The KLS Athos Event Driven Fund is an equity biased, event driven fund with a primary focus on short dated and liquid hard catalyst events in the Asia Pacific region and beyond. Athos Capital was founded by Matthew Moskey and Fred Schulte Hillen, two seasons event driven investors.
Strategy & Manager
KLS Athos Capital manages an equity biased, event driven fund with a primary focus on short dated and liquid hard catalyst events in the Asia Pacific region, with the ability to invest a portion of the portfolio in global and softer catalyst event opportunities.
The founders have built up years of experience in the event driven space at both large multi national asset managers and Asian focused funds, and are industry veterans with M&A banking, special situations trading, and regional transactional, legal and operational skill sets.
The team’s core belief is that a unique, low volatility, and uncorrelated income stream can be extracted from Asian hard catalyst event situations, and that their strategy of nimble trading, individual trade structuring, and dynamic portfolio construction is ideally suited to crystalize superior returns from that opportunity set.
The Athos Capital partnership combines individuals with broad and complementary event driven experience across M&A banking, special situations trading, as well as M&A legal and Asian operations. Since launch the team has consistently been nominated for industry awards, including for the HFM Best Long Term Event Driven Performance and Best Event Driven Manager awards, as well as the Eurekahedge Best Asian Event Driven Awards, with wins in 2014, 2015, 2018, and 2019.
Matthew Moskey - Principal and CIO
Matthew is a veteran portfolio manager in the Asian event driven space. Prior to co-founding Athos Capital in 2011 he was the portfolio manager for Tiresias Capital’s Omni Asia Fund, after being a portfolio manager for Centaurus Capital, where he opened the Hong Kong office and consistently generated superior returns for a dedicated Asia fund. He has in the past been responsible for event portfolios in excess of US$1 billion. Matthew’s background is as an M&A banker with Dresdner Kleinwort, where his core focus was around natural resources. His combination of fundamental M&A banking skills, strong network of contracts with corporates and bankers throughout the Asia Pacific region, and strong portfolio management experience form the basis of our portfolio construction process. Coupled with a superior and demonstrated risk management approach, Matthew has in the past produced superior returns while aggressively limiting downside during periods of market dislocation.
Fred Schulte-Hillen - Principal and Portfolio Manager
Fred has been overseeing portfolio management, risk analysis, and business building functions for event driven strategies since 2006 and is a veteran event driven and special situations portfolio manager in the Asia-Pacific context. Prior to co-founding Athos Capital in 2011 he oversaw the legal analysis, execution and trade structuring functions for an Asian event driven portfolio of over US$1 billion at Polygon Investment Partners, and then in the context of Black’s Link Capital, an Asian event driven manager he co-founded in 2009. Prior to working for hedge funds he was an M&A lawyer with Sullivan & Cromwell, running complex cross-boarder deals throughout the Asia-Pacific region. Fred’s focus is on portfolio management of core conviction hard catalyst event and special situations opportunities, as well as on the institutional quality of our business and risk management process.
Statistics & Commentary
Investment Manager’s Commentary – July 2022
It’s pleasing to report a positive month of performance in July with the UCITS Fund +1.32%, in line with historic expectations for our strategy. This was driven by a large number of M&A spreads, as they moved closer to closing and we realized positive performance across a range of positions. As spreads in M&A have broadly expanded over the course of the last three months in particular, in many cases beyond what the expanded risk-free rate environment should imply, the book continues to carry significant embedded spread despite a currently slightly underinvested M&A book related to trading views on the optimal timing of setting up incremental exposure. We currently expect to grow exposure to many attractive spreads over the course of this quarter and are highly constructive on the return potential in our core strategy for the remainder of the year. In addition, as has been the case over the previous two months, we were able to setup an attractive A Share placement position and book strong performance on that name.
Registered Office of the ICAV:
5 George’s Dock
Kepler Liquid Strategies ICAV
Attention: TA Department
c/o Société Générale Securities Services
SGSS (Ireland) Limited
3rd Floor, IFSC House
Dublin 1, Ireland
T: 00353 1 6750 300
F: 00353 1 6750 351