he was a Managing Director involved in distressed debt and merger investments. From 1985 to 1988, he served as a Senior Vice President at L.F. Rothschild, Inc in their Mergers and Acquisitions/High Yield Group as well as their Risk Arbitrage Group. He began his career at Cravath, Swaine & Moore as a corporate lawyer. Mr. Weber received his B.A. in economics from Stanford University and his J.D. from the University of Virginia Law School.

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Fund Facts

Legal Structure: UCITS Irish OEIC

Umbrella Fund: FundLogic Alternatives PLC

Fund Manager: P. Schoenfeld Asset Management LP (PSAM)

Passporting: Approved in UK, Spain, Italy, Germany, France, Switzerland, Sweden, Austria, Singapore, Nertherlands, Finland, Norway, Belgium and Luxembourg

Base Currency: EUR

Other Currency Share Classes: USD, GBP

Liquidity: Weekly (every Friday that is a Business Day)

Dealing Deadline (Subscription): by 12 midday Irish time 3 Business Days prior to the relevant Dealing Day

Dealing Deadline (Redemption): by 12 midday Irish time 3 Business Days prior to the relevant Dealing Day

Settlement Date (Subscription): within 3 Business Days after the relevant Dealing Day

Settlement Date (Redemption): within 3 Business Days after the relevant Dealing Day

Fund Share Class Details

ISIN Code BBG Code Inception Mgmt Fee Perf Fee TER KIID Link
MS PSAM Global Event UCITS Fund (2) (Exposure to the PSAM Global Event Strategy)
Institutional * I EUR IE00B45QDY52 MSPGEIE ID 03.09.2010 1.50% 15% 1.87% KIID
Institutional I USD IE00B44LF788 MSPGEIU ID 18.02.2011 1.50% 15% 1.87% KIID
Private Wealth Mgmt P EUR IE00B566PZ63 MSPGEPE ID 11.10.2013 1.50% 15% 1.87% KIID
Private Wealth Mgmt P USD IE00B5SGLM38 MSPGEPU ID 10.04.2012 1.50% 15% 1.87% KIID
Retail No Equalisation C EUR IE00B5KY0S47 MSPGECE ID 09.03.2012 2.50% 15% 2.87% KIID
Retail No Equalisation C USD IE00B63LR882 MSPGECU ID 25.11.2011 2.50% 15% 2.87% KIID

* Reference share classes used to report NAVs, Daily, MTD, YTD and LTD performances. 

Source: Northern Trust

The above figures refer to the past. Past performance are net of fees and are not a reliable indicator of future results.

(1) Includes 0.30% p.a. administration fee covering services providers, audit, passporting, KIID management costs and Risk Management responsibilities performed by Morgan Stanley International plc

(2) Includes 0.37% p.a. administration fee covering services providers, audit, passporting, KIID management costs and Risk Management responsibilities performed by Morgan Stanley International plc

(3) Includes 0.40% p.a. administration fee covering services providers, audit, passporting, KIID management costs and Risk Management responsibilities performed by Morgan Stanley International plc

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