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Digital Subscriptions > The Hedge Fund Journal > Issue 131 – Apr 2018 > Kite Lake Marks. Years with 8.% Net Returns

Kite Lake Marks. Years with 8.% Net Returns

Firm AUM at $1bn as UCITS approaches one-year track record

PROFILE

Pictured (L-R) Jamie Sherman, Equity Portfolio Manager, Massi Khadjenouri, Co-Founder, CIO and CRO, Jan Lernout, Co-Founder and Credit Portfolio Manager

“Tomorrow’s Titans” 2010 - 2016: Revisited

Kite Lake Capital Management UK LLP, the London-based hard catalyst-focused event driven fund manager, celebrated its seven-year track record on February 1st, 2018 and in the process recorded its seventh consecutive year of positive returns.

The KL Special Opportunities Fund recorded a 10.3% net return in 2017 (for the USD A Share Class) and recorded a strong + 5% net return in the first three months of 2018. The average annualised returns over the Fund’s 7 year plus track record is 9 % net of fees with a volatility of 5.3%, a Sharpe of 1.7 and average correlation of 0.18 to the MSCI World Index. The strategy has profited in 21 of the 33 down months for the MSCI World Index during the period.

In May 2017 Kite Lake launched a UCITS version of the strategy which is lead managed by Jamie Sherman, the portfolio manager for the M&A and equity event driven strategies in the master fund. It invests in the same merger arbitrage and equity event driven positions as the flagship strategy but does not include the credit or distressed elements from the Cayman fund. As of April 2018, the UCITS fund AUM stood at $235m.

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