Saturday, 23 May 2015
Last updated 18 hours ago
Apr 9 2014 | 9:50am ET
Despite a tough March for many hedge funds, Maglan Capital gained 0.88% for the month, bringing the fund’s year-to-date returns to 11.08%.
“In March, two of our catalyst-driven investments performed well and drove our results; Madalena Energy (MVN; trades on the Toronto Exchange) and Globalstar (GSAT),” David Tawil, who co-founded the firm with Steven Azarbad, told FINalternatives. “Our catalyst-driven investments are intended to provide gains that are uncorrelated to the market, and therefore provide insulation to the portfolio in times of general market pullback.”
During the previous 12 months, the New York-based event-driven fund has gained 65.17%. It returned 59% in 2013 and 41% in 2012.
Maglan Capital now has approximately $70 million in assets under management. The firm focuses on all parts of the distressed cycle, investing in liquid instruments across the capital structure of companies approaching or experiencing financial distress, bankruptcy or restructuring.
Mar 20 2015 | 12:45pm ET
StreetWise Partners, a non-profit organization that works with low-income individuals to help them overcome employment barriers, raised over $275,000 at the 2015 Raising the Ante Charity Poker Tournament and Casino Event last Wednesday evening at Capitale. Here are some photos from the event. Read more…