We define “event-driven” as strategies seeking to profit from investments in companies experiencing a material change in their ownership or capital structure.

• The opportunity set includes investing in stocks undergoing mergers, as well as investing in companies engaging in major stock or debt repurchases, divestitures, spin-offs, and other key events in the corporate life-cycle
• One of the hallmarks of event-driven strategies is habitat rotation, which describes how owners of a stock (typically fundamental investors) will seek to quickly reduce their ownership position due to a corporate event. Event-driven investors who are willing to accumulate shares during this habitat rotation are often able to earn a positive risk premia
• Our HRP focus is to efficiently extract the risk premia associated with event-driven strategies
• Our event-driven HRP strategies currently include Systematic Risk Arbitrage and Systematic Event Equity

We define “long-short equity” as strategies seeking to profit by buying stocks (or other instruments) deemed to be attractive on various bases (e.g., fundamental), and shorting stocks (or other instruments) deemed to be unattractive.

• The opportunity set includes investing (long or short) in stocks, debt, and other instruments
• The strategies are also underpinned by human behavioral biases and market structural constraints that tend to cause investors to under-appreciate an instrument’s quality and value characteristics
• Our HRP focus is to efficiently extract the risk premia associated with fundamental long-short equity investing

We define “relative value” as strategies seeking to profit from the relative mispricing of related assets.

• The opportunity set includes the relationship of different instruments related to a single issuer as well as the trading relationship of instruments of multiple issuers
• Relative value strategies can be implemented across the opportunity set via a systematic yet practice-based approach, focusing on theoretical and historical pricing relationships
• Our HRP focus is to efficiently extract the risk premia associated with these strategies
• Our relative value HRP strategies currently consist of Systematic Convertible Arbitrage

We define “quantitative” as those strategies seeking to profit from statistical anomalies.

• The opportunity set includes investing (long or short) in stocks, futures, and other instruments
• Human behavioral biases and market structural constraints often combine to generate anomalies, which quantitative investors can spot and take advantage of
• Our HRP focus is to efficiently extract the risk premia associated with quantitative strategies
• Our quantitative HRP strategies currently include Equity Statistical Arbitrage and Systematic Macro