Alma DLD Convertible Arbitrage

Fund Strategy

The Strategy seeks to generate absolute returns by utilizing a spectrum of convertible arbitrage strategies, which are designed to profit from identifying mispriced or expected return differentials that exist between a convertible security and its underlying equity. These strategies are not designed to capture the returns of a rising market and conversely, being uncorrelated to the markets, are not expected to decline in value as the markets fall. The returns are realized as these positions move towards their fair valuation. The Strategy uses the hybrid nature of convertible securities to pursue returns from volatility and gamma trading, while limiting exposure to credit.

Investment Manager

DLD Asset Management is a relative value investment platform based in New York, founded in 2013 by Mark Friedman. DLD currently manages four distinct investment strategies: Event-Driven, Equity Trading, Volatility and Convertible Arbitrage. DLD strategies target a wide spectrum of market inefficiencies, identified using a combination of bottom-up fundamental analysis and quantitative techniques, favouring situations where a catalyst exists to drive convergence.

Key Persons

Mark Friedman
Principal and Chief Investment Officer
Mark Friedman is recognized for his distinguished career of over 30 years in the alternative investment industry. Prior to launching DLD, Mr. Friedman briefly served as the Director of Trading and Operations at Touradji Capital Management. Before joining Touradji, Mr. Friedman co-founded AM Investment Partners, LLC, and co-ran the business from July 2001 through December 2011. AM was a multi-arbitrage strategy hedge fund operating in New York City and Hong Kong. Mr. Friedman’s primary role was to serve as Chief Investment Officer for all investment strategies and managed over $1 billion of AUM. Prior to co-founding AM, he served as Director and Head of Deutsche Bank’s US Convertible desk in New York City from September 1997 through July 2001. Mr. Friedman additionally served as Vice President with SBC Warburg in London trading South East Asian equity derivatives and convertibles. From May 1992 through August 1994, Mr. Friedman began his career as a Specialist and Market Maker trading US equity options on the American Stock Exchange for O’Connor and Associates. Mr. Friedman holds a Bachelor of Arts degree in Economics and International Business from New York University, Stern School of Business.

Performance

The performance data shown represents past performance. Past performance is not a guarantee of future results. Current performance may be lower or higher than the performance data quoted. The investment return and the principal value of an investment will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost.

Investment Manager's Commentary