Mygale Event Driven Fund Rides Six-Month Winning Streak to 7.28% YTD, Defying Market Volatility

The Mygale Event Driven fund returned 0.92% in June. This extended its streak of positive months to six, bringing year-to-date performance to 7.28%.

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The fund focuses on event-driven strategies, particularly merger arbitrage, catalyst-driven, relative value, and special situations. The founder of the fund is Neil Tofts, who, before Mygale, managed event-driven funds at Merrill Lynch, NatWest, and Paribas. Tofts’ investment approach is aimed at identifying equities with underlying fundamental value, combined with core strength and potential performance catalysts.

Regarding June’s performance, the fund reported that positive contributions came from all subcategories. Particularly strong were positions from catalyst-driven and relative value sectors.

According to the fund’s letter, the best performer in the catalyst-driven portfolio is ME Group, a UK-based company running a vending machine operation. Between April and August, its stock value moved from 1.7 pounds sterling (GBP) to 2.1 pounds. The company’s recent success came from the photo booth sector. A relatively new direction for the company is the washing machine business, which is showing promise. It is currently being introduced into several markets and, for now, is contributing positively to the position and, thus, to the fund’s performance.