Westchester Capital Management (WCM) has launched the WCM Alternatives: Event-Driven Fund (WCEIX), a multi-strategy, absolute return mutual fund.
The fund is designed to profit from discrete events, including mergers, acquisitions, asset sales or divestitures, restructurings, re-financings, recapitalisations, reorganisations or other special situations ("event-driven opportunities").
The strategy focuses on generating non-correlated returns and has the flexibility to address shifting market landscapes.
Michael Shannon, co-portfolio manager and managing member of WCM, says: "The fund follows a proven multi-event strategy that WCM has been managing for the past five years. In today's challenging environment, the fund seeks to help investors maximise their portfolio over time by lowering its risk profile while also providing the potential for attractive inflation-adjusted returns."
Westchester Capital Management will employ its proprietary risk management process, targeting opportunities diversified across, sectors, strategies and asset classes.
"WCM has specialised in building sophisticated analytical models of corporate events, complemented with three decades of deal and company-specific research experience. Our goal is to identify mis-priced situations where we can achieve superior risk-adjusted returns regardless of the direction of the markets," says Roy Behren, co-portfolio manager and managing member of WCM. "The Fund offers investors a diversified solution that combines WCM's proven investment philosophy with over 30 years of experience and knowledge of the event-driven market."