Form NPORT-P Ironwood Institutional For: Jul 31

  
    NPORT-P
    false
    
      
      
        
          0001500233
          XXXXXXXX
        
      
      
      
      
      
    
  
  
    
      Ironwood Institutional Multi-Strategy Fund LLC
      811-22463
      0001500233
      549300FYWC6KMN5NPQ25
      One Market Plaza
      Steuart Tower, Suite 2500
      San Francisco
      
      94105
      415-777-2400
      Ironwood Institutional Multi-Strategy Fund LLC
      549300FYWC6KMN5NPQ25
      2022-04-30
      2021-07-31
      N
    
    
      3467111830.390000000000
      75642039.360000000000
      3391469791.030000000000
      0.000000000000
      0.000000000000
      0.000000000000
      0.000000000000
      0.000000000000
      0.000000000000
      0.000000000000
      0.000000000000
      0.000000000000
      0.000000000000
      0.000000000000
      0.000000000000
      0.000000000000
      70088979.930000000000
      N
      
        
          
        
        
        
        
      
      
      
      
    
    
      
        D.E. Shaw Composite International Fund
        N/A
        
        999999999
        
          
        
        71580804.84
        PA
        USD
        175359446.86
        5.1706032389
        Long
        
        PF
        KY
        Y
        N/A
        
          N
          N
          N
        
      
      
        D.E. Shaw Valence International Fund, L.P
        N/A
        
        999999999
        
          
        
        30859296.27
        PA
        USD
        72059470.18
        2.1247268771
        Long
        
        PF
        KY
        Y
        N/A
        
          N
          N
          N
        
      
      
        D1 Capital Partners Offshore LP
        N/A
        
        999999999
        
          
        
        153000000
        PA
        USD
        240765621.23
        7.0991527587
        Long
        
        PF
        KY
        Y
        N/A
        
          N
          N
          N
        
      
      
        Dragoneer Global Offshore Feeder II, L.P.
        N/A
        
        999999999
        
          
        
        43310000
        PA
        USD
        44699738.11
        1.3180049024
        Long
        
        PF
        KY
        Y
        N/A
        
          N
          N
          N
        
      
      
        Eisler Capital Fund Ltd
        N/A
        
        999999999
        
          
        
        52625536.01
        PA
        USD
        55449653.26
        1.6349741167
        Long
        
        PF
        KY
        Y
        N/A
        
          N
          N
          N
        
      
      
        Eisler Capital Multi Strategy Fund Ltd
        N/A
        
        999999999
        
          
        
        93000000
        PA
        USD
        92228100
        2.7194138731
        Long
        
        PF
        KY
        Y
        N/A
        
          N
          N
          N
        
      
      
        Elliott International, Ltd
        N/A
        
        999999999
        
          
        
        218455120.65
        PA
        USD
        314977661.69
        9.2873497657
        Long
        
        PF
        KY
        Y
        N/A
        
          N
          N
          N
        
      
      
        ExodusPoint Partners International Fund, Ltd
        N/A
        
        999999999
        
          
        
        150000000
        PA
        USD
        183047317.73
        5.3972858085
        Long
        
        PF
        KY
        Y
        N/A
        
          N
          N
          N
        
      
      
        HG Vora Opportunistic Capital Fund (Cayman) LP
        N/A
        
        999999999
        
          
        
        29280000
        PA
        USD
        36750487
        1.0836153427
        Long
        
        PF
        KY
        Y
        N/A
        
          N
          N
          N
        
      
      
        HG Vora Special Opportunities Fund, LP
        N/A
        
        999999999
        
          
        
        89000000
        PA
        USD
        136532313.24
        4.0257564317
        Long
        
        PF
        US
        Y
        N/A
        
          N
          N
          N
        
      
      
        HG Vora Special Opportunities Fund, Ltd
        N/A
        
        999999999
        
          
        
        78937764.22
        PA
        USD
        140961559.29
        4.1563560337
        Long
        
        PF
        KY
        Y
        N/A
        
          N
          N
          N
        
      
      
        Holocene Advisors Offshore Fund Ltd
        N/A
        
        999999999
        
          
        
        128500000
        PA
        USD
        183283071.69
        5.4042371887
        Long
        
        PF
        KY
        Y
        N/A
        
          N
          N
          N
        
      
      
        Kirkoswald Global Macro Fund Limited
        N/A
        
        999999999
        
          
        
        115000000
        PA
        USD
        120207935.08
        3.5444200446
        Long
        
        PF
        KY
        Y
        N/A
        
          N
          N
          N
        
      
      
        Millennium International, Ltd
        N/A
        
        999999999
        
          
        
        144072869.82
        PA
        USD
        296905059
        8.7544656829
        Long
        
        PF
        KY
        Y
        N/A
        
          N
          N
          N
        
      
      
        Suvretta Offshore Fund, Ltd
        N/A
        
        999999999
        
          
        
        46556393.02
        PA
        USD
        97501388.74
        2.8749006993
        Long
        
        PF
        KY
        Y
        N/A
        
          N
          N
          N
        
      
      
        Suvretta Partners, LP
        N/A
        
        999999999
        
          
        
        62000000
        PA
        USD
        105788662.46
        3.1192571062
        Long
        
        PF
        US
        Y
        N/A
        
          N
          N
          N
        
      
      
        Two Sigma Absolute Return Cayman Fund, Ltd
        N/A
        
        999999999
        
          
        
        61000000
        PA
        USD
        69663756.8
        2.0540874928
        Long
        
        PF
        KY
        Y
        N/A
        
          N
          N
          N
        
      
      
        Two Sigma Spectrum Cayman Fund, Ltd
        N/A
        
        999999999
        
          
        
        21603731.51
        PA
        USD
        24948809.75
        0.7356341435
        Long
        
        PF
        KY
        Y
        N/A
        
          N
          N
          N
        
      
      
        Woodline Offshore Fund Ltd.
        N/A
        
        999999999
        
          
        
        105650000
        PA
        USD
        127938828.78
        3.7723711742
        Long
        
        PF
        KY
        Y
        N/A
        
          N
          N
          N
        
      
      
        XN Exponent Offshore Fund LP
        N/A
        
        999999999
        
          
        
        89716092.04
        PA
        USD
        107726100.1
        3.1763838907
        Long
        
        PF
        KY
        Y
        N/A
        
          N
          N
          N
        
      
      
        Fidelity Investments Money Market Government Portfolio
        N/A
        
        316175108
        
          
          
        
        130652515.02
        NS
        USD
        130652515.02
        3.8523862240
        Long
        
        RF
        US
        N
        1
        
          N
          N
          N
        
      
      
        Goldman Sachs Financial Square Treasury Instruments Fund
        N/A
        
        38142B500
        
          
          
        
        122168085.38
        NS
        USD
        122168085.38
        3.6022165287
        Long
        
        RF
        US
        N
        1
        
          N
          N
          N
        
      
      
        JPMorgan U.S. Government Money Market Fund
        N/A
        
        4812C2684
        
          
          
        
        122166883.16
        NS
        USD
        122166883.16
        3.6021810804
        Long
        
        RF
        US
        N
        1
        
          N
          N
          N
        
      
      
        Alphadyne Global Rates Fund II, Ltd
        N/A
        
        999999999
        
          
        
        97000000
        PA
        USD
        117173856.08
        3.4549579769
        Long
        
        PF
        KY
        Y
        N/A
        
          N
          N
          N
        
      
      
        Alphadyne International Fund, Ltd
        N/A
        
        999999999
        
          
        
        16000000
        PA
        USD
        18659559.05
        0.5501909261
        Long
        
        PF
        KY
        Y
        N/A
        
          N
          N
          N
        
      
      
        Cerberus Global NPL Feeder Fund, L.P.
        N/A
        
        999999999
        
          
        
        9008389.79
        PA
        USD
        25595870
        0.7547131945
        Long
        
        PF
        KY
        Y
        N/A
        
          N
          N
          N
        
      
      
        Cerberus Global NPL Fund AIV II S.C.A.
        N/A
        
        999999999
        
          
        
        7817058.00
        PA
        USD
        9003120
        0.2654636649
        Long
        
        PF
        LU
        Y
        N/A
        
          N
          N
          N
        
      
      
        Cerberus Global NPL Fund AIV, L.L.C.
        N/A
        
        999999999
        
          
        
        929094
        PA
        USD
        750715
        0.0221353881
        Long
        
        PF
        US
        Y
        N/A
        
          N
          N
          N
        
      
      
        Cerberus International II, L.P.
        N/A
        
        999999999
        
          
        
        76108673.78
        PA
        USD
        96009189.45
        2.8309020975
        Long
        
        PF
        US
        Y
        N/A
        
          N
          N
          N
        
      
      
        Cerberus International SPV, Ltd
        N/A
        
        999999999
        
          
        
        33658.16
        PA
        USD
        50823.76
        0.0014985762
        Long
        
        PF
        KY
        Y
        N/A
        
          N
          N
          N
        
      
      
        Cerberus International, Ltd
        N/A
        
        999999999
        
          
        
        11509.27
        PA
        USD
        14925.42
        0.0004400871
        Long
        
        PF
        BS
        Y
        N/A
        
          N
          N
          N
        
      
      
        Coatue Offshore Fund, Ltd
        N/A
        
        999999999
        
          
        
        92000000
        PA
        USD
        97789422.55
        2.8833935897
        Long
        
        PF
        KY
        Y
        N/A
        
          N
          N
          N
        
      
    
    
      2021-09-22
      Ironwood Institutional Multi-Strategy Fund LLC
      Martha Boero
      Martha Boero
      Treasurer
    
  
  XXXX

Ironwood Institutional Multi-Strategy Fund LLC

Consolidated Schedule of Investments

July 31, 2021

(Unaudited)

 

Description		First Acquisition Date				Number of Shares (1)				Cost				Fair Value				Percent of Net Assets				Next Available Redemption Date (2)				Liquidity (3)
Investment Funds
Relative Value:
Alphadyne Global Rates Fund II, Ltd.			7/1/2018				95,479			$	97,000,000			$	117,173,856				3.46	%			9/30/2021			Quarterly (4)
Alphadyne International Fund, Ltd.			7/1/2019				13,489				16,000,000				18,659,559				0.55				9/30/2021			Quarterly (4)
D.E. Shaw Composite International Fund			1/1/2011				n/a				71,580,805				175,359,447				5.17				9/30/2021			Quarterly (5)
D.E. Shaw Valence International Fund, LP			1/1/2015				n/a				30,859,296				72,059,470				2.12				9/30/2021			Quarterly (6)
Eisler Capital Fund Ltd			1/1/2020				44,323				52,625,536				55,449,653				1.64				9/30/2021			Quarterly (4)
Eisler Capital Multi Strategy Fund Ltd			7/1/2021				93,000				93,000,000				92,228,100				2.72				9/30/2021			Quarterly (4)
ExodusPoint Partners International Fund, Ltd.			6/1/2018				150,000				150,000,000				183,047,318				5.40				9/30/2021			Quarterly (7)
Kirkoswald Global Macro Fund Limited			5/1/2021				1,150,000				115,000,000				120,207,935				3.54				9/30/2021			Quarterly (4)
Millennium International, Ltd.			1/1/2011				128,688				144,072,870				296,905,059				8.75				9/30/2021			Quarterly (8)
Two Sigma Absolute Return Cayman Fund, Ltd.			2/1/2016				46,124				61,000,000				69,663,757				2.05				8/31/2021			Monthly
Two Sigma Spectrum Cayman Fund, Ltd.			6/1/2018				6,111				21,603,731				24,948,810				0.74				9/30/2021			Quarterly
Total Relative Value											852,742,238				1,225,702,964				36.14
Market Neutral and Low Net Equity:
Coatue Offshore Fund, Ltd.			3/1/2021				132,584				92,000,000				97,789,423				2.88				3/31/2022			Quarterly (4)
D1 Capital Partners Offshore LP			3/13/2020				n/a				153,000,000				240,765,621				7.10				9/30/2021			Quarterly (9)
Dragoneer Global Offshore Feeder II, LP			4/1/2021				n/a				43,310,000				44,699,738				1.32				6/30/2024			Semi-annually (10)
Holocene Advisors Offshore Fund Ltd.			4/1/2017				125,233				128,500,000				183,283,072				5.40				9/30/2021			Quarterly (11)
Suvretta Offshore Fund, Ltd			3/1/2013				36,478				46,556,393				97,501,389				2.88				9/30/2021			Quarterly (12)
Suvretta Partners, LP*			1/1/2017				n/a				62,000,000				105,788,662				3.12				9/30/2021			Quarterly (13)
Woodline Offshore Fund Ltd.			8/1/2019				104,053				105,650,000				127,938,829				3.77				9/30/2021			Quarterly (4)
XN Exponent Offshore Fund LP			10/1/2020				n/a				89,716,092				107,726,100				3.18				9/30/2021			Annually (14)
Total Market Neutral and Low Net Equity											720,732,485				1,005,492,834				29.65
Event-Driven:
Elliott International Limited			1/1/2011				179,065				218,455,121				314,977,662				9.29				6/30/2024			Semi-annually (15)
HG Vora Opportunistic Capital Fund (Cayman) LP			11/14/2019				n/a				29,280,000				36,750,487				1.08				n/a			Other (16)
HG Vora Special Opportunities Fund, LP*			4/1/2017				n/a				89,000,000				136,532,313				4.02				9/30/2021			Quarterly (4)
HG Vora Special Opportunities Fund, Ltd.			7/1/2013				31,631				78,937,764				140,961,559				4.16				9/30/2021			Quarterly (4)
Total Event-Driven											415,672,885				629,222,021				18.55

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Ironwood Institutional Multi-Strategy Fund LLC

Consolidated Schedule of Investments (continued)

July 31, 2021

(Unaudited)

 

Description		First Acquisition Date				Number of Shares (1)				Cost				Fair Value				Percent of Net Assets				Next Available Redemption Date (2)				Liquidity (3)
Investment Funds (continued)
Distressed and Credit Securities:
Cerberus Global NPL Feeder Fund, LP			1/11/2019				n/a			$	9,008,390			$	25,595,870				0.76	%			n/a			Other (16)
Cerberus Global NPL Fund AIV II S.C.A.**			1/1/2021				n/a				7,817,058				9,003,120				0.27				n/a			Other (16)
Cerberus Global NPL Fund AIV, L.L.C.*			12/3/2019				n/a				929,094				750,715				0.02				n/a			Other (16)
Cerberus International II, L.P.			1/1/2021				n/a				76,108,674				96,009,189				2.83				12/31/2021			Semi-annually (17)
Cerberus International SPV, Ltd.			3/1/2012				23				33,658				50,824				0.00				n/a			Other (18)
Cerberus International, Ltd.***			2/1/2011				0.01				11,509				14,925				0.00				n/a			Other (18)
Total Distressed and Credit Securities											93,908,383				131,424,643				3.88
Total Investments in Investment Funds										$	2,083,055,991			$	2,991,842,462				88.22	%
Short-Term Investments
Money Market Funds:
Fidelity Investments Money Market Government Portfolio (yield 0.01%)* (19)							130,652,515			$	130,652,515			$	130,652,515				3.85	%
Goldman Sachs Financial Square Treasury Instruments Fund (yield 0.01%)* (19)							122,168,086				122,168,086				122,168,086				3.60
JPMorgan U.S. Government Money Market Fund (yield 0.01%)* (19)							122,166,883				122,166,883				122,166,883				3.60
Total Short-Term Investments										$	374,987,484			$	374,987,484				11.05	%
Total Investments										$	2,458,043,475			$	3,366,829,946				99.27	%
Other assets, less liabilities															24,639,845				0.73
Net assets														$	3,391,469,791				100.00	%

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Ironwood Institutional Multi-Strategy Fund LLC

Consolidated Schedule of Investments (continued)

July 31, 2021

(Unaudited)

 

All investments are domiciled in the Cayman Islands except as noted.   *  Investment is domiciled in the United States.   **   Investment is domiciled in Luxembourg.   *** Investment is domiciled in the Bahamas.        Complete information about all of the investment funds’ underlying investments is not readily available.   (1)  Investments in investment funds may be composed of multiple share classes that may have different net asset values per share.   (2)  Investments in investment funds may be composed of multiple tranches. The Next Available Redemption Date relates to the earliest date after July 31, 2021 that a redemption from a tranche is available without a redemption fee.   (3)  Available frequency of redemptions without a redemption fee after initial lock-up period, if any. Different tranches may have different liquidity terms. Redemption notice periods range from 30 to 120 days. If applicable, lock-up periods range from 12 to 36 months. It is unknown when liquidity restrictions will lapse for any fund level gates, suspensions, term vehicles, or private investments.   (4)  Subject to a 25% quarterly investor level gate.   (5)  Subject to a 12.5% quarterly investor level gate.   (6)  Subject to an 8.33% quarterly investor level gate. If fund level redemptions are less than 8.33%, then the 8.33% investor level gate does not apply.   (7)  Approximately 81% of this investment is subject to a 25% quarterly investor level gate. The remaining 19% of this investment is subject to a 12.5% quarterly investor level gate.   (8)  Approximately 67% of this investment is subject to a 25% quarterly investor level gate. The remaining 33% of this investment is subject to a 5% quarterly investor level gate.   (9)  Approximately 45% of this investment is available for redemption quarterly, subject to a 12.5% investor level gate. Approximately 4% of this investment is earmarked for potential private investments. The earmarked balance is available for redemption quarterly, subject to a 12.5% investor level gate, only after the aforementioned non-earmarked balance has been fully redeemed. Approximately 51% of this investment is invested in private investments, which do not have set redemption timeframes.   (10)  Approximately 98% of this investment is available for redemption semi-annually, subject to a 16.67% investor level gate. The remaining 2% of this investment is invested in private investments, which do not have set redemption timeframes.

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Ironwood Institutional Multi-Strategy Fund LLC

Consolidated Schedule of Investments (continued)

July 31, 2021

(Unaudited)

 

(11)  Approximately 86% of this investment is subject to a 25% quarterly investor level gate. The remaining 14% of this investment is subject to a 12.5% quarterly investor level gate.   (12)  Approximately 98% of this investment is available for redemption quarterly. The remaining 2% of this investment is invested in private investments, which do not have set redemption timeframes.   (13)  Approximately 85% of this investment is available for redemption quarterly. Approximately 13% of this investment is available for redemption annually. The remaining 2% of this investment is invested in private investments, which do not have set redemption timeframes.   (14)  Approximately 84% of this investment is available for redemption annually, subject to a 25% investor level gate. The remaining 16% of this investment is invested in private investments, which do not have set redemption timeframes.   (15)  Approximately 85% of this investment is available for redemption semi-annually, subject to a 25% investor level gate. The remaining 15% of this investment is available for redemption semi-annually, subject to a 12.5% investor level gate.   (16)  The investment fund is a term vehicle and does not have a set redemption timeframe.   (17)  Subject to a 16.67% semi-annual investor level gate.   (18)  The investment funds do not have set redemption timeframes but are liquidating investments and making distributions as underlying investments are sold.   (19)  The rate shown is the annualized 7-day yield as of July 31, 2021.

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NOTES TO SCHEDULE OF INVESTMENTS

Fair Value of Financial Instruments

Ironwood Institutional Multi-Strategy Fund LLC (the “Fund”) is an investment company as described in Accounting Standards Codification (“ASC”) Topic 946, Financial Services-Investment Companies (“ASC 946”), which defines investment companies and prescribes specialized accounting and reporting requirements for investment companies. The Fund follows the accounting and reporting guidance in ASC 946.

ASC Topic 820, Fair Value Measurements and Disclosures (“ASC 820”), provides for the use of net asset value (or its equivalent) as a practical expedient to estimate fair value of investments in investment funds, provided certain criteria are met. Accordingly, the Fund values its investments in investment funds at fair value, which is an amount equal to the sum of the Fund’s proportionate interests in the investment funds, as determined from financial information provided by the respective administrators or investment managers of the investment funds. These fair values represent the amounts the Fund would receive if it were able to liquidate its investments in the investment funds as of the measurement date, prior to any early withdrawal charges, if applicable. Some values received are estimates, subject to subsequent revision by the respective administrators or investment managers. Values received are generally net of management fees and incentive fees or allocations payable to the investment funds’ investment managers pursuant to the investment funds’ operating agreements. The investment funds value their underlying investments in accordance with policies established by each investment fund, as described in each of their financial statements or offering memoranda.

The investment funds hold positions in readily marketable investments and derivatives that are valued at quoted market values and/or less liquid non-marketable investments and derivatives that are valued at estimated fair value. The mix and concentration of more readily marketable investments and less liquid non-marketable investments varies across the investment funds based on various factors, including the nature of their investment strategy. The Fund’s investments in investment funds are subject to the terms and conditions of the respective operating agreements and offering memoranda.

Ironwood Capital Management (the “Adviser”) has designed ongoing due diligence processes with respect to investment funds, their administrators, and their investment managers. The Adviser assesses the quality of information provided and determines whether such information continues to be reliable or whether further investigation is necessary. Such investigation, as applicable, may require the Adviser to forego its normal reliance on the value provided and to independently determine the fair value of the Fund’s interest in the investment fund.

The Adviser has designated a committee to oversee the valuation of the Fund’s investments (the “Valuation Committee”). The Valuation Committee is comprised of senior personnel, the majority of whom are separate from the Fund’s portfolio management team, and is responsible for developing written valuation policies and procedures, conducting periodic reviews of those policies and procedures, and evaluating the overall fairness and consistent application of the valuation policies and procedures. The Valuation Committee meets on a quarterly basis or more frequently as needed.

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If no value is readily available from an investment fund or if a value supplied by an investment fund is deemed by the Valuation Committee not to be indicative of its fair value, the Valuation Committee would determine, in good faith, the fair value of the investment fund under procedures adopted by the Board and subject to Board oversight. Because of the inherent uncertainty of valuation, the fair values of the investment funds held by the Fund may differ significantly from the values that would have been used had a ready market for the investment funds been available. As of and for the quarter ended July 31, 2021, all investments in investment funds were valued using the values provided by the investment funds or their administrators.

Short-term investments consist of investments in money market funds. These investments are valued at their respective net asset value per share and are categorized as Level 1 in the fair value hierarchy, as defined in ASC 820.

In accordance with U.S. GAAP, investments in investment funds that are valued at net asset value as a practical expedient are not required to be included in the fair value hierarchy. All investments in investment funds were valued at their respective net asset value as of July 31, 2021 and are excluded from the fair value hierarchy.

As of July 31, 2021, less than 0.01% of the Fund’s net assets were invested in investment funds that do not have set redemption timeframes but are liquidating investments and making distributions as underlying investments are sold. Additionally, approximately 6.41% of the Fund’s net assets were invested in designated private investments maintained by the investment funds or in term vehicles, which do not have set redemption timeframes. The timing of when these investments will be liquidated is unknown.

As of July 31, 2021, the Fund had unfunded capital commitments to investment funds of $115,666,067.

The following is a summary of the investment strategies of the investment funds held by the Fund as of July 31, 2021.

Relative value strategies attempt to capture pricing anomalies between assets that for all economic purposes are identical. Relative value strategies capture these inefficiencies by utilizing a combination of assets including bonds, stocks, swaps, options, exchange traded funds, currencies, futures, etc. One such strategy is capital structure arbitrage which involves the purchase and short sale of different classes of securities of the same issuer where there is a relative mispricing between two classes of securities. An example of this strategy is the purchase of undervalued senior secured debt and the short sale of overvalued subordinated unsecured debt or common equity. Other examples of relative value strategies include fixed income arbitrage, relative value interest rates, convertible bond arbitrage, relative value energy, and quantitative strategies. Generally, investment funds within this strategy require a 30 to 90 day notice period to redeem at the next available redemption date.

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Market neutral and low net equity strategies involve the purchase of a stock or basket of stocks that is relatively underpriced as well as selling short a stock or basket of stocks that is relatively overpriced. Depending on the manager’s investment strategy, the determination of whether a stock is overpriced or underpriced can be made through fundamental analysis (a fundamental strategy) or by complex statistical models that examine numerous factors that affect the price of a stock (a quantitative strategy). The Adviser will utilize equity managers that target well-hedged and low net exposures and/or use a balanced approach to investing, i.e., they are short approximately the same dollar value of stocks they are long. Generally, investment funds within this strategy require a 45 to 90 day notice period to redeem at the next available redemption date.

Event-driven strategies involve the assessment of how, when, and if specific transactions will be completed and the effect on corporations and financial assets. A common event-driven strategy is merger arbitrage (also called risk arbitrage). This involves the purchase of the stock of a target company involved in a potential merger and, in the case of a stock-for-stock offer, the short sale of the stock of the acquiring company. The target company’s stock would typically trade at a discount to the offer price due to the uncertainty of the completion of the transaction. The positions may be reversed if the manager feels the acquisition may not close. This strategy aims to capture the spread between the value of the security at the close of the transaction and its discounted value at the time of purchase. Other examples of event-driven strategies and opportunities include corporate restructurings, spin-offs, operational turnarounds, activism, asset sales, and liquidations. Generally, investment funds within this strategy require a 60 to 90 day notice period to redeem at the next available redemption date.

Distressed strategies involve the purchase or short sale of debt or equity securities of issuers experiencing financial distress. These securities may be attractive because of the market’s inaccurate assessment of the issuer’s future potential or the values and timing of recoveries. Managers may obtain voting rights or control blocks and actively participate in the bankruptcy or reorganization process while other investors may remain passive investors. Examples of distressed securities trades include bankruptcies, liquidations, post-restructured equities, structured credit, and balance sheet restructurings. Credit strategies involve a variety of strategies intended to exploit inefficiencies in the high-yield and related credit markets. Generally, investment funds within these strategies require a 120 day notice period to redeem at the next available redemption date.

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