Carlson’s Black Diamond Arbitrage Fund Is Prepped For M&A Recovery [Exclusive]

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Michelle deBoer-Jones
Published on

Carlson Capital's Black Diamond Arbitrage Fund declined 3.22% net for the first quarter, with merger arbitrage investments to blame for the lion's share of that decline. As of the end of March, merger investments represented 77% of the fund's long market value.

In his first-quarter letter to investors, which was obtained by ValueWalk, Jesse Ho reported that their merger arbitrage investments subtracted 261 gross basis points from the fund's first-quarter return. Special situations and other event-driven positions detracted another 54 gross basis points.

Q1 2023 hedge fund letters, conferences and more

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Michelle deBoer-Jones is editor-in-chief of Hedge Fund Alpha. She also writes comparative analyses of stocks for TipRanks and runs Providence Writing Services. Previously, she was a television news producer for eight years, producing the morning news programs for NBC affiliates in Evansville, Indiana and Huntsville, Alabama and spending a short time at the CBS affiliate in Huntsville.