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Focus on European Credit at Salomon Brothers, JP Morgan, Goldman Sachs. Started Europe’s first long/short credit hedge fund in 2001. Merged fund into RAB Capital where as head of fixed income Louis ran over $1bn. Founded LNG Capital in 2006.
Systemic risk has been mitigated but timing is 2 years behind the US: Opportunities in European credit are now emerging.
Investment Philosophy and Investment Process. - Top down sector analysis. - Securities analysis include projections and identification of catalysts.
Operations and Risk Management. Universal Risk Model monitors: - Currency Risk. - Duration Risk. - Volatility (Idiosyncratic) Risk. - Equity Risk. Daily Stress Tests: VaR, C-VaR and What-If scenarios.
Size of European credit markets now at 1/4 of the US market, improved liquidity. Fund Capacity now at $1bn.
“Experience counts”: - Gargour focused on European credit since inception of this asset class in 1996. - LNG team has been working together for over 11 years.
LNG has an institutional backer and diversified investor base.