Santeiro Capital Investment Strategy

Credit Strategies: Santeiro Capital is one of the largest credit portfolio management team with a focus on fundamental credit analysis to determine relative value in state/corporate credits. This category comprises mainly credit derivatives hegdeable debt securities and instruments such as bonds, bank debt, trade or other claims. Santeiro Capital may deal existing capital/derivatives markets on a secondary basis or may purchase newly originated securities or instruments on a primary basis.

Equities & Derivatives Strategies: This category consists of specific maths-driven opportunities investments in securities that we value as underpriced relative to their intrinsic or fundamental value or relative to other securities or indices that may provide a hedge, or which are expected to appreciate in value due to a catalyzing event or a change in circumstances, including regulatory or legislative change, changing business models, competition, significant corporate events. We frequently seek to hedge our equity investments with short or long positions in individual company stocks, stock market indices or other derivative instruments.

Event-Driven: The Santeiro Event-Driven Team's strategies are fundamentally driven using a disciplined-bottom up approach on liquid opportunities. The main strategies are M&A Arbitrage, Capital Arbitrage, and Catalyst-driven trades within the emerging investment space. Each investment seeks to capture the rate of return between the current and projected values of securities of companies involved in a merger or acquisition. To employ this approach, we typically establish a long position (usually a purchase of common stock/bonds) in an announced takeover candidate and, if the proposed merger or acquisition is structured as a share-for-share deal, take a short position in the company making the acquisition.

Real Estate: The team invests in a wide spectrum of residential and commercial real estate-backed opportunities with a focus on emerging markets. Investments typically involve the purchase of assets that we believe are undervalued or inefficiently managed or financed, in particular assets that are valued at a significant discount to replacement cost or can be developed to higher and better use. Our activities include purchasing, selling or developing office, industrial, retail and residential properties