Multi-Strategy

Opportunistic Approach Across Strategies and Geographies

Sculptor’s multi-strategy platform invests in high-conviction investment ideas across asset classes, regions and investment strategies. Our primary focus is on idiosyncratic opportunities where return drivers are less sensitive to market direction and which tend to arise when value is obscured by attributes such as complexity, corporate actions, market dislocations, or investor misunderstandings. Additionally, we have the flexibility to take on market-directional risk when we believe that broad market dislocations have created asymmetric upside/downside potential.

With investment professionals across North America, Europe and Asia, we are able to identify opportunities from multiple angles and multiple disciplines. Our collaborative culture and team-oriented incentive structure allow capital to flow freely to our most compelling ideas, free of artificial constraints or biases.

Established Global Platform

28

Years of experience managing multi-strategy assets across North America, Europe and Asia

$9.3 billion

Assets under management in Sculptor Capital's multi-strategy products as of March 1, 2023 1

1 This figure is an estimated and unaudited amount. Please see our latest 10-Q/10-K and earnings press release for further description of our assets under management.

Collaborative Portfolio Management

The Portfolio Committee, chaired by our Chief Investment Officer Jimmy Levin, is responsible for managing the Firm’s multi-strategy platform in a dynamic process that incorporates the diverse views and expertise of our most senior investment leadership.

The composition of the Portfolio Committee enables our multi-strategy platform to allocate capital quickly and thoughtfully to what we believe to be the best ideas. Investment professionals across our global team are responsible for identifying opportunities at the security, asset class and geographic level. Extensive research is conducted on individual companies, situations and capital structures. The Portfolio Committee evaluates and compares individual investments and the overall opportunity set in each geography and strategy to shape allocation and positioning, with the goal of constructing optimized portfolios of our highest-conviction investment ideas. Risk is monitored and assessed throughout the process via a rigorous top-down approach, using a combination of quantitative and qualitative tools to assess the portfolio’s exposure to various market shocks, factor dynamics, hidden biases and other variables.

The Portfolio Committee continuously monitors our multi-strategy performance, evaluates relative risk/reward and addresses global market and economic trends.

Portfolio Committee Members

Jimmy Levin

Chief Investment Officer & Chief Executive Officer

Ghassan Ayoub

Global Head of Convertible and Derivative Arbitrage

Udai Bishnoi

Global Head of Structured Credit

Brett Klein

Global Head of Corporate Credit

Jeffrey Lin

Global Head of Equities

Peter Wallach

Chief Risk Officer

Global Investment Strategies

Our equity strategies focus on opportunities in public equity markets across the globe. The Equities team evaluates situations from multiple angles and multiple disciplines with investment professionals in North America, Europe and Asia. Sector-oriented fundamental analysts work in close collaboration with experts in corporate actions such as mergers and acquisitions, spin-offs and exchange offers.

Our equity strategies focus on identifying investments with favorably skewed risk/reward profiles in the form of long ideas, short ideas or relative value/arbitrage ideas, which are executed through the Fundamental Equities and Merger Arbitrage investment strategies.

Fundamental Equities

  • Opportunistic investment approach that fuses research-driven fundamental views and process-oriented expertise in corporate actions/events
  • Focus on bottom-up, idiosyncratic situations with a bias toward those with defined catalysts, events or other elements of corporate change and complexity

Merger Arbitrage

  • Selective approach to pursuing traditional merger arbitrage as well as less-followed corporate actions
  • Focus on investments with favorably skewed payoff profiles, often with wide gross spreads — not “rate of return” arbitrage

Our credit strategies invest opportunistically in complex situations across global corporate and structured credit markets, including liquidations and restructurings. Credit seeks to generate strong risk-adjusted returns by capturing value in mispriced investments across disrupted, dislocated and distressed situations in the Corporate Credit and Structured Credit investment strategies. Our dedicated legal and bankruptcy expertise allows for proactive engagement aimed at positively impacting investment outcomes through involvement in creditor committees, litigation, direct negotiation with corporate management teams or other active involvement in the process.

Corporate Credit

  • Event-driven strategy focused on complex distressed situations, restructurings and bankruptcies, often where we can take an active role in affecting investment outcomes
  • Analysis across the capital structure, focusing on downside scenarios, valuation and risk management

Structured Credit

  • Active strategies across securitized products, including residential and commercial mortgage-backed securities, CLOs and CDOs
  • Utilize process-driven approach to unlock value in complex, often misunderstood structures, with active engagement to defend or create value and favorably influence investment outcomes

With a broad geographic presence and experienced technical capabilities, Convertible and Derivative Arbitrage seeks to identify attractive investment opportunities for our investors. The Convertible and Derivative Arbitrage team’s investing acumen is supported by proprietary analytical tools developed and refined over the past two decades.

Convertible Arbitrage

  • Identify and exploit mispricings embedded in certain convertible bonds through a variety of means to generate strong, stable and uncorrelated returns

Derivative Arbitrage

  • Focus on relative value opportunities in the volatility space to capture mispricing driven by complexity, capital flows, investor behaviors or related factors.

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