Former Odey Manager Reflects on Higher-than-Average Spread Widening

The GA-Courtenay Special Situations Fund USD I class returned 0.6% in November, resulting in a year-to-date return of 4.8%. The average merger-arbitrage spread held by the $45 million Irish UCITS fund widened to 6.61% at the end of November, up from 4.97% at the end of October.

Largest arbitrage holdings

At the end of last month, the GA-Courtenay Special Situations Fund was invested in 39 arbitrages and still had room to boost its allocation to the team's highest-conviction opportunities while increasing fund leverage.

The GA-Courtenay Special Situations Fund is a "performance-oriented, event-driven strategy that targets absolute correlations to the broader market. Primarily, the fund allocates to a global portfolio of high-impact merger-arbitrage opportunities, targeting "competitive advantage through extensive proprietary systems combined with a...