Wednesday December 31st, 1969 7:00 PM
Featured Presenters:
Presenting: David Nazar (CIO) and Amit Jain (PM) Ironshield Capital Management LLP
Ironshield Capital Management LLP
Presenting: David Nazar (CIO) and Amit Jain (PM)
Introduction
- London based specialist Hedge Fund (launched in 2007) focused on liquid stressed and distressed European corporate credit
- One of the most experienced and successful investment teams in the European distressed debt space, with a multi-year track record of successful collaboration throughout the Lehman and Eurozone crises
- The CIO has been managing dedicated European distressed debt portfolios since 2003
- One of only a handful of European specialist firms in our space
- Seeing strong inflows from US single and multi-family offices, who now comprise a majority of AUM and of clients, attracted by the transparency and clarity of the strategy, as well as the strong returns and compelling opportunity set in Europe
- Recent performance has included +14.10% net in 2012, +16.24% net in 2013 and +0.29% estimated net in Jan 2014
Strategy
- Portfolio consists of 15-25 long and short single name corporate credits, targeting 15-25% IRRs, across all sectors (except financials) and all jurisdictions in Western Europe
- Long term view of companies expressed through short to medium term events that catalyse value realisation
- Trades typically expressed through bonds, bank loans and single name CDS
- Bottom-up, multi-stage fundamental analysis approach with continuous re-assessments of position level risk/reward calculations
- Quarterly + 90 liquidity, with no gate or lock up
Background
- David Nazar was at Bank of America from 2003-2007, where he ran BofA’s European Special Situations Principal Strategies Group, before leaving to launch Ironshield Capital Management
- Prior to BofA, David was in distressed debt at Deutsche Bank and spent the 1990s in investment banking, at Goldman Sachs and Salomon Brothers, having graduated with honours from Cambridge University
- Amit Jain worked alongside David at BofA, where he built out the European Leveraged Loan book for BofA’s credit proprietary trading business
- Previously, Amit was in BofA’s European Leveraged Finance business and, before that, in investment banking at Salomon Brothers in the late 1990s, having graduated with an MBA from INSEAD
Additional Performance Information
- 2013 Sharpe was 4.73, 3 year Sharpe (including entire of Eurozone crisis) is 1.28, with Sharpe since inception in 2007 at 0.99
- Nominated for Eurohedge Awards in 2013 and 2014
- 1 negative month in the last 20, since the ECB backed the Euro in the summer of 2012
Organisation
- Team of 6 industry veterans with average experience of 15 years in the industry
- Institutional level infrastructure, including leading independent administrators, auditors, custodians/PBs, legal counsel and compliance, with all positions independently marked to market on a daily basis
- The Firm is FCA registered in the United Kingdom
- AUM has grown strongly in the past 12 months to $85m as we scale back up in light of the opportunity set in Europe
Strategy capacity is $400m, and the team has experience of managing that level of assets, and higher
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