This Event-Driven Value Fund More than Doubled the HFRI Event-Driven Index’s Q4 Return

Gates Capital’s ECF Value Fund returned 5.5% for the fourth quarter, bringing its full-year return go 25.6% for 2023. For comparison, the HFRI Event-Driven Index gained 5.8% for the quarter and 10.7% for the year. The Russell 2000 Value Total Return Index was up 15.3% for the quarter and 14.6% for the year, while the Russell 2000 Total Return Index gained 14% for the quarter and 16.9% for the year. The S&P 500 Equal Weight Index returned 11.9% for the quarter and 13.9% for the year, while the market-cap-weighted S&P 500 Total Return Index gained 11.7% for the quarter and…