Database/Aurelia Convertible Arbitrage
HedgeF019 · Vintage 2016Open

Aurelia Convertible Arbitrage

Aurelia Asset Management

Global convertible arbitrage with selective volatility and credit overlays.

Relative ValueConvertible ArbitrageUSEuropeAsiaArticle 6
Performance · since vintage

Cumulative net return

-2.4%
+2.1pp vs benchmark
QuarterCum returnSharpevs bench (pp)
2022 Q1-4.3%1.20-4.91
2022 Q2-6.8%1.53-2.76
2022 Q3-5.1%1.45+1.16
2022 Q4-3.0%1.49+0.27
2023 Q1-1.2%1.61-0.12
2023 Q2-2.2%1.45-2.31
2023 Q3-4.5%1.30-3.35
2023 Q4-2.4%1.29+0.91

Terms

Target fund size£1.0bn
Current AUM£720m
Min ticket£5m
Max ticket£75m
Target net IRR8–11%
Lock-up1 year
Management fee1.50%
Carry / performance20%
BenchmarkHFRI Relative Value: Fixed Income — Convertible Arb
ESG / SFDRArticle 6
Liquidity

Quarterly liquidity, 60-day notice.

Investment highlights

  • Stable Sharpe through multiple regimes

Top 5 holdings

Largest positions · % of fund · simulated
  • Highgate Realty10.4%
  • Cobalt Pharma8.9%
  • Redwood Capital8.3%
  • Beacon Telecom6.3%
  • Halcyon Energy6.3%