The GA Courtenay Special Situation Fund opened in January with a 4.0% gain. This follows a 6.5% return in 2025.
Managing director of the fund, Adrian Courtenay, formerly of Odey Asset Management, makes a distinction between two parts of the portfolio. In the first group are so-called “esoteric opportunities.” To qualify, companies must stem from an unconventional research process. They must also offer significant value implications. High-quality compounders take the second part of the $30 million portfolio. Currently, esoteric opportunities take about 50% of the invested capital. Courtenay considered raising this share to 70%. However, he ultimately found the move too risky given the scarcity of such opportunities. Regarding the evaluation process, both groups of investment ideas undergo the same quality filters.
Courtenay emphasizes the importance of the merger arbitrage focus of the fund. This focus serves two purposes. It identifies new esoteric opportunities and generates positive carry to fund put option hedging. As a reflection of this strategy, the manager points out that several of the high-conviction long positions came after M&A analysis of a holding. This strategy's execution is reflected in January’s performance metrics, where several key positions led the way.
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Also see: Odey Cub Courtenay Special Situations Fund Bets On This Elon Musk Play
Portfolio Discussion
Among the top contributors to performance in January are positions in ImmunityBio, Kraken Robotics,
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