Friday, 28 April 2017
Last updated 5 hours ago
Apr 10 2017 | 9:27pm ET
Distressed investing specialist Maglan Capital has reported a +7.82% gain net of all fees and expenses for March, widely outperforming broader underlying markets as well as its comparable HFRI benchmark index.
The event-driven fund’s strong return was driven by a rebound in the share prices of telecommuncations company FairPoint Communications and sizable gains in satellite provider Globalstar, according to an investor update seen by FINalternatives.
Despite the gain, Maglan is down a net -0.17% for the year to date. In comparison, Hedge Fund Research’s benchmark HFRI ED: Distressed Restructuring Index lost -0.92% in March but is up +1.42% YTD.
In the update, the company also announced that investment in Maglan Capital is now available through Fidelity Investments. For investors with Fidelity accounts, Fidelity can facilitate investment in Maglan for IRA retirement funds and for general wealth-management funds.
Founded in 2011 by former Credit Suisse executives David Tawil and Steven Azarbad, Maglan is an event-driven hedge fund with a focus on the liquid instruments of companies approaching, in, or exiting bankruptcy. The company carries a concentrated portfolio of investments across the capital structure of small- and mid-cap companies with core focus on financial distress, restructuring and operational turnaround.